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 13995-14015 Superior Road, in East Cleveland, Ohio. The property consists of two eight-story, elevator-served, all-brick buildings totaling 161,000 square feet of living space; 188,000 total square feet on 1.479 acres, consisting of 31 one-bedroom/ one-bath units approximately 775 square feet each, 115 two-bedroom/ one-and-a-half bath units approximately 950 square feet each and 28 three-bedroom/ one-and-a-half bath units approximately 1,040 square feet each. The complex was 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 transferred 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 four years, monthly principal and interest payments with an additional Real Estate Tax escrow. Possible Tax Abatement, Low-Income Housing Tax Credits (LIHTC), Historic Tax Renovation Credits, and other potential programs could be available. Connecting each tower is an above-ground 88-space covered parking garage consisting of 79 single spaces (averaging $35/ month in 2015) and nine double spaces (averaging $50/ month in 2015), providing additional income, plus an open area on the rooftop that could be developed into an outdoor recreation area. The complex was previously operated with landlord-paid utilities. This opportunity allows a new owner to sub-meter the electricity to every unit, allowing for pass-through to tenants. The heat was supplied by a gas-fired steam boiler system. Installing individual gas furnaces, electric baseboard heat, or mini-splits would provide ownership with very little utility costs (tenant-paid/sub-metered). Each building has two passenger elevators (four total) servicing the eight floors. Previously, AT&T had a rooftop tower lease and two existing laundry areas, and the installation of vending machines could also 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 in this zip code, which are $1,356 for one-bedroom suites, $1,644 for two-bedroom suites, and $2,112 for three-bedroom suites. Projected annual net operating income at 90% occupancy at 90% of 2025 HUD rates with $30,000/ 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. It is located just one mile away from the Cleveland Clinic’s main campus, two miles from Case Western University, and within walking distance of 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 the years 2012-15. Previous AT&T Rooftop Cell Tower Income: Unit 805 was leased to AT&T Wireless for approximately twice the cost of the electric consumption monthly (the 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.