Green Bridge Real Estate is pleased to present the fantastic value add, Affordable Housing opportunity of the 174 Unit Forest Hill Park Apartments located at 14015 & 13995 Superior Road, in East Cleveland, Ohio 44118. The Property consists of 2 Eight Story, Elevator served, All Brick Buildings totaling 161,000 sq.ft. of living space; 188,000 Total Sq.Ft. on 1.479 Acres, consisting of 31 one bedroom, one bath units approx. 775 Sq.Ft. each, 115 Two Bedroom, 1.5 Bath Units approx. 950 Sq.Ft. each and 28 three bedroom, 1.5 bath units approx. 1,040 Sq.Ft. each. Last in operation in 2017, the building is currently vacant and has been cleaned out of debris for an immediate start to renovations. For estimation and demonstration purposes, this renovation could range between $30,000 per suite ($5,220,000) to $50,000 per suite ($8,700,000) depending on finish and costs. Please use your own estimates. Comparables reflect similar finished, renovated properties valued and transferring at $75,000+ per unit. Ownership directs immediate sale at $2,899,000 or $16,660 per unit. First position, Seller Financing is available to qualified investors with 25% down, 6.0% Interest (APR), 25 year amortization, balloon payment due in 4 years, monthly principal and interest payments with an additional Real Estate Tax escrow. Please contact Matthew S. King, CCIM for more details. Possible Tax Abatement, Low Income Housing Tax Credits (LIHTC), Historic Tax Renovation Credits and other programs could be available. Connecting each tower is an above ground 88 space covered parking garage consisting of 79 Single spaces (avg. $35 per mo. in 2015) and 9 Double Spaces (avg. $50 per mo. in 2015) providing additional income, plus an open area on the rooftop that could be developed into an outdoor recreation area. Previously operated with Landlord paid utilities. Opportunity for a new owner to sub-meter the electric to every unit allowing for pass thru to tenants. Heat was supplied by gas-fired steam boiler system. Installing Individual Gas Furnaces, Electric Baseboard Heat or Mini-Splits would provide Owner with very little Utility Costs (Tenant Paid/Submetered). Each building has two passenger elevators (4 total) servicing the 8 floors. Previously, AT&T had a rooftop tower lease and 2 existing Laundry areas and installation of Vending machines also could generate additional income. Rental rates could be anticipated to be between 90% and 110% of the maximum Fair Market Rental Amounts established by HUD in 2025 for Affordable Housing for this zip code which are $1,356 for 1 Bedroom Suites, $1,644 for 2 Bedroom Suites and $2,112 for 3 Bedroom Suites. Projected Annual Net Operating Income at 90% Occupancy at 90% of 2025 HUD rates w/ $30,000 per suite renovation is estimated to be $1,946,444 or a 23.97% capitalization rate. Forest Hill Park Apartments was built in 1948 as a high-end residence and its construction reflects the extravagance that the original builder intended. It has large room layouts, thick, sound proof walls and large stone construction on the ground level that is unique to the period. Located just one mile away from the Cleveland Clinic’s main campus, two miles from Case Western University and within walking distance to the Coventry Road shopping district. Previous Income / Operation In 2012-15, the Forest Hill Park Apartments were very well occupied averaging 90% Occupancy throughout its operation. On average, over 100 of the occupied units, 70%+ of the units were subsidized with “guaranteed” rent payments provided by Federal and State Funding for assistance to low income individuals (voucher based Section 8). This arrangement provided a stable, consistent tenant base with “guaranteed” rent payments accounting for over 50% of the Gross Annual Income in years 2012-15. Previous AT&T Roof top Cell Tower Income Unit 805 was leased to AT&T wireless for approximately twice the cost of the electric consumption monthly (Unit was sub-metered). Additionally, 50% of any additional roof rental income of any future non AT&T cell towers went to the previous ownership (Co-Location). This provided approximately $12,070 in additional income for 2014.