Green Bridge Real Estate is pleased to present For Sale, the Libby Road Apartments, a Twelve (12) Unit, brick building, located at 17703 Libby Road, Maple Heights, Ohio 44137. Ownership is directing the immediate Sale of the Libby Road Apartments in an effort to pursue other business ventures. The Libby Road Apartments are being offered For Sale at $839,000.00 or $69,916 per unit. The Libby Road Apartments are currently 100% occupied with a 2021 Net Operating Income of $60,401 or a 7.20% Cap Rate at the Asking Price of $839,000.00.Built in 1958, The Libby Road Apartments offer a favorable mix of Six (6) One Bedroom, One Bathroom Units and Six (6) Two Bedroom, One Bathroom Units, and an Attached Parking Garage with approx. 9 parking spots. The Libby Road Apartments is situated on 0.26 acres and features 9,192 Sq.Ft. of interior space. All twelve (12) Units have undergone a recent renovation. Interior hallways and common areas have been well maintained and offer vinyl flooring along with fresh paint.Gas and Electric Utilities are sub-metered, with Tenants being responsible for paying Electric and Gas Utilities. Landlord is responsible for paying Common Area Utilities, Water/Sewer Service, and Trash Pick-up. Units feature an in-wall air conditioner, individual furnaces, individual hot water tanks, and electrical breaker boxes. The Libby Road Apartments have one (1) set of leased, coin operated washing machine and dryer. A third-party provider also operates Vending Machines that are found in the Common Area, providing additional gross income.A prime opportunity to increase revenues by increasing rents. Several legacy (>5 years) tenants exist at the property and rents have remained unchanged. The indoor parking garage also creates an opportunity to boost gross income by leasing covered parking spaces. The Laundry area and vending machine provide additional income.With Schools, Dining options, Shopping options, and multiple Parks nearby, The Libby Road Apartments offers its residents a quiet retreat in a bustling urban environment. The Cleveland Clinic Main Campus is only 9 miles from the Libby Road Apartments. In addition, Case Western Reserve University and John Carroll University are both located within 8 miles of the Libby Road Apartments. The city of Maple Heights is also well serviced by the Cleveland RTA Bus system. Located just 2.1 miles from the brand new 1 million Sq.Ft. Amazon Fulfillment center creating more than 1,500 jobs. Just blocks away from Interstates 271 and 480 and approx. 13 miles Southeast of Downtown Cleveland, Ohio.
