Superior Glen Apartments 14036-14038 Superior Rd

Green Bridge Real Estate is pleased to present the 23-unit Superior Glen Apartments located at 14036 Superior Road, East Cleveland, Ohio 44118. This approximately 27,908 square feet, all-brick building was constructed in 1923 and spans four stories on a 0.24-acre parcel. The complex consists of 10 two-bedroom/ one-bath units and 13 one-bedroom/ one-bath units. Some suites have dining areas that allow for bedroom conversions with minimal costs allowing for a significant increase in gross rents.

The Superior Glen Apartments are currently 73% occupied (17/23). Recent capital improvements include refreshed boiler and components, a new patchwork of roofing, parapet wall repair, new paint, flooring, and bathrooms in 80% of the units. 56% of the gross income is from subsidy-based tenants, which provides a stable, consistent tenant base with “guaranteed” rent payments. A large on-site manager suite (#23) could be converted to a rental office or provide discounted living to an on-site manager. Currently, three units are down and require various renovations to bring back to livable standards. Estimates for these unit renovation costs could be $80k to $100,000; please use your own estimates.

The Superior Glen Apartments are currently third party managed. The existing Laundry Room with 6+ existing hookups could provide additional income with minimal cost. The landlord has been paying for heat, trash, water, and sewer. The projected net annual operating income at 90% occupancy at market rents (with real estate tax adjustment and 8% management fee) is $121,965 or a 12.85% capitalization rate at the asking price of $949,000 ($41,260 per unit). The current NOI at 70% occupancy is $43,945 (4.63% cap). There is a significant opportunity to increase income by leasing more units in conjunction with the Subsidy Voucher Program, converting dining areas to additional bedrooms, and providing a laundry facility. Section 8 voucher rental increases could be achieved to the maximum Fair Market Rental amounts (between 110%-90% of Fair Market Rents) established by HUD in 2025 for Affordable Housing for this zip code are $1,356 for one-bedroom suites, $1,644 for two-bedroom suites, and $2,112 for three-bedroom suites.

The Superior Glen Apartments are located in the Forest Hills neighborhood adjacent to Forest Hills Park, the former home of the Rockefeller estate. This neighborhood borders East Cleveland and Cleveland Heights, Ohio. With easy access to Interstate 90 to the North and Mayfield Road to the South, the apartments are only 1 mile from Little Italy, Case Western Reserve University, and the Cleveland Clinic’s World Headquarters, 5.5 miles from Downtown Cleveland, and 1 mile from the Coventry Shopping district, one of the strongest rental markets in Northeast Ohio. RTA Public transportation is also readily available within the neighborhood, with numerous bus stops within walking distance. The property benefits from its proximity to Shopping and amenities.

This is a fantastic opportunity to purchase Affordable Housing with a value-add play in a Class C neighborhood with a huge upside for a bargain price. Inquire today to learn more. The out-of-state owner will immediately direct the sale to other Cleveland area buildings to fund other investments.