The Waller Group is proud to present the 100% occupied, 127- unit value-add property in Cleveland, OH. The property is available because current ownership is looking to cash out for inheritance planning for children.
All of the buildings except for Noble have new washers and dryers. Lake Manor and Park Hill both have new water heaters. Buckwood and Hillandale have new roofs.
Current ownership is achieving $349,590 in annual NOI. New ownership, based upon area rent comps, can raise rents up to $216 / unit, which is a $0.31 / sqft bump. With this bump, new ownership can achieve an annual NOI of $663,704. Additionally, there is the opportunity to implement additional income fees through implementing a ratio utility billing system, lease violation fees, and parking fees. Another cost saving opportunity would be utilizing water conservation opportunities such as updates on faucets, showers, and low flow toilets, which can save up to 20% on water bills.
Proforma financials were underwritten with a 4% management fee.