5201-5215 Warrensville Center Rd Maple Heights, OH 44137
- Apartment buildings
- 26,794 SF
- 0.48 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 5201-5215 Warrensville Center Rd
- Year built
- 1957
- Lot size
- 0.48 lot acres
- Property size
- 26,794 SF
- Property type
- Apartment buildings
Description
This exceptional 23-unit apartment complex in Maple Heights, Ohio, presents a compelling investment opportunity. The property, situated on a 0.48-acre lot, comprises three buildings, each two stories high, totaling 26,794 square feet. Built in 1957 and extensively renovated in 2024, the complex boasts a 7.80% cap rate and a strong 100% occupancy rate, generating a net operating income (NOI) of $153,173. The asking price is $1,975,000, or $86,000 per unit. Recent upgrades include new high-efficiency furnaces and hot water tanks (15 of each), updated electrical systems, new roofs (2022), remodeled bathrooms, new LVP flooring in most units, and updated kitchens with new countertops, knobs, and fixtures. The unit mix includes three studios, eleven one-bedroom/one-bathroom units, eight two-bedroom/one-bathroom units, and one three-bedroom/two-bathroom house. Amenities include two laundry rooms, individual storage closets, and parking lots with carports for each unit. The property is conveniently located near major highways, Amazon fulfillment centers, Jack Casino, and major shopping centers. Tenants are responsible for their own gas and electric, while the owner covers water, trash, sewer, and common area utilities. With many units below market rent and 13 units on month-to-month leases, there's significant potential for increased NOI through rent adjustments. This property is offered as a 1031 exchange opportunity.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Maple Heights
- County
- Cuyahoga
- State
- Ohio
- Longitude
- -81.5369
- Latitude
- 41.4192
