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BOSWORTH ROAD APARTMENTS3537 BOSWORTH ROAD, CLEVELAND, OHIO 4411112-UNIT MULTIFAMILY FOR SALE

NON-ENDORSEMENT AND DISCLAIMER NOTICE

Confidentiality Agreement

The information contained in the following marketing brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Smartland and should not be made available to any other person or entity without the written consent of Smartland. This marketing brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Smartland has not made any investigation, and make no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, pcb’s or asbestos, the compliance with state and federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this marketing brochure has been obtained from sources we believe to be reliable; however, Smartland has not verified, and will not verify, any of the information contained herein, nor has Smartland conducted any investigation regarding these matters and they make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Seller retains all rights and discretion to determine the offer and acceptance process including but not limited to the right to accept or reject any offer in its sole and absolute discretion. Seller shall only be bound by duly executed and enforceable agreements entered into, if any. All matters are privileged and confidential.

Non-Endorsement Notice

Smartland is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Smartland, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Smartland, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

Disclaimer

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Institutional Property Advisors is a service mark of Smartland, LLC © 2019 Smartland

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONSULT YOUR SMARTLAND AGENT FOR MORE DETAILS.

BOSWORTH ROAD APARTMENTSCLEVELAND, OHPARCEL #: 018-16-124

LISTED BY: SMARTLAND, LLC

IRINA KLEYNERReal Estate Broker(440) 374-8403 ext. [email protected]

MATTHEW FRITZBrokers Assistant(330) [email protected]

BOSWORTH ROAD APARTMENTS

THE OFFERINGPrice $650,000Price Per Unit $54,167Cap Rate 7.50%Current Average Rent $610Market Average Rent $741Property Name Bosworth Road ApartmentsProperty Address 3537 Bosworth Road, Cleveland, Ohio 44111School District Cleveland CityCounty Cuyahoga

SITE DESCRIPTIONNumber of Units 12Number of Buildings 1Number of Stories 3Year Built 1920Year Renovated 75% in 2019Rentable Square Feet +/- 6,915Type of Ownership Fee SimpleParking Garage + Street Parking

UTILITIESWater Owner Pays; Resident ReimbursesElectric Resident PaysGas Owner Pays

CONSTRUCTIONExterior BrickParking Surface Asphalt Roof Flat-Composition

MECHANICALHVAC Boiler & Window A/CHot Water Central, Gas Fired

PURCHASE OVERVIEWBUILDING SUMMARY


TABLE OF CONTENTS

PURCHASE OVERVIEWProperty SummaryBuilding SummaryEmployers & Points of InterestProperty Photos

MARKET COMPARABLESLocal MapRegional MapRent Roll & Unit MixSales Comparables

MARKET OVERVIEWMarket AnalysisDemographic Analysis

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PURCHASEOVERVIEW

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PURCHASE OVERVIEW

PROPERTY SUMMARYSmartland is pleased to present Bosworth Road Apartments, a 12-unit apartment building located in Cleveland, Ohio. This three-story low-rise building was built in 1920, and sits on a lot size of about 7,360 square feet. The property has been owned and managed by Smartland since March 2017, during which time it has been well maintained with numerous major capital improvements including all new outside light fixtures, installed new garage doors, and the renovation of the laundry room and the common area hallways with new light fixtures, new paint, and new flooring.

Bosworth Road Apartments consists of 1 studio, 5 one- and 6 two-bedroom floor plans offering a range of 250 to 660 square feet of living space. The property offers various unit amenities, accommodations, and 8 units have been entirely renovated. These include plentiful closet space, private balconies on the 2nd and 3rd floors, new resilient flooring throughout each unit, new ceiling fans, new paint, new light fixtures, completely updated bathrooms with new vanities, new toilets, new sinks, new faucets, and completely updated kitchens with new granite countertops, brand new built-in cabinets, new double sinks, new faucets, new stainless steel refrigerators and ranges.

Located on the corner of Bosworth Road and Linnet Avenue sits Bosworth Road Apartments which is near the rising commercial area of Lorain and 117th, in the West Boulevard Neighborhood. Named for the broad thoroughfare wending south from Lake Erie, West Boulevard offers residents a park-like feel with mature landscaping and spacious lawns. Described by locals as a "front porch" neighborhood, homes for rent include charming one- and two-story dwellings dating from the early 1900s. Hardly hidden, but a neighborhood gem all the same, Halloran Park features the city's first water playground and provides the area's only ice skating rink.

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PURCHASE OVERVIEW

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BUILDING SUMMARY

THE OFFERINGPrice $650,000Price Per Unit $54,167Cap Rate 7.50%Current Average Rent $610Market Average Rent $741Property Name Bosworth Road ApartmentsProperty Address 3537 Bosworth Road, Cleveland, Ohio 44111School District Cleveland CityCounty Cuyahoga

SITE DESCRIPTIONNumber of Units 12Number of Buildings 1Number of Stories 3Year Built 1920Year Renovated 75% in 2019Rentable Square Feet +/- 6,915Type of Ownership Fee SimpleParking Garage + Street Parking

UTILITIESWater Owner Pays; Resident ReimbursesElectric Resident PaysGas Owner Pays

CONSTRUCTIONExterior BrickParking Surface Asphalt Roof Flat-Composition

MECHANICALHVAC Boiler & Window A/CHot Water Central, Gas Fired


PURCHASE OVERVIEWEMPLOYERS & POINTS OF INTEREST

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PURCHASE OVERVIEW

PROPERTY PHOTOS

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PURCHASE OVERVIEW

PROPERTY PHOTOS

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PURCHASE OVERVIEW

PROPERTY PHOTOS

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PURCHASE OVERVIEW

PROPERTY PHOTOS

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PURCHASE OVERVIEW

PROPERTY PHOTOS

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PURCHASE OVERVIEW

PROPERTY PHOTOS

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MARKETCOMPARABLES

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PURCHASE OVERVIEWLOCAL MAP

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PURCHASE OVERVIEWREGIONAL MAP

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RENT ROLL & UNIT MIX SUMMARY

Unit Type # of Units % of Total Unit SF Total SF Current Rent/Unit

Current Average Rent

Current Rent/SF

Current Monthly Rent Market Rent Market

Rent/SF

Market Monthly

Rent

STUDIO 1 8% 250 250 $450 $450 $1.80 $450 $495 $1.98 $495

1 BD / 1 BA 5 42% 541 2,705 $475-$725 $565 $1.04 $2,825 $725 $1.34 $3,625

2 BD / 1 BA 6 50% 660 3,960 $675-795 $739 $1.12 $4,435 $795 $1.20 $4,770

Total/Average 12 100% 576 6915 $610* $1.06 $7,324.50* $741 $1.29 $8,890

FINANCIAL ANALYSIS

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*Calculated at 95% Occupancy


1313 E. 112th Street1313 W. 112th Street, Cleveland, Ohio 44102

Number of Units 11

Sale Price $653,500.00

Price Per Unit $59,409.09

Average Rent $595.00

Occupancy 90.9%

MARKET COMPARABLESSALES COMPARABLES

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Number of Units 12




Occupancy 95%

BOSWORTH ROAD APARTMENTS3537 Bosworth Road, Cleveland, Ohio 44111

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1454 W. 114th Street1454 W. 114 Street, Cleveland, Ohio 44102

Number of Units 21




Occupancy 83%

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MARKETOVERVIEW

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CLEVELAND METRO OVERVIEW MARKET OVERVIEWThe Cleveland metro area is situated in the northeastern corner of Ohio, west of the Pennsylvania state border, and extends 100 miles along the Lake Erie shore and more than 40 miles inland. It is composed Cuyahoga, Geauga, Lake, Lorain and Medina counties and contains nearly 2.1 million residents, approximately a fifth of the Ohio population. The eastern part of the region lies on the Appalachian plateau, while the western portion sits upon the Lake Plain, hemming the area into development. Economic growth and development are diversifying the region’s industries to include medical and technology as well as various corporate headquarters. Telecommunications are also a growing sector, attracting additional tech companies.

EXCELLENT INFRASTRUCTUREThe transportation facilities in Cleveland strengthen its position as a leading center of business, generating access to other large metros nationwide.

DIVERSIFYING ECONOMYThe largest employment sectors in Cleveland are education and health services but manufacturing is also prominent.

REVITALIZING DOWNTOWNDowntown Cleveland is experiencing a metropolitan rebirth, as revitalized buildings attract new businesses, residents, and tourists.

METRO HIGHLIGHTS


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MARKET OVERVIEW

RANKED #2 HOSPITALIN THE WORLDNEWSWEEK, MARCH 2019

OVER 44,000FULL-TIME EMPLOYEES


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MARKET OVERVIEW

Historically a durable-goods manufacturing area, the metro has recently taken great strides toward boosting its medical and biotech sectors. Cleveland is recognized as a global leader in healthcare and medical services. The world-renowned Cleveland Clinic is the largest employer in the state of Ohio. Cleveland is also home to 8 Fortune 500 firms which include #112 Progressive, #187 Goodyear, #190 Sherwin-Williams, #219 First Energy, #256 Parker Hannifin, #383 Smucker’s, #412 KeyCorp, and #465 TravelCenters of America.

$200M AHUJACENTER EXPANSIONOVER 21,000 EMPLOYEES

$946M NEW HOSPITALBROKE GROUND APR 2019

7,700 EMPLOYEESSERVES OVER 300,000

PATIENTS

#12 BIOMEDICALENGINEERING

PROGRAM5,152 UNDERGRADS

CLEVELAND METRO OVERVIEW

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DEMOGRAPHICS MARKET OVERVIEW● The metro is expected to add nearly 20,000 people through 2021, which will result

in the formation of approximately 10,000 households, generating demand for housing.

● Relatively affordable home prices have produced a homeownership rate of 66 percent, slightly above the national rate of 64 percent.

● Roughly 28% of residents age 25 and older have received a bachelor’s degree; of those residents, 11% also have obtained a graduate or professional degree.

Cleveland’s downtown district continues to witness economic revitalization as new building construction, such as the medical mart and convention center, and major renovations reshape the city’s historic centers. Cultural opportunities include the Theater District in downtown Cleveland where Playhouse Square is located. The facility has four theaters that house Opera Cleveland and stage Broadway musicals. Cedar Point Amusement Park is a short drive away. Only one park in the world has more roller coasters than Cedar Point. Cleveland is home to several highly ranked institutions of higher learning, including Case Western Reserve University, Cleveland State University, Baldwin Wallace University and John Carroll University.

SPORTS

EDUCATION

ARTS & ENTERTAINMENT

2018 Population By Age*

11% 12% 13% 24% 27% 12%0-9 YEARS 10-19 YEARS 20-29 YEARS 30-49 YEARS 50-69 YEARS 70+ YEARS

*Source: U.S Census Bureau

LISTED BY: SMARTLAND, LLC

IRINA KLEYNERReal Estate Broker(440) 374-8403 ext. [email protected]

MATTHEW FRITZBrokers Assistant(330) [email protected]

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