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Archived over 1 year ago

$1,620,000

rooms 4+ ba 15221 sqft

15312 Maple Park Dr, Maple Heights , OH 44137

Commercial Multifamily

Current Rent **

$10,000+

Projected Rent **

$10,000+

Estimated Cap Rate *

Pro Only

Estimated Cash on Cash ROI *

Pro Only

22 Unit Brick Apartment Building

Maple Park Villas is an incredibly well-maintained and cash-flowing 22-unit brick apartment building in the highly sought-after rental market of Maple Heights. Built in 1968, the property has had historically low maintenance, a very strong tenant base and high occupancy. The building consists of (13) 1-bed/1-bath and (9) 2-bed/1-bath with 20/22 units already renovated with new vinyl flooring, modern paint schemes, updated kitchens, bathrooms and LED lighting throughout. There are also 22 covered parking spots (that tenants are not currently being charged for) with additional overflow parking. Maple Park Villas is the best of both worlds - a stabilized, proven asset that still has room for growth with proven organic rent bumps on lease renewals along with completing renovations on the remaining 2 units. The deferred maintenance has also been completed allowing the new owner to take over without any unexpected surprises. This building is truly as straightforward as they come and rare to come by nowadays!

Location:

15312 Maple Park Dr, Maple Heights , OH 44137

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* The cap rate and cash on cash return calculations found on BiggerPockets Listings are estimated and designed to be used for informational and educational purposes only, and when used alone, do not constitute investment advice. They assume 3 months worth of expenses and estimate taxes and insurance. BiggerPockets recommends that you seek the advice of a real estate professional before making any type of investment. The results presented may not reflect the actual return of your own investments. BiggerPockets is not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by these tools. Furthermore, BiggerPockets is not responsible for any human or mechanical errors or omissions.

** Current rent and projected rent are provided by the lister.

† Rental comps are pulled by looking at property characteristics (beds, baths, structure type), date the rent listing was captured, and proximity to the searched location.

‡ Confidence levels range from low to very high. Confidence is determined by the number of recent and relevant comparable properties for any given search. A very high confidence level indicates a high number of recent and similar rental listings.