See all 32 photos
32 photos
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$525,000
Est. payment /mo
24.95 Acres Lot
UPDATED:
Key Details
Property Type Commercial
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Banbury Village Condo
MLS Listing ID 5244825
HOA Y/N No
Year Built 1963
Annual Tax Amount $9,144
Tax Year 2025
Lot Size 24.950 Acres
Acres 24.95
Property Sub-Type Apartment
Property Description
Eight fully occupied condominium units in one condo community in Warrensville Heights, offered at $525,000, $65,625 per door. Two and three bedroom units across Caroline Drive and Banbury Court and Circle. All eight properties are being delivered point-of-sale compliant. In-place rents average just over $1,000 a unit, a 10.9 percent cap rate. Underwritten to pro forma, average rent steps to $1,150 a unit and the cap rate moves to 12.2 percent, a meaningful spread for a portfolio this size. Interiors show updated kitchens with stainless steel appliances and tile flooring, refinished hardwood floors, and refreshed bathrooms already in place. Gas forced air heat, public water and sewer, mixed tenant and landlord utility responsibility by unit. Each condo carries its own HOA dues, roughly $125 to $150 a month by unit size, one HOA across all eight units. Warrensville Heights sits eight miles from downtown Cleveland off I-271 and I-480, near Cleveland Clinic South Pointe Hospital, Eaton Corporation, and Cuyahoga Community College Corporate College. Full rent roll, financials and lease detail are available in the Document Center. Reach out for the package and to get on the tour schedule.
Location
State OH
County Cuyahoga
Interior
Heating Forced Air
Fireplace No
Exterior
Water Access Desc Public
Building
Sewer Public Sewer
Water Public
Schools
School District Warrensville Heights - 1831
Others
Tax ID 763-17-408
Special Listing Condition Standard
Read Less Info
Listed by Tal Tamir • Russell Real Estate Services • tal@premierclevelandinvesting.com, 216-870-8687
Nearby Locations
GET MORE INFORMATION