35 unit Superior Hill Apartments For Sale at $1,275,000 ($36,428 per unit). Located at 14148 Superior Road in Cleveland Heights, Ohio, the all brick Superior Hill Apartments offers 35 large suites, consisting of a favorable mix with Twenty-Two (22) Two Bedroom One Bathroom Suites and Thirteen (13) One Bedroom One Bathroom Suites. Built-in 1920 and recently upgraded, the Superior Hill Apartments offers a rare opportunity for an investor to purchase a turn-key Asset in a strong rental market with some value add opportunities. Currently, 80% occupied (28 of 35) with Market rate tenants. Opportunity to improve Income by accepting Section 8 housing vouchers or raising rents to market. Out of State owner directs Immediate sale. The Superior Hill Apartments sold in 2007 for $2,9mm+. The Projected Net Operating Income at 100% occupancy is $121,056 or a 9.49% Capitalization Rate at the sale price of $1,275,000.
The Superior Hill Apartments is a Three (3) Story, 35 Suite, 35,248 Sq.Ft., walk up Apartment Building situated on 0.543 Acres in the city of Cleveland Heights. Tenants are responsible for paying their Electric and Cooking Gas Utilities. The landlord is responsible for paying Water/Sewer and Heat Utilities along with Trash Pickup. The building has been well maintained on the interior and exterior, with many major expenses recently addressed. The central boiler unit was recently rebuilt and all burners were cleaned. Concrete around the building is in good condition, showing minimal signs of wear or cracking. The roof on the Superior Hill Apartments has recently been professionally re-covered and windows have been replaced. LED Lighting on the rear of the building has recently been upgraded. Interior common areas and laundry room have been recently painted. Three (3) sets of clothes washing machines and dryers are found on site, the coin-operated laundry machines are leased.
The Superior Hill Apartments features 35 large updated suites. Recent Suite updates include new flooring, painted cabinetry, electrical, plumbing, and fixtures. The suites are spacious and quiet, featuring hardwood floors, newer windows, large closets, and in-suite fuse boxes. One Bedroom suites are approx. 500 Sq.Ft. and Two Bedroom Suites are approx. 600 Sq.Ft. Kitchens are clean are well light. Suites come with refrigerators and gas stoves. Suites that are above the ground level have a balcony on the front of each suite. Each suite has a front and a rear entrance, the rear entrance leads to a metal stairwell system. The metal stairwell system is in good condition, showing minimal signs of wear or rusting.
The Superior Hill Apartments are located near the Forest Hills Park, former home of the John D. Rockefeller Estate. With easy access to I-90 to the North and Mayfield Road to the South, the Superior Hill Apartments are only 1.5 miles from Little Italy, Case Western Reserve University and the Cleveland Clinic’s World Headquarters are within 5 miles, Downtown Cleveland is only a 6.5-mile commute, and the Coventry Shopping District, one of the strongest rental markets in Cleveland, is only 1 mile away from the Superior Hill Apartments. Additionally, RTA Public Transportation is also readily available within the neighborhood with multiple bus stops within walking distance.