Green Bridge Real Estate is pleased to offer For Sale the Union Apartments. Local owner directs the immediate Sale of the Union Apartments for $269,000.00 or $33,625 per Unit and is also included in a Three Building Portfolio Sale. Located at 12527 Union Avenue, Cleveland, Ohio 44105, the 11,154 Sq.Ft. Union Apartments is a two story, brick building, built in 1930, the Union Apartments offers Eight (8) Units in total and a covered parking garage on .17 Acres. Four (4) Units are configured as 1 Bedroom, 1 Bathroom Units and Four (4) Units are configured as 2 Bedroom, 1 Bathroom Units. Based on the Asking Price of $269,000, NOI of $16,958, the Actual 2019 Cap Rate was 6.30%, Projected Cap Rate at 100% occupancy with all Units rented at Market Rates is 12.37%.At the Union Apartments, Utilities are Sub metered, Tenants are responsible for paying Gas (Heat) and Electric Utilities. Landlord is responsible for paying common area Electrical, Water/Sewer, and Trash Pickup. Basement windows have recently been upgraded to Glass Block Windows. In the basement area, each unit has an individual Forced Air Furnace and Hot Water Tank. A new flat roof was recently installed on both the Apartment Building and the Detached Parking Garage.All Units at the Union Apartments have a secured front and a rear entrance. The rear entry way is covered and provides Tenants with some additional storage spaces. One Bedroom units are approximately 675 Sq.Ft. and the Two Bedroom Units are approximately 825 Sq.Ft. Kitchen areas have new plank flooring, upper and lower cabinetry, clean countertops, refrigerator, and stovetop. Additionally, Units have either an attached balcony or porch. The rear of the property is fenced in and features a quiet green space for Tenant use. Each individual parking space in the detached parking garage offers the opportunity to be leased and would provide additional monthly income.The Union Apartments are a historical fixture embedded in the Mt. Pleasant neighborhood of Cleveland, Ohio. Tenants have numerous local Parks, Museums, and Shopping/Dining options within walking distance of the Union Apartments. The world-renowned Cleveland Clinic Main Campus and multiple Universities are under a 15-minute commute from 12527 Union Avenue. Additionally, the area is well serviced by the Cleveland RTA Bus system.
