Freeland 164 Heights, LLC
Investment Description
Property
- Apartment building portfolio consisting of 8 buildings, 164 units total
- Located in Shaker Heights, Ohio & Cleveland Heights, Ohio
- Value-add project
Property Financials
- Acquisition:Purchase Price: $9,200,000
- Capital Improvements: $410,500
- Closing Fees & Carrying Costs: $260,000
- All in Cost: $9,870,000
- Stabilized Projections:Net Operating Income: $924,000
- Cap Rate at Basis: 6.5%
- Stabilized Value: $14,250,000
- Equity Created: $4,220,000
- New Loan Amount: $10,672,500
- Cash Out Refinance Proceeds: $800,000
- Annual Cash Flow: $217,400
Investment
- Price Per Share: $100,000
- Shares Available: 11
- Term: 18-24 months
- Exit Strategy: Refinance within 18 months to pay back investors & disburse refinance proceeds
- Hold for 10+ years for cash flow and build long term equity
Asset Details
| Freeland 164 Heights, LLC | |
| 13301 Smith Road PO Box 30339, Middleburg Heights, OH 44130 | Map |
| ASSET TYPE | |
| Commercial | |
Property Details:
- 8 buildings with 164 units
- Solid “A” location – Northeast Ohio
- Located in the Shaker Heights and Cleveland Heights suburbs
- Already 95% Occupied
- 3-Story & 4-story Garden-style Apartment Buildings
- Medical & Professional Tenants