Multifamily Housing - For Sale
6609 Whitney Avenue Cleveland, OH 44103
Details & Description
Price: $220,000
  • Property Type Multifamily for Sale
  • Lot Size Acres 0.130
  • Building Sq Ft 6,442
  • Building Price per Sq Ft $34.15
  • Land Sq Ft 5,662
  • Land Price per Sq Ft $38.86
Green Bridge Real Estate is pleased to present the Whitney Terrace Apartments, an all brick, 6,442 Sq.Ft., Six (6) unit Apartment Building built in 1904 and renovated in 2019, located at 6609 Whitney Avenue Cleveland, Ohio 44103. For Sale, $220,000 ($36,666 per unit). The Whitney Terrace Apartments are an excellent investment opportunity with tremendous potential. Currently, all Six (6) units are occupied. The Projected Net Annual Operating Income at 100% Occupancy is $40,500 or a 18.41% Capitalization Rate at the asking price of $220,000 ($36,666 per unit). Opportunity for a new owner to accept Voucher based Section 8 Subsidy in an effort to significantly increase the undervalued rents or continue operating as a market rent property. Ideal stable investment with additional value add opportunity!All Six (6) units are configured as Three (3) Bedroom, One (1) Bathroom Units with a Main Floor that includes the Living Area and Kitchen, Second Floor with Bedrooms, and an Unfinished Basement. Each unit has a covered private entrance in the front of the building along with a secondary entrance in the rear of each unit.The Whitney Terrace Apartments has recently undergone significant improvements. Included in the renovation project is new Electrical, new HVAC, new Plumbing and Fixtures, new Windows. All units have an unfinished basement with Glass Block Windows, a Utility Tub with Washer/Dryer Hookups, New Hot Water Tank, and New Individual Forced Air Furnaces with New Duct Work. Water/Sewer, Gas and Electric Utilities are paid by the Tenants. Landlord is only responsible for paying for Trash pickup. Currently owner managed.The Main Floor of each unit features a spacious Living Area with new plank flooring and a renovated Kitchen Area. Newer countertops, cabinets, and kitchen fixtures complement the Kitchen Area. A secured, secondary entrance in the Kitchen leads outside to green space in the rear of the property.The Second Floor of each unit is where the Three (3) Bedrooms are located. One (1) Full Bathroom is also located on the Second Floor. Fresh Paint and New Carpeting on the Second Floor completes each unit. With the recent renovations, The Whitney Terrace Apartments will require minimal additional investment from new ownership.New construction in this Mid-Town Cleveland neighborhood coupled with established industries provides a wealth of potential tenants. The world renown Cleveland Clinic Main Campus, University Circle and Case Western Reserve University is only Two (2) miles away from the Whitney Terrace Apartments and the newly constructed Amazon Fulfillment Center is a 15 minute commute from the Whitney Terrace Apartments. Located on a main Bus Public transportation line.
Listing Agents
Matthew King

O: 216-452-9292
mking@greenbridgerealestate.com
While we strive to provide the most accurate information, all listing information, and demographic data, is provided by third-parties. As such, MyEListing will not be responsible for the accuracy of the information. It is strongly recommended that you verify all information with the listing agent, and any relevant agencies, prior to making any decisions.

6609 Whitney Avenue

Cleveland, OH 44103

Listing ID: 199863
$220,000
For Sale
  • Property Type Multifamily for Sale
  • Lot Size Acres 0.130
  • Building Sq Ft 6,442
  • Building Price per Sq Ft $34.15
  • Land Sq Ft 5,662
  • Land Price per Sq Ft $38.86
6609 Whitney Avenue Cleveland, OH 44103 | for Sale | Photo 1
Description

Green Bridge Real Estate is pleased to present the Whitney Terrace Apartments, an all brick, 6,442 Sq.Ft., Six (6) unit Apartment Building built in 1904 and renovated in 2019, located at 6609 Whitney Avenue Cleveland, Ohio 44103. For Sale, $220,000 ($36,666 per unit). The Whitney Terrace Apartments are an excellent investment opportunity with tremendous potential. Currently, all Six (6) units are occupied. The Projected Net Annual Operating Income at 100% Occupancy is $40,500 or a 18.41% Capitalization Rate at the asking price of $220,000 ($36,666 per unit). Opportunity for a new owner to accept Voucher based Section 8 Subsidy in an effort to significantly increase the undervalued rents or continue operating as a market rent property. Ideal stable investment with additional value add opportunity!

All Six (6) units are configured as Three (3) Bedroom, One (1) Bathroom Units with a Main Floor that includes the Living Area and Kitchen, Second Floor with Bedrooms, and an Unfinished Basement. Each unit has a covered private entrance in the front of the building along with a secondary entrance in the rear of each unit.

The Whitney Terrace Apartments has recently undergone significant improvements. Included in the renovation project is new Electrical, new HVAC, new Plumbing and Fixtures, new Windows. All units have an unfinished basement with Glass Block Windows, a Utility Tub with Washer/Dryer Hookups, New Hot Water Tank, and New Individual Forced Air Furnaces with New Duct Work. Water/Sewer, Gas and Electric Utilities are paid by the Tenants. Landlord is only responsible for paying for Trash pickup. Currently owner managed.

The Main Floor of each unit features a spacious Living Area with new plank flooring and a renovated Kitchen Area. Newer countertops, cabinets, and kitchen fixtures complement the Kitchen Area. A secured, secondary entrance in the Kitchen leads outside to green space in the rear of the property.

The Second Floor of each unit is where the Three (3) Bedrooms are located. One (1) Full Bathroom is also located on the Second Floor. Fresh Paint and New Carpeting on the Second Floor completes each unit. With the recent renovations, The Whitney Terrace Apartments will require minimal additional investment from new ownership.

New construction in this Mid-Town Cleveland neighborhood coupled with established industries provides a wealth of potential tenants. The world renown Cleveland Clinic Main Campus, University Circle and Case Western Reserve University is only Two (2) miles away from the Whitney Terrace Apartments and the newly constructed Amazon Fulfillment Center is a 15 minute commute from the Whitney Terrace Apartments. Located on a main Bus Public transportation line.

Points of Interest & Demographic Radii
Points of Interest
Demographic Radii
POIs provided for entertainment purposes only. Data comes from multiple data sources as well as users and agents. MyEListing makes no claims whatsoever as to the accurancy and/or completeness.
 
Cleveland History of Multifamily Housing for Sale

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Cleveland Area Market Trends

Listing Demographics for 6609 Whitney Avenue Cleveland, OH 44103

All information based on the most recently available data (updated annually) and is provided in 1-mile, 3-mile, and 5-mile radii (radiuses) of the property location.

1-Mile 3-Miles 5-Miles
Total Population14,49598,062239,918
Population Median Age403638
Population by Age0-9 Yrs1684 (11%)12060 (12%)27748 (11%)
10-19 Yrs1725 (11%)11892 (12%)28176 (11%)
20-29 Yrs2170 (14%)22822 (23%)46080 (19%)
30-39 Yrs1598 (11%)11671 (11%)31471 (13%)
40-49 Yrs1646 (11%)9184 (9%)25110 (10%)
50-59 Yrs2106 (14%)11425 (11%)29891 (12%)
60-69 Yrs1839 (12%)10299 (10%)27633 (11%)
70+ Yrs1726 (11%)8708 (8%)23809 (9%)
Median HH Income$20,528$23,878$30,263
Total Household Income< 24K3687 (56%)22232 (51%)47708 (43%)
25-49K1611 (24%)9396 (21%)25226 (23%)
50-74K633 (9%)4960 (11%)13680 (12%)
75-99K196 (3%)2240 (5%)7850 (7%)
100-199K257 (3%)3214 (7%)10328 (9%)
200K+107 (1%)1142 (2%)3906 (3%)
Highest Education LevelNo Diploma26011300727527
Diploma or GED30241735144466
Some College24401401635423
Assoc. Degree628388411000
Bachelors Degree772716022314
Higher Degree505655521147
Total Housing Units9,10957,853143,858
--Owner-Occupied1,98711,38838,701
--Renter-Occupied4,50531,79669,997
Owner-Occupied Values< 100K1566780123416
100-199K24118768403
200-299K1046492846
300-399K152891605
400-499K52249785
500K+95241646
Total Working Age Population11,76580,133196,265
In Work Force5,96742,572112,472
Not In Work Force5,79737,56183,793
Workforce Employed4,79535,81496,705
Workforce Unemployed1,1726,74315,695
Civlian Workforce5,96742,557112,399
Military Workforce01573
Total Households6,49243,184108,698
Family Households2,87017,64848,930
Non-Family Households3,62225,53659,768
Married Couple1,0245,66620,500
Other Family1,84611,98228,430
Married w/Child2021,2635,816
Single Male w/Child1077662,365
Single Female w/Child9206,34313,166

Population Change Last Two Decades - Plus Projection

2000%2010%2020%2030
Ohio11,353,140+211,536,504011,574,870011,615,100
Cuyahoga County1,393,978-81,280,122-61,209,550-51,154,210

Total Working Age Population:

Total Households:

Total Working Age Population:

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No part of this information may be copied, reproduced, repurposed, or screen-captured for any commercial purpose without prior written authorization from MyEListing.

While we strive to provide the most accurate information, all listing information, and demographic data, is provided by third-parties. As such, MyEListing will not be responsible for the accuracy of the information. It is strongly recommended that you verify all information with the listing agent, and any relevant agencies, prior to making any decisions.

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Closest Commercial Airports
Airport Distance (mi)
Cleveland Hopkins International Airport (CLE) 13
Erie International Tom Ridge Field (ERI) 85
Detroit Metropolitan Wayne County Airport (DTW) 100
Listing Agent
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