Out-of-State Investor Buys 70 Units in East Cleveland

The 70-unit Parkview Estates Apartments in East Cleveland, Ohio was bought by Florida-based investors for $850,000, or $12,142 per unit.
Parkview Estates Apartments, East Cleveland

Parkview Estates Apartments, East Cleveland

Cleveland—Brook Park-based real estate company Green Bridge recently announced the sale of the 70-unit Parkview Estates Apartments in East Cleveland, Ohio for $850,000.

The buyer originates from Miami, Fla. and operated the transaction through Parkview Estates Cleveland LLC. The lender on the property directed the sale and Matthew King, CCIM represented the seller, MCM Parkview Apartments LLC.

The property, sitting on five acres at 1832-1864 Forest Hills Blvd. in East Cleveland, consists of four all-brick, two-story buildings totaling approximately 60,822 square feet. The inventory consists of 16 one-bedroom, one-bath units and 54 two-bedroom, one-bath units.

Parkview Estate Apartments is located right next to Forest Hill Park and is a mere five-minute walk from the RTA Rapid Transit Red Line at Superior Station, thus accessible to Downtown Cleveland in less than 30 minutes via public transport. The immediate area offers plenty of walkable amenities, including restaurants, fast foods, banks, churches, healthcare centers, and a couple of small shopping plazas. University Circle, one of the densest U.S. neighborhoods in terms of cultural attractions and performing arts venues, is less than a 10-minute ride away.

Green Bridge Real Estate reports that, at the time of transaction, the property had an 84 percent occupancy rate, and the most recent net annual operating income was in excess of $235,000, which represents a 27.67 percent capitalization rate at the sales price.

Image courtesy of Yardi Matrix