Property Details for 5141-5151 Lee Rd

Year built

1958

Lot size

0.88 lot acres

Property type

Apartment buildings

Description

Maple Lee Apartments presents a compelling value-add investment opportunity in Maple Heights, OH, within the Cleveland MSA. This 34-unit apartment community, situated on a 0.88-acre lot at 5141-5151 Lee Rd, 44137, comprises two three-story buildings constructed in 1958 and extensively renovated in 2022. The property boasts a strong 97.06% occupancy rate (as of October 25, 2024) and a current NOI of $139,138, projecting to $140,494. The asking price is $2,300,000, representing a price per unit of $67,647.06 and a 6.05% cap rate (6.11% pro-forma). The 22,800 square feet of net rentable space includes a mix of one- and two-bedroom units ranging from 600 to 800 square feet, each featuring updated amenities such as refinished cabinetry, granite countertops, and luxury vinyl plank flooring. Community features include carport parking, secure entryways, laundry facilities in each building, a maintenance garage, and storage lockers. Tenants pay gas and electric, while the owner covers water/sewer and trash. Significant capital improvements exceeding $800,000 have been made since 2021, encompassing new vinyl windows (excluding two units due to COVID-related delays), common area upgrades, parking lot repaving, landscaping enhancements, HVAC replacements, and unit renovations. The property's convenient location near I-480 and I-271, along with proximity to major employers like a large Amazon fulfillment center and downtown Cleveland, ensures strong tenant demand. The property is offered free and clear of existing debt, presenting a significant opportunity for increased NOI through hands-on management and potential utility billback implementation.

Location Insight

City

Maple Heights

County

Cuyahoga

State

Ohio

Longitude

-81.566

Latitude

41.4207