481 KENWOOD DR Euclid OH 44123

Green Bridge Real Estate is pleased to offer the Portfolio of 67 Condominium Units in the Blisswood Village, Euclid, Ohio. Sold in Bulk, for $3,900,000 ($58,208 per unit). The Blisswood Village is a 268 Suite Townhome style Condominium Complex with address locations on Fox Avenue, Kenwood Drive and Clearview Drive. Built in 1951 with deeded garage spaces and HOA assigned surface parking spaces. This is your chance to own 25% of the total complex. Current Ownership willing to help with a nomination to the 3 Person Board of Directors position on the HOA to help control the future of the entire complex. All 67 Condominium Units owed by a single entity. This entity must be retained to continue leasing units under the current HOA agreement. This also provides a new owner the opportunity to keep purchasing owner-occupied units to expand the portfolio (cost-averaging)! Out of State Ownership is directing the immediate sale of the entire bulk portfolio in order to exit the Cleveland market.

Comprised of 67 2-Story, all brick/block, with full basements, townhome style units (approx. 625 Sq.Ft. each with a 312.5 sq.ft. basement). The property is directly across the street from Briardale Golf Course and neighbors the City of Euclid 55-acre municipal grounds with park, pool, skatepark, lighted baseball/soccer fields and ice arena. The HOA is responsible for driveways, parking areas, exterior, grounds, roofs, common areas, common area lighting, and trash. Landlord responsible for Water/Sewer, Insurance, HOA dues ($147.92 or $156.48 per unit), taxes and maintenance. Tenants currently pay their own Water and Sewer expenses. Approx. 5 units have been extensively renovated and numerous units have been improved. 28 (41%) of the Units have Central Air. The Portfolio is currently operating at 89.55% occupancy (60/67), rents averaging $878.23 with room to increase. New leases and renewals are being signed at $925. 36 leases (60%) are equal to or greater than $900. The Projected Net Operating Income at 100% Occupancy at $925 rents with a 5% Management cost is $445,552 or 11.42% Capitalization Rate at the sale price of $3,900,000.00. At 89.55% Occupancy, the Current Net Operating Income is $331,571 or an 8.50% Cap Rate. Excellent Value Add Opportunity to Increase Current Revenues with improved management, increasing rents and adding available owner-occupied units to cost average. Currently 5/60 tenants accounting for 7.39% of the Gross Income is derived from Subsidy based (Section 8) voucher programs. This arrangement provides a stable, consistent tenant base with “guaranteed” rent payments provided by Federal and State Funding for assistance to lower income individuals. New ownership could continue to increase the revenue generated from these programs.

Located blocks away from the new Amazon distribution warehouse at I-90 and Babbitt Road. Euclid is home to many major employers, shopping, retail and restaurants. Located blocks away from the shores of Lake Erie. The Cleveland Clinic Main Campus, Case Western Reserve University and John Carroll University are all within a 15-minute commute from the Blisswood Village complex. Additionally, Cleveland RTA public transportation is readily available in the area.