755 Broadway Ave, Unit C Bedford, OH 44146

Property Details for 755 Broadway Ave

Year built

1900

Construction

WOOD

Lot size

0.34 lot acres

Property size

6,167 SF

Zone code

H-D

Property type

Warehouses

APN

812-13-025

APU

81213025

Description

This exceptional value-add multifamily investment opportunity, known as Franklin Manor, is situated in Bedford, Ohio's historic district at 755 Broadway Avenue. This three-story, 6,167 square foot building, constructed in 1888 and extensively renovated in 1980, boasts 11 units – six residential and five office units, offering significant upside potential. The office units present a readily convertible opportunity to increase residential occupancy and rental income. Recent capital improvements include a new roof (2023) with a transferable warranty, a new asphalt parking lot (2021), and upgraded mechanical systems (HVAC, boiler, hot water tanks, sewer stack, and electrical). The property sits on a 0.34-acre lot and is zoned for commercial use. Currently operating at 7% occupancy, the property offers a compelling 7.41% cap rate with a pro-forma cap rate of 12.52%, reflecting the significant potential for increased NOI ($44,394 currently, pro-forma $75,019). The asking price is $599,000, translating to $54,454.55 per unit and $97.13 per square foot. This property presents a rare chance to acquire a well-located, historically significant building with substantial upside potential in a thriving market. The property's Cuyahoga County APN is 812-13-025. Below-market rents in both residential and office units further enhance the investment appeal.

Location Insight

City

Bedford

County

Cuyahoga

State

Ohio

Longitude

-81.5334

Latitude

41.3904

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments