University Heights OH Commercial for Sale
- Type:
- Apartment
- Sq.Ft.:
- n/a
- Status:
- Active
- Beds:
- n/a
- Lot size:
- 0.48 Acres
- Year built:
- 1952
- Baths:
- MLS#:
- 5017120
ADDITIONAL INFORMATION
Introducing an 8-unit brick building investment opportunity nestled in the coveted heart of University Heights – a rare gem in an ideal, prime location. Boasting proximity to educational institutions like John Carroll University (2-minute drive) and Notre Dame College (5-minute drive), as well as quick access to major healthcare centers – a 15-minute drive to Cleveland Clinic Main Campus and a 13-minute drive to University Hospital Main Campus. This property is strategically positioned for success no matter which way you look! The building features (4) 2-bed / 1-bath units with a proforma rent of $1,150/month each and (4) 1-bed / 1-bath units with a proforma rent of $975/month each. Notably, 5 out of the 8 units have already been updated with new paint, vinyl flooring, and some kitchen and bathroom enhancements. Convenience is key, with on-site coin-operated laundry and 8 covered garage spots (currently not being charged for) – with potential conservative estimates of $50/unit/month for parking. Each unit is equipped with individual furnaces and hot water tanks, placing utility costs on tenants for electric and gas. The owner's responsibilities include water/sewer and snow removal. Unlock the investment's upside by increasing rents to market rates or targeting the student and medical professional rental markets, possibly through room-sharing arrangements. Don't miss this exceptional opportunity to invest in a well-located property with immediate income potential and room for future growth. See offering memorandum for additional details.
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University Heights Real Estate
The median home value in University Heights, OH is $280,000. This is higher than the county median home value of $123,800. The national median home value is $219,700. The average price of homes sold in University Heights, OH is $280,000. Approximately 57.79% of University Heights homes are owned, compared to 31.88% rented, while 10.34% are vacant. University Heights real estate listings include condos, townhomes, and single family homes for sale. Commercial properties are also available. If you see a property you’re interested in, contact a University Heights real estate agent to arrange a tour today!
University Heights, Ohio has a population of 13,201. University Heights is more family-centric than the surrounding county with 40.45% of the households containing married families with children. The county average for households married with children is 24.44%.
The median household income in University Heights, Ohio is $71,007. The median household income for the surrounding county is $46,720 compared to the national median of $57,652. The median age of people living in University Heights is 29.5 years.
University Heights Weather
The average high temperature in July is 82.2 degrees, with an average low temperature in January of 22.4 degrees. The average rainfall is approximately 39.3 inches per year, with 69.6 inches of snow per year.