Green Bridge Real Estate is pleased to present The Historic Olympia Apartments located at 3349-3361 East 55th Street. in Cleveland, Ohio. The approx. 25,000 Sq.Ft. 3-Story Building on .58 acres, consisting of 20 units: 4 one bedroom, one bath units and 16 two bedroom, one bath units and 5 Retail Commercial Suites. Retiring Ownership Priced Property to Move Fast. The Apartments are currently 90% Occupied. Individually Sub-metered, Tenant paid Gas and Electric. Landlord pays Trash & Water. A large Parking lot accommodates Tenants Car Parking. Assumable-Interim Seller Financing Available. The Projected Net Annual Operating Income is $82,460 or an 18.75% Capitalization rate at the asking price of $439,000 ($21,950 per unit). Opportunity to significantly increase income by raising Retail Suite rental rates, securing Credit Tenants and installing a Laundry and or Snack vending area. Some recent Capital Improvements include a New Roof in 2006 and all Individual Suites have new Weather King Furnaces which have been replaced over the last 3 years. All of the 20 Apartment units are leased in conjunction with the HUD based Moderate Rehabilitation (Mod Rehab) Housing Assistance Payments (HAP) Contracts which is renewed annually in November. This organization provides housing assistance for low income individuals or families. Currently, the Subsidy provides for over 88% of the Total Gross Income derived from the Apartments. 88% of the Gross Income is guaranteed from the Government provided subsidy! This provides a stable, consistent tenant base with guaranteed rent payments. The Olympia Building was once home to many shops, and the Olympia Theater which offered vaudeville, Polish Opera and later motion pictures. This building appeared as the Luce Theater in the film Welcome to Collinwood. This is a Fantastic Opportunity to purchase an Income producing HAP Contract Apartment Building with Commercial Retail Suites for a bargain price!
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