Overview

Description

Promenade Apartments offer an investor the opportunity to obtain a stable and updated property in a popular submarket. Over the last four years, the owner has invested in various suite upgrades and repairs resulting in top tier rents for renovated suites. The opportunity exists for a new owner to continue updates and increase cash flow by bringing rents to market. Extremely attractive assumable debt at 4.01% with a 30 year amortization exists for a qualified investor.

The Promenade Apartments are located in the popular suburb of Cleveland Heights, OH. Residents enjoy close proximity to major institutions and employers in Downtown Cleveland (8 miles) and University Circle (3 miles). Tenants are minutes from dining, shopping, nightlife, and recreation in the surrounding neighborhoods. All of Northeast Ohio is easily accessible to tenants via public transportation located at the property doorstep.

Tenant Responsible for Heat, Electrical
Landlord Responsible for Water & Sewer

Highlights

• Assumable financing available at 4.01% fixed with 30 year amortization
• Individually Metered Utilities (tenants pay electric and gas)
• Garage Parking
• Strong Unit Mix (25 1 BR's; 25 2-BR's)
• Attractive Location with Easy Access to Major Retailers and Employers

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