The property consists of two three story brick building with four studios, five 1bd/1ba, sixteen 2bd/1ba, eleven 2+bd/1ba, and eight retail spaces (averaging 1,100 sq.ft). A new boiler was installed in Nov 08', double thermopane low-e windows in 04' and new lights/plumbing fixtures over the past two years. The property was appraised for well over $1M in 2004. The owner recently took the property back after a failed seller financing deal and is in the process of re-leasing the place back up. Owner is open to seller financing, doing a wrap or a lease/purchase agreement. Deal offers a sophisticated buyer the ability to earn an outstanding return upon completion of fill-up and making minor property improvements. Very few 2bds exist in the neighborhood and can be easily filled up with section 8 renters.
Location Description
Shaker Square Plaza is about five miles east of downtown and 1/4 mile west of Shaker Heights. The area is considered an infill residential location and primarily consists of single-family and multifamily residential buildings. The property is one quarter of a mile south of Shaker Square, an established mixed use residential/retail/office area recently acquired by The Coral Company. Their plans include a luxury condominium development, parking garage, outdoor ampitheatres, ice skating rink and outdoor sculpture museum for the area. The goal of this redevelopment is to gentrify the Shaker Square area creating an exciting recreational, social and business environment for its residents. This sub-market is considered to have a lower cost of living then many parts of Cleveland and is known as a great place to reside. With no available land to build new homes or apartments, the area around Shaker Square has been Greater Cleveland's most stable rental market for 80 years. One of the benefits afforded Shaker Square Plaza is the RTA light rail system in the middle of Shaker Square.
No. Stories : 3
Commission Split : 4%
Property Types : Garden/Low-Rise Street Retail
Visit for more details
http://www.loopnet.com/property/16055910/2915-East-130th-Street/
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