657 s belvoir south euclid, oh 44121...657 s belvoir apartments are centrally located only 12 miles...

657 S BelvoirSouth Euclid, OH 44121

Mark Khuri 216-307-3194

[email protected]

Overview

Mark Khuri 216-307-3194 [email protected]

657 S Belvoir apartments are centrally located only 12 miles from downtown Cleveland, less than 3 miles from the growing Notre Dame college, less than 5 miles from University Circle and Case Western Reserve University and less than 20 minutes to the new 650,000 square foot Amazon fulfillment center in Euclid!

The Property consists of a 2 story, all brick, walk up apartment building built in 1972 totaling approximately 6,612 sq.ft. Consisting of 8 two bedroom, 1 ½ bath units and each unit has its own furnace and central air, truly making the property unique and easy to rent! Current cash cow with many upgrades completed including new roof on garage 2017, rebuilt retaining wall, upgraded fire alarm system and units remodeled including kitchens, baths, flooring and paint. City required repairs all completed 6/2018 including driveway repairs. Many long-term tenants with value-add opportunity to upgrade further, increase rents, laundry income, bill back a flat rate for water/sewer and charge for storage and garage parking. All tenants are private-pay.

The owner offers the property for sale at $499,000 which is a 9.52% cap rate based on current occupancy and a 11.35% cap ratebased on potential market rate rental amounts, utility/parking/storage bill back to tenants. The property has 8 covered garage parking spaces and storage closets which the owner is not currently charging for. Landlord pays water/sewer, trash, and landscape/snowplow utilities. Tenant paid electric and gas. The building is currently owner managed and coin operated laundry units provide income.

Property Type: Multi-FamilySize: 6,612 sq ftSale Price: $499,000Gross Annual Revenue: $77,940

Year Built: 1972# of Units: 8Construction: BrickParking Type: Covered Garage + Guest Lot

Location


657 S Belvoir apartments are centrally located only 12 miles from downtown Cleveland, less than 3 miles from the growing Notre Dame college, less than 5 miles from University Circle and Case Western Reserve University.

South Euclid, OH is highly sought-after suburb with a median household income of $59,734 and growing.

The property is only a 15-20-minute drive to the new 650,000 square foot Amazon fulfillment center reported to bring more than 1,000 jobs to the local area.

The fulfillment center just recently opened, cash in on this highly stable multi-family opportunity before demand surges!

657 S Belvoir - Maps


Current Rent Roll & All Cash Pro-Forma


Unit Current RentPotential

Market RentBed/Bath Count Moved In

Lease Expires

Status

1 $750 $875 2 bed 1.5 bath Long Term MTM Occupied

2 $875 $875 2 bed 1.5 bath 6/1/2020 5/31/2021 Occupied

3 $775 $875 2 bed 1.5 bath 9/1/2017 MTM Occupied4 $825 $875 2 bed 1.5 bath 11/1/2017 4/30/2021 Occupied5 $775 $875 2 bed 1.5 bath 8/1/2017 7/31/2020 Occupied6 $775 $875 2 bed 1.5 bath 10/25/2019 10/31/2020 Occupied7 $795 $875 2 bed 1.5 bath 2/1/2017 3/31/2021 Occupied8 $825 $875 2 bed 1.5 bath 1/1/2018 3/31/2021 Occupied

$6,395 $7,000

Laundry $100 $300* *Current laundry income + Estimated $25/mth/unit water utility/parking/storage unit bill back to tenants, owner not currently charging for these amenities

Gross Monthly Income

$ 6,495 $ 7,300

Gross Annual Income

$ 77,940 $ 87,600

Price $ 499,000

Current PotentialGross Rent $ 6,395 $ 73,800 $ 84,000

Laundry Income $ 100 $ 1,200 $ 3,600

Adjusted Gross Income $ 77,940 $ 87,600

Property Taxes $ 1,120 $ (13,438) $ (13,438)Property Insurance $ 153 $ (1,838) $ (1,838)

Gas $ 80 $ (955) $ (955)Electric $ 102 $ (1,219) $ (1,219)

Water & Sewer $ 486 $ (5,836) $ (5,836)Trash $ 75 $ (900) $ (900)

Landscape/Snowplow $ 75 $ (900) $ (900)Misc Expenses* 7.00% $ (5,372) $ (5,880)

Total Operating Expenses $ (30,458) $ (30,966)

Net Operating Income (NOI) $ 47,482 $ 56,634

Capitalization Rate 9.52% 11.35%* Estimated

Financed Purchase Analysis


Purchase & Loan SummaryPurchase Price $ 499,000

75% Loan Amount $ 374,250

25% Down Payment $ 124,750

Estimated 25-Year Loan TermsLoan Amount $ 374,250

Interest Rate 4.25%Mthly Loan Payment ($2,027)

Current PotentialGross Rent $ 6,395 $ 76,740 $ 84,000

Laundry Income $ 100 $ 1,200 $ 3,600

Adjusted Gross Income $ 77,940 $ 87,600

Property Taxes $ 1,120 $ (13,438) $ (13,438)Property Insurance $ 153 $ (1,838) $ (1,838)

Loan Payment$ 2,027 $ (24,329) $ (24,329)Gas $ 80 $ (955) $ (955)

Electric $ 102 $ (1,219) $ (1,219)Water & Sewer $ 486 $ (5,836) $ (5,836)

Trash $ 75 $ (900) $ (900)Landscape/Snowplow $ 75 $ (900) $ (900)

Misc Expenses* 7.00% $ (5,372) $ (5,880)

Total Operating Expenses $ (54,787) $ (55,295)

Net Operating Income (NOI) $ 23,153 $ 32,305

Return On Investment (ROI) 18.56% 25.90%* Estimated

657 S Belvoir Utility Summary


Annual

Landscape $ 400

Snow Plow $ 500

$ 900

Water Sewer Electric Trash Gas

Jan-19 $155.85 $272.62 $99.76 $75.00 $34.00

Feb-19 $155.85 $306.71 $102.15 $75.00 $99.10

Mar-19 $177.84 $326.76 $102.32 $75.00 $86.28

Apr-19 $161.05 $298.24 $104.99 $75.00 $90.42

May-19 $222.60 $402.80 $99.81 $75.00 $86.28

Jun-19 $372.46 $682.03 $103.14 $75.00 $84.58

Jul-19 $177.84 $326.76 $101.56 $75.00 $77.50

Aug-19 $155.46 -$529.95 $99.20 $75.00 $78.30

Monthly Average $197.37 $260.75 $101.62 $75.00 $79.56 $714.29

Annual Total $2,368.41 $3,128.96 $1,219.40 $900.00 $954.69 $8,571.45

657 S Belvoir - Photos


657 S BelvoirSouth Euclid, OH 44121


657 s belvoir south euclid, oh 44121...657 s belvoir apartments are centrally located only 12 miles...

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