148 Unit Apartment / YMCA Investment Sale

Transcription

1 148 Unit Apartment / YMCA Investment Sale 2200 Prospect Avenue Cleveland, Ohio Contact Information: Terry Coyne, SIOR, CCIM Senior Vice President Grubb & Ellis Company 1350 Euclid Avenue, #300 Cleveland, Ohio (216)

2 2200 Prospect Avenue A ± 152,390 SF residential-recreational special use facility situated on approximately 3.03 acres located at 2200 Prospect Avenue, Cleveland, Ohio. The facility was built in 1912 and renovated in The masonry building is two, three, four and ten levels. Approximately 53% of the floor area is designated recreational use. The balance, 71,730 square feet is residential apartments and potential commercial space. Car parking for 154 spaces is provided. Across the street from Cleveland State University and a newly redeveloped 600 bed dormitory. A new parking garage being built just west of the property. The above information is from sources deemed reliable but not guaranteed, is submitted subject to the continued availability and may be withdrawn from the market at any time without liability. The above terms and conditions are therefore subject to change without notice. Verification of all information is invited and encouraged.

3 2200 Prospect Avenue

4 Property Description Address: 2200 Prospect Avenue, Cleveland, Ohio 1912, renovated in 1997 Building Size: ±152,390 square feet 80,660 square feet of recreational use 71,730 square feet of residential apartments and potential commercial space Construction: Masonry building Land Area: 3.03 acres (±131,880 square feet) corner lot Topography: Level Zoning: General Retail Business Permanent Parcel Numbers: , 008 & 009 The above information is from sources deemed reliable but not guaranteed, is submitted subject to the continued availability and may be withdrawn from the market at any time without liability. The above terms and conditions are therefore subject to change without notice. Verification of all information is invited and encouraged.

5 Residential Tower The building is located on the NW corner of the parcel. The north elevation in a nine story residential tower (plus lower level which is primarily used as laundry, boiler room and storage areas for the residential area). The residential component is L-shaped and wraps around the corner onto East 22 nd Street. The balance of the building footprint is the recreational component. It extends south of the residential tower The first floor is used as administrative offices. The 9 th floor of the residential tower is utilized as the corporate administrative offices of the YMCA. The residential tower includes two passenger elevators in the NW corner. There are also 3 stairwells, one at the elevator bank, and two at either end of the tower.

6 Recreational Area The recreational component is comprised of several connected buildings representing the south portion of the complex. The lower/ground level is improved the pool, as well as four racquetball courts and weight room. The men s and women s locker rooms are also located in the lower/ground level in addition to a lobby/lounge and aerobics room. The women s locker room includes a sauna, massage room, shower area with seven stalls and wet area with four toilets and four sinks. The men s room includes an office, massage room, steam and sauna rooms, shower area, three toilets, two urinals and six sinks. The exercise room occupies approximately 40% of the first floor area. The balance of this level consists of the lobby and administrative offices, as well as the youth locker rooms. There are both girl s and boy s locker rooms with showers, toilets, sinks, etc. A sizable portion of the first floor is open to below overlooking the pool and the four racquetball courts. The second floor of the recreational component includes various office/meeting rooms. In addition, a large segment of the third floor consists of the main gymnasium, as well as two youth gymnasiums. The third floor is much smaller in scale containing only 3,000 square feet. This is comprised of the running track overlooking the main gymnasium. Inter-floor access in the residential component consists of a new elevator which is accessed off the main lobby. In addition, there are several stairwells as well.

7 2200 Prospect Avenue Improvement Analysis Level Recreational SF Residential & Commercial SF 9 th - -- YMCA administrative offices 7,408 4 th 8 th - -- Apartments (5 x 22 = 110) 37,040 3 rd Track & open area overlooking gymnasium 3,000 Apartments (21) 7,408 2 nd Gymnasium, 2 mini gyms and classrooms 16,237 Residential administrative offices, conference room, student lounge & unfinished expansion space. (17 apartments) Ground Level Pool, men/women/family locker rooms, 4 racquetball courts, weight room, aerobic/multipurpose room & maintenance room 31,646 Boiler room, laundry & maintenance rooms 6,632 Totals: 80,660 71,730

8 Residential Structure Unit Sm. Eff Lg. Eff 1 Brm 2 Brm Number Rent/month $420 $476 $530 $669 Sq. Ft $/sq. ft $2.21 $1.90 $1.56 $1.81 Unit Mix Lg. Eff 7% 1 Brm 5% 2 Brm 5% Sm. Eff 83%

9 Comparable Rental Properties Subject: Heritage Suites 2200 Prospect, Cleveland, Ohio 1. The Chesterfield 1801 E. 12 St. Cleveland, Ohio 2. Statler Arms 1127 Euclid Ave. Cleveland, Ohio , , Type Sq. Ft. Price $/sq. ft Type Sq. Ft. Price $/sq. ft Type Sq. Ft. Price $/sq. ft Studio $420-$476 $2.21-$1.90 Studio 446 $605-$645 $1.36-$1.45 Studio $675-$690 $1.26-$ BR 340 $530 $ BR $720-$1,010 $1.21-$ BR 722-1,100 $700-$900 $0.82-$ BR 370 $669 $ BR $1,095-$1,495 $1.05-$$ BR 1,100-1,250 $1,050-$1,350 $0.95-$ Euclid Lofts 1900 Euclid Avenue, Cleveland, Ohio Type Sq. Ft. Price $/sq. ft Studio 1-BR 2-BR ,158-1,213 $700 $850 $1,050-$1,100 $1.17 $1.33-$0.93 $ S 4. University Common Apts 1900 E. 30 th, Cleveland, Ohio 1945, Type Sq. Ft. Price $/sq. ft 1-BR $575-$625 $0.89-$ BR 825 $750-$775 $0.91-$0.94

10 Comparable Sale Properties Subject: Heritage Suites 2200 Prospect, Cleveland, Ohio Sale Date: Projected Sale Price: TBD $5,000,000 Price/Unit: $33, , University Common Apts 1900 E. 30 th, Cleveland, Ohio Sale Date: Sale Price: January, 2008 $3,642,038 Price/Unit: $37, , In Towne Apts 2901 Euclid Ave, Cleveland, Ohio Sale Date: June, 2007 Sale Price: Price/Unit: $1,300,000 $8, , Notes: Property was 65% occupied at time of sale S 3. Reserve Square Apts 1701 E. 12th, Cleveland, Oh. Sale Date: Sale Price: Price/Unit: August, 2005 $36,000,000 $47, , 1985

11 2200 Prospect Avenue Photos

12 Tax Map

13 Topographical Survey Dated: April 1996

14 ALTA/ACSM Land Title Survey Dated: April 1996

15 2200 Prospect Avenue Investment Highlights 2008 Year End Proforma* Total Income Total Expenses: Net Operating Income: Cap Rate: Sale Price: $884, $693, $190, % $5,000,000 *Proforma: Actuals through May 2008 annualized The above information is from sources deemed reliable but not guaranteed, is submitted subject to the continued availability and may be withdrawn from the market at any time without liability. The above terms and conditions are therefore subject to change without notice. Verification of all information is invited and encouraged.

16 Terms Co-broker fee of 1%