OFFERING PRICE: $2,000,000 I CAP RATE: 7.25%
Maplewood
Maple Heights, OH
Offering Summary
- Price: $2,000,000
- Address: 6350 - 6400 Lee Rd S
- City, State, Zip: Maple Heights, OH 44137
- Units: 24
- Year Built: 1985
- Average Unit Size: +/- 847 SF
- Average In-Place rent (/SF) $1,052 ($1.20/SF)
- Occupancy: 100%
Investment Highlights
• Owned and third-party managed by the same original development group for the past 40+ years
• Priced at 7.25% in-place, tax adjusted cap rate on in-place operations
• Extremely well-maintained asset with minimal deferred maintenance
• Strong historical occupancy; currently 100% occupied
• All units are 2 bedrooms, featuring full-size in-suite washer and dryer
• $28,000 of organic revenue growth by increasing rents to market rate – $1,056 in-place average rent vs. $1,150 market
• Ample parking – 1 garage space and 1 surface spot per unit
• 10-15 minutes from 3 major hospitals – University Hospitals Ahuja Center, Cleveland Clinic Marymount Hospital, and Cleveland Clinic South Pointe Hospital
• 15-20 minutes from 3 Fortune 500 Headquarters – Progressive Insurance, Eaton Corporation, and Parker Hannifin
Team
Michael Barron
Daniel Burkons
Joshua Wintermute
Charles Gagliano
William Koontz
Luke Hadley
Mitchell Coon
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