205 PARK AVE Youngstown OH 44504-1647

WELL MAINTAINED, UPDATED, TURNKEY APARTMENT BUILDINGS. LOCATED ON ENTIRE SECTION OF BLOCK BETWEEN ELM ST. AND OHIO AVE by YOUNGSTOWN STATE UNIVERSITY. Nine multi-tenant properties on 5 land parcels in Mahoning County. Significant capital improvements completed. Property is across from Wick Park, down the street from Stambaugh Auditorium, and .6 miles from YSU Stadium. There are 30 apartments total with 51 units leased, and 3 vacancies as of August 2020 Rent Roll. NOT INCLUDING CURRENT CAPITAL IMPROVEMENTS: 2019 Gross Operating Expenses: Approximately $68,000/year. Cap rate for 2021 estimated to be approximately 9.5% or higher. Thirty apartments varying from studio apartments to 1-9 bedroom apartments. Current capital improvements scheduled for completion by the end of September 2020. SEE ADDENDUMS FOR MORE INFO. 918 Elm St. building is commercially zoned, but is gutted and used as a warehouse for now for current projects. The apartments are broken up into units based upon individual leases obtained for each tenant renting space. The majority of the tenancy rents space based upon this unit system. An apartment is described as a kitchen, living room, full bath and toilet. A unit is described as a private bedroom with common area privileges to other spaces within the apartment, i.e., the living room, the kitchen, and bathrooms, basement. Depending on buyers' management costs, debt servicing, and adjusted real estate taxes, buyer may have between 7+% to 9%cap rate.