Green Bridge Real Estate is pleased to bring to market the Torbenson Apartments, a 47 Unit Apartment building located at 17800 Euclid Avenue Cleveland, Ohio 44112. For Sale, $490,000 ($10,425 per unit). The Torbenson Apartments offers 47 units, all units are configured as “Studio/Efficiency” Units. The Torbenson Apartments are an outstanding investment opportunity, in an advancing location, with significant renovation required. The Projected Net Annual Operating Income at 100% Occupancy with a 10% Vacancy Factor and a 10% Management Expense is $126,629.00 or a 25.84% Capitalization Rate at the asking price of $490,000 ($10,425 per unit). The Pro-Forma Cap Rate at 100% Occupancy and a $15,000 per unit renovation budget is 10.60%.Built in 1958, The Torbenson Apartments have a brick exterior and boasts 21,877 Sq.Ft. of usable area situated on 0.54 acres. The building features two floors and a full basement. Units are found on all three floors and a mechanical/workroom is located on the basement floorNew Ownership of the Torbenson Apartments will be taking on a complete renovation project. Plumbing, Electrical, HVAC systems are no longer functional (or present) and require replacement. The building’s roof could be resurfaced, a complete tear off may not be necessary. Additionally, the surface parking lot would benefit from being resurfaced.With the Torbenson Apartments being configured entirely as “Studio/Efficiency” Units, an investor can reposition the building into something other than a multifamily apartment building. Converting the building into a drug treatment center, a rehabilitation unit, or a shelter are just a few of the possibilities.The property is serviced by the RTA transit system with multiple dining and shopping destinations being within walking distance of the property. The newly constructed Amazon Fulfillment Center is only 5 miles from the Torbenson Apartments. The Amazon Fulfillment Center will be leading contributor into the long-term rejuvenation of this area by providing significant employment opportunities and a wealth of potential tenants.
