Recent Transactions

Apartments & Multi-Family

The Body Block Arcade Apartments, 4925 Payne Ave. & 1692 East 55th Street, Cleveland, OH 44103

The Body Block Arcade Apartments, 4925 Payne Ave. & 1692 East 55th Street, Cleveland, OH 44103 Green Bridge Real Estate is pleased to announce the sale of the 39 Multi-Family Units with 1 Commercial Unit, Body Block Arcade Apartments located at 4925-4955 Payne Avenue and 1692-1696 East 55th Street, in the Midtown neighborhood of Cleveland, Ohio. The local buyer, Smartland11, LLC closed on April 28, 2017 for $735,000 on the 3 Story, All Brick Building approx. 35,208 Total Sq.Ft, with Basement on .63 acres, consisting of 20 Loft Style, one bedroom, one bath units and 19 Loft Style, two bedroom, one bath units and 1 Commercial / Retail Unit. Matthew S. King, CCIM, principal of Green Bridge Real Estate represented the Canadian based Seller, 1692 E 55 LLC in the sale. The property had previously been marketed for sale by the owner with no successful offers. The Third Party Managed Body Block Arcade Apartments was 81% Occupied at the time of the sale.

The property was originally developed as a Retail Arcade with most of the architectural attributes remaining in place today. In the late 1990’s, the property was completely renovated by a non-profit organization as the Nouvelle Espoire Arcade Apartments with the benefit from Low Income Housing Tax Credits (LIHTC). The property is currently listed on the National Registry of Historic Places. 15 of the Residential Suites have Exterior first floor access and 8 of those units can be converted to Retail / Commercial suites for an opportunity to significantly increase income. Tenant paid Gas (Individual Forced Air Furnaces and Individual Hot Water Tanks) and Electric. Landlord paid Trash, Water & Sewer. 7 of the first floor units have Central Air Conditioning. 39 Surface Parking Spaces, 2 Laundry Rooms. Recent capital improvements include new windows, roof repair, older hot water tanks have been replaced, new carpet and paint in common areas and new carpet and paint in units. The property is located on a major bus line and within walking distance to the Ohio Technical College which could provide a source of student housing.

The Overlake Apartments, 14308 Lakeshore Blvd., Cleveland, OH 44110

The Overlake Apartments, 14308 Lakeshore Blvd., Cleveland, OH 44110 Green Bridge Real Estate is pleased to announce the sale of an ideal value added opportunity, the Overlake Apartments located at 14308 Lakeshore Blvd. directly overlooking Lake Erie in Cleveland, Ohio. The approx. 18,596 Sq.Ft., 17 Unit Apartment Building on 0.25 Total Acres was built in 1925 and Sold and closed escrow on March 24, 2017 for $172,500 or $10,142 per unit to Oak Park, California based investors, Gang Liang and Yifeng Ho. Matthew S. King, CCIM, principal of Green Bridge Real Estate represented the locally based Seller, 14308 Lakeshore LLC in the sale. The 17 Unit Walk up, Garden Style Apartment building is a 3 story brick building consisting of Sixteen (16) One Bedroom, One Bathroom units and One (1) Studio Apt. Cooking Gas and Electric is sub-metered (Tenant Paid). Large Floorplans with Standing Bath Tubs in each Bathroom. Newer Windows, updated Suite Electric (Breaker) and a shared Laundry area (2 Washers, 2 Dryers). The property was mothballed in January 2014 and will benefit from a renovation. Projected NOI at 90% Occupancy is $60,093 or a 34.84% Cap Rate at the Sale Price of $172,500.

The property overlooks Lake Erie and is located on Lake Shore Blvd. near the Village of Bratenahl border. Bratenahl Village ranks boasts the 92nd Highest Average per Household Income in the United States. Beach access, shopping and public transportation located just blocks away.

Crandell Park Apartments, 2830 & 2836 E.130th Street, Cleveland, OH 44120

Crandell Park Apartments, 2830 & 2836 E.130th Street, Cleveland, OH  4412036 Unit Crandell Park Apartments located in the Shaker Square neighborhood of Cleveland, Ohio. The local buyer, Fundmc, LLC closed December 21, 2016 for $916,500 or 96% of the asking price on two all brick, Three floor buildings with approx. 27,768+/- Sq.Ft., built in 1925 with an attached, seventeen space covered parking garage located on 0.34 +/- acres. At the time of transfer the Apartments were 92% occupied and has historically been very strong. The local Seller directed the Sale. The 2015 actual Net Annual Operating Income was $116,518 or a 12.71% Capitalization rate at the sales price of $916,500 ($25,458 per unit). Matthew King, CCIM represented the Seller, Leader Real Estate Ltd. in the Sale.

Parkwood Manor Apartments, 14901 Turney Road, Maple Heights, OH 44137

Parkwood Manor Apartments, 14901 Turney Road, Maple Heights, OH 4413736 Unit Parkwood Manor Apartments located at 14901 Turney Road, in the eastern Cleveland suburb of Maple Heights, Ohio. The local buyer, Smartland, LLC headed by Mr. Vadim Kleyner and Mr. Steven Gesis closed December 6, 2016 for $835,000.00 ($23,194 per unit) on the approximate 21,600+/- Sq.Ft., all brick, Two story building built in 1963 with a twenty four space covered parking garage located on 1.00 +/- acres. The locally based Seller directed the Sale. At the time of transfer, the Apartments were 75% Occupied (27 out of 36) with rents ranging from $515 to $575. The past 12 month trailing Net Annual Operating Income was $89,806 or a 10.76% Capitalization rate at the purchase price. Matthew King, CCIM represented the Purchaser, Smartland in the Sale.

657 South Belvoir Blvd. Apartments, South Euclid, Ohio 44121

657 South Belvoir Blvd. Apartments, South Euclid, Ohio 44121Green Bridge Real Estate is pleased to announce the sale of the 8 Unit 657 South Belvoir Blvd. Apartments located in the eastern Cleveland suburb of South Euclid, Ohio. The out of state buyer, John S. Gilchrist Jr. closed September 16, 2016 for $345,000.00 on the approximate 6,612+/- Sq.Ft., all brick, Two floor building built in 1972 with an eight space covered parking garage located on 0.54 +/- acres. All eight Two Bedroom, One and a half Bath suites consist of approx. 850 Sq.Ft. of living space. The local Seller directed the Sale. At the time of transfer, the Apartments were 100% Occupied. The projected Net Annual Operating Income was $33,366 or a 9.67% Capitalization rate at the sales price. Matthew King, CCIM represented the Seller, Leader Real Estate Ltd. in the Sale. This sale is representative on the amount of momentum and Out-of-State Investment that the Cleveland Multi-Family market is currently experiencing!

885 South Green Road Apartments, South Euclid, Ohio 44121

885 South Green Road Apartments, South Euclid, Ohio 44121Green Bridge Real Estate is pleased to announce the sale of the 10 Unit 885 South Green Road Apartments located at 885 South Green Road, in the eastern Cleveland suburb of South Euclid, Ohio. The local buyer, Platinum Ventures, LLC closed on September 12, 2016 for $357,500.00 on the approximate 9,575+/- Sq.Ft., all brick, Three floor building built in 1958 with an five space covered parking garage and a four space covered parking garage located on 0.63 +/- acres. All Ten Two Bedroom, One Bath suites consist of approx. 900 Sq.Ft. of living space. The California based Seller directed the Sale. At the time of transfer, the Apartments were 90% Occupied with no Subsidy voucher based tenants. The projected Net Annual Operating Income was $47,434 or a 13.27% Capitalization rate at the sales price. Matthew King, CCIM represented the Seller, the Anne J. Harris Trust in the Sale. The property recently was purchased by the Seller's for $212,000 on June 2nd, 2015. The property sold for $145,500 more just fourteen months later, nearly a 60% increase in just one year. This is representative on the amount of momentum the Cleveland Multi-Family market is currently experiencing!

2394 & 2994 South Moreland Blvd., Cleveland, Ohio 44120

2394 & 2994 South Moreland Blvd., Cleveland, Ohio 44120Green Bridge Real Estate is pleased to announce the sale of Two 20 Unit buildings (40 Total Units) located at 2934 & 2994 South Moreland Blvd., in the Shaker Square neighborhood of Cleveland, Ohio. The Florida headquartered buyer, Moreland Shaker Estates, LLC closed on September 9, 2016 for $320,000.00 on the two, all brick, three floor buildings with all One Bedroom, One Bath suites. Marvin Chernin Family LLC and Chernin Management Inc., the locally based Seller directed the Sale. At the time of transfer, the Apartments were 43% Occupied with no Subsidy voucher based tenants. The sale is representative of the amount of out of state investment in Cleveland's thriving Multi-Family market. Good quality, well occupied properties are becoming scarce, forcing the market's attention to renovation or value added plays. Matthew King, CCIM represented the Buyer in the Sale.

13970 Superior Road Apartments, East Cleveland, Ohio 44118

13970 Superior Road Apartments, East Cleveland, Ohio 44118 Green Bridge Real Estate is pleased to announce the sale of the 18 Unit, 13970 Superior Road Apartments located in East Cleveland, Ohio. The buyer, Superior Road Apartments LLC hails from Miami, Florida. This sale is representative of the amount of Out-Of-State Interest that Investment properties in Cleveland continue to draw. The approx. 13,590 total Sq.Ft. All-Brick, 3-Story Building on .43 acres, consists of Twelve (12) One Bedroom, One Bathroom units, and Six (6) Two Bedroom, One Bathroom apartments, closed Escrow on August 2, 2016 for $190,000.00. The Israel based seller of the property directed the Sale. At the time of transfer, the Apartments were 66.7% (12/18) Occupied. Matthew King, CCIM represented the Buyer, Superior Road Apartments LLC in the Sale.

East Park Manor Apartments, 17623 & 17625 Lakeshore Boulevard, Cleveland, Ohio 44119

East Park Manor Apartments, 17623 & 17625 Lakeshore Boulevard, Cleveland, Ohio 44119  Green Bridge Real Estate is pleased to announce the Sale of the 16 unit East Park Manor Apartments on Lakeshore Boulevard in the City of Cleveland. The property closed escrow on July 29, 2016 for $250,000.00 to RSN Properties LLC, a local investment group. This sale represents the first Green Bridge Real Estate Multi-Family / Apartment sale in over 19 months where the purchaser was headquartered in Northeast Ohio. Matthew King, CCIM has successfully worked with out of state purchasers totaling over 500 units over the last year and a half. Matt represented the Canadian based selling group, YVR Lakeshore LP in this sale.

The East Park Manor Apartments were 66% Occupied (10/15) at the time of sale (one unit was a converted Laundry room). The Apartments were located one block away from Lake Erie and just blocks away from the Euclid Beach public park. The Estimated Cap Rate based on the existing income at the time of sale was 6.85%.

The North Royalton, Ohio Headquartered purchaser plans on renovating the property and re-positioning the property to create additional value and increase occupancy and cash flow.

Coventry House Apartments, 1500 & 1502 Coventry Road, East Cleveland, Ohio 44118

Coventry House Apartments, 1500 & 1502 Coventry Road, East Cleveland, Ohio 44118Green Bridge Real Estate is pleased to announce the sale of the 21 Unit Coventry House Apartments located at 1500 & 1502 Coventry Road, in East Cleveland, Ohio. The buyer, Coventry House LLC hails from Miami, Florida. This sale is representative of the amount of Out-Of-State Interest that Investment properties in Cleveland continue to draw. The approx. 20,100 total Sq.Ft. All-Brick, 3-Story Building on .73 acres, consists of Two (2) efficiency units, Five (5) One Bedroom, One Bathroom units, and Fourteen (14) Two Bedroom, One Bathroom apartments, closed Escrow on July 25, 2016 for $210,000.00. The Texas based seller of the property directed the Sale. At the time of transfer, the Coventry House Apartments were 66.7% (14/21) Occupied. Matthew King, CCIM represented the Buyer, Coventry House LLC in the Sale.

Grasmere Apartments, 15000 Euclid Avenue, East Cleveland, Ohio 44112

Grasmere Apartments, 15000 Euclid Avenue, East Cleveland, Ohio 44112Green Bridge Real Estate is pleased to announce the sale of the 36 Unit Grasmere Apartments located at 15000 Euclid Avenue, in East Cleveland, Ohio. The buyer, Omar F. Ennabe Corporation hails from Santa Cruz, California. This sale is representative of the amount of Out-Of-State Interest that Investment properties in Cleveland continue to draw. The approx. 43,648 total Sq.Ft. All-Brick, 4-Story Building on .37 acres, consists of 36 one bedroom, one bath units closed Escrow on May 12, 2016 for $350,000.00. The New York based seller of the property directed the Sale. At the time of transfer, the Grasmere Apartments were 72% Occupied. Matthew King, CCIM represented the Seller, ME Global Inc. in the Sale.

Noble Road Apartments, 2004 Noble Road, East Cleveland, Ohio 44112

Noble Road Apartments, 2004 Noble Road, East Cleveland, Ohio 44112The 18 Unit Noble Road Apartments sold and closed on February 26, 2016 for $50,000 or $2,777 per unit. Matthew King, CCIM represented Macs Real Estate Management of Ohio, LLC, the California based selling group in the sale. The Noble Road Apartment property is an approximate 25,000 Sq.Ft., 3-Story, 18 Unit Tudor style Apartment Building consisting of Fifteen (15) One Bedroom, One Bathroom units and Three (3) Two Bedroom, One Bathroom Units on 0.30 Total Acres. The property closed escrow for 83% of the asking price. The Buyer, Central Apartments Corp. hailed from Toronto, Ontario. At the time of the sale the property was vacant and will benefit from an extensive property renovation. The property services an under-served residential area and is located directly across the street from the 92 Acre world operating headquarters of GE (General Electric) Lighting at Nela Park.

Parkview Estates Apartments, 1832-1864 Forest Hills Boulevard, East Cleveland, Ohio 44112

Parkview Estates Apartments, 1832-1864 Forest Hills Boulevard, East Cleveland, Ohio 44112The 70 Unit Parkview Estates Apartments sold and closed on January 28, 2016 for $850,000 or $12,142 per unit. The buyer, Parkview Estates Cleveland, LLC hailed from Miami, Florida. This sale is representative of the amount of Out-Of-State Interest that Investment properties in Cleveland are drawing. The Four (4) approx. 60,822 total Sq.Ft. All-Brick, 2-Story Buildings on 5 acres, consisting of 16 one bedroom, one bath units and 54 two bedroom, one bath units closed Escrow for $850,000.00. The Lender on the property directed the Sale. At the time of transfer, the Parkview Estates Apartments were 84% Occupied. Most Recent Net Annual Operating Income was $235,162 or a 27.67% Capitalization rate at the sales price. Matthew King, CCIM represented the Seller, MCM Parkview Apartments, LLC in the Sale.

Forest Hills Park Apartments, 13995 and 14015 Superior Road, East Cleveland, Ohio 44118

Forest Hills Park Apartments, 13995 and 14015 Superior Road, East Cleveland, Ohio 44118The 174 Unit, 128,000+/- sq.ft. Forest Hill Park Apartment Complex, located on 1.479 Acres transferred ownership in September 2015 for the full asking price of $3,750,000 or $21,551 per unit to LEDAHF- East Cleveland LLC, a Delaware company. The property was built in 1949 and consists of two eight story apartment buildings containing a total of 174 units divided as 31 one-bedroom units, 115 two bedroom units and 28 three bedroom units with an attached 102 space Indoor Parking garage which at the time of sale was 93% Occupied. Matthew King, CCIM of Green Bridge Real Estate represented the seller, Marengo Heights, LLC in the sale.

"From the initial marketing to the day we closed this sale," said Marengo Heights, LLC Partner Denis J. Hickey, "Matt King from Green Bridge Real Estate was an innovative, hard-working consummate professional. He made this transaction turn out as smoothly as it did. His approach to marketing the property to out-of-state buyers was creative and effective. His use of video helped our building stand out and allowed prospective buyers to see the many features that make it an attractive long-term investment -- features that are not immediately apparent at first look." "We considered using other realtors," Mr. Hickey continued, "but none of them came close to the level of enthusiasm and energy that Matt King brought to the table. My business partner and I are very satisfied with the work Mr. King did on behalf of Marengo Heights, LLC."

Bay Shore Apartments, 18915-18923 Hilliard Blvd., Rocky River, Ohio 44116

Bay Shore Apartments, 18915-18923 Hilliard Blvd., Rocky River, Ohio 44116The Two, 3-story Brick Buildings with parking garages consisting of 12 Units closed Escrow in August 2015 for $425,235.00 or $35,436 per unit. Green Bridge Real Estate owner, Matthew King, CCIM represented the Seller, IM Law Group LLC in the sale. The property transferred to the new California based ownership, Yukan 2, LLC. The property was in Escrow for less than 5 days before it closed for more than 95% of the asking price.

Out of State Interest in the Northeast Ohio Apartment market continues to rapidly grow. "Of all of the Apartment transactions I have had the pleasure to work on in the last 8-10 months, none have Sold to local buyers. The amount of Out of State and even International interest in the Northeast Ohio Apartment Market is staggering. A real testament to all of the Positive momentum which has recently happened in the area." said Matthew King, CCIM.

Vermilion Apartments, 15112 Euclid Avenue, East Cleveland, Ohio 44112

Vermilion Apartments, 15112 Euclid Avenue, East Cleveland, Ohio 44112The approx. 15,456 Sq.Ft. All-Brick, 3-Story Building on .45 acres, consisting of 24 one bedroom, one bath units closed Escrow in April 2015 for $110,000.00 or $4,583 per unit. Matthew King, CCIM represented the Seller, Vermilion Lake Properties in the Sale. The buyer, Vermillion Lake Cleveland LLC hails from Miami, Florida. The Lender on the property directed the Sale. At the time of transfer, the Vermilion Apartments were Vacant.

Terrace House Apartments, 1885 Taylor Road, East Cleveland, Ohio 44112

Terrace House Apartments, 1885 Taylor Road, East Cleveland, Ohio 44112The approximate 44,968 Sq.Ft. All-Brick, 4-Story Building on 1.14 acres, consisting of 50 units: 30 one bedroom, one bath units and 20 two bedroom, one bath units closed Escrow in March 2015 for $485,000.00 or $9,700 per unit. Matthew King, CCIM represented the Seller, MCM Conneaut Plaza I Inc. in the Sale. The buyer, MAN Holdings LLC hails from Miami, Florida. This sale is representative of the amount of Out-Of-State Interest that Investment properties in Cleveland are drawing. The Lender on the property directed the Sale. At the time of transfer, the Terrace Apartments were 60% Occupied. Most Recent Net Annual Operating Income was $123,063 or a 25% Capitalization rate at the sales price.

Lee Miles Apartments, 4812 Lee Road, Cleveland, Ohio 44128

Lee Miles Apartments, 4812 Lee Road, Cleveland, Ohio 44128The approximate 14,500 Sq.Ft., Lee Miles Apartments is a 16 suite, all brick, garden style - walk up apartment property located on .89 Acres which sold in January 2015 for $155,000.00 or $9,687 per unit. Matthew King, CCIM, principal of Green Bridge Real Estate represented the sellers in the transaction, Mrs. Virginia and William Hall.

The new ownership, Smartland RS3 LLC plan on stabilizing and renovating the Lee Miles neighborhood Apartment property in the upcoming months. At the time of sale the property was 31% occupied. The previous ownership was very pleased with the timing and results Green Bridge owner Matthew King, CCIM produced. "Virginia and I are now retired and do not have the energy to renovate this Investment apartment property" said Mr. William Hall. "The new owners will do great at this location with a little elbow grease and tlc. We are happy the building will get renovated and that we can move on. We were very pleased with the results Green Bridge produced.

Quiet Cove Apartments, 16004 Euclid Avenue, East Cleveland, Ohio 44112

Quiet Cove Apartments, 16004 Euclid Avenue, East Cleveland, Ohio 44112A 39 Unit, 37,000 Sq.Ft. Apartment Building on .82 acres sold in September 2014 at an Auction.com Real Estate Auction. Green Bridge Real Estate represented the Out of Country Buyer, Acro 16004, LLC in the purchase of the Commercial Asset for $130,000 or $3,846 per unit. The buyer plans on an extensive renovation and hopes to have 100% occupancy within the next 2 years. "It was a pleasure representing Acro, 16004 in their purchase of such a great opportunity at such a bargain price" said Matthew King, CCIM broker in the sale.

Historic Olympia Medical Bldg. 3349-3361 E 55th Street, Cleveland, Ohio 44127

Historic Olympia Medical Bldg. 3349-3361 E 55th Street, Cleveland, Ohio 44127A 25,000 Sq. Ft. Commercial property on 0.58 acres sold in January 2014 for 99% of the asking price. Green Bridge Real Estate represented the Seller, Olympia Broadway Renovation Corporation in the sale of the 85% Occupied, Commercial Asset for $435,000 or $21,750 per unit to Community Cooperative Development Foundation, OH, Inc. of Cleveland, Ohio. The old Theater property has since been converted to 20 total Apartment units consisting of 4 One Bedroom, One Bath Units and 16 Two Bedroom, One Bath Units and 5 Retail / Commercial Suites which was home to several Medical practices and Nursing School. The property was put onto the market in late summer of 2013. "I received numerous inquiries during the first weeks of the marketing campaign" said Matthew King, broker of the sale. "I identified the eventual purchaser within the first 48 hours of marketing the sale. This deal was very intricate with layers of potential grant and Government program monies. The property benefitted from a Grant / Loan from the City of Cleveland and the assumption of a Housing Assistance Contract Program administered by the United States Department of Housing and Urban Development. The transfer of these programs and monies each had its own elaborate processes. During the marketing program I received over 150 inquiries from prospects located in California, Illinois, Georgia, Texas and as far away as Canada. The demand was high and so was the redevelopment opportunity, the market reacted." Attorney Douglas Paul of the law firm Christley, Herington & Pierce, representing the seller comments that "Matthew King provided invaluable services in marketing this property on behalf of the sellers, exhibiting a high degree of professionalism right from the onset". Mr. Paul adds: "the owners are pleased to be transferring this unique historical property to a buyer which appears to have the similar vision they had over the last 30 years."

Edgeway Apartments, 1374 West Blvd., Cleveland, Ohio 44102

Edgeway Apartments, 1374 West Blvd., Cleveland, Ohio 44102Sold in December 2013 for $1,030,000 or $24,523 per Unit. Green Bridge Real Estate represented the Seller, RVR Enterprises in the Sale. The 42 Unit, 31,000 Sq.Ft. Edgeway Apartments, located on .31 acres for nearly 100 years at the corner of West Boulevard and Detroit Avenue was formally a Bustling Hotel in the early 1900's. The Hotel property has since been converted to 42 total Apartment units consisting of 10 Efficiency Style Units, 28 One Bedroom, One Bath Units and 4 Two Bedroom, One Bath Units. Matthew King, CCIM of Green Bridge Real Estate recently represented the seller, RVR Enterprises, LLC in the sale of the 90% Occupied, Multi-Family Asset for $1,030,000 or $24,523 per unit to Central Investment Group, LLC of Cleveland, Ohio. "The market reacted to this opportunity, and the property received numerous offers during the marketing program, which shows the Commercial Real Estate market in Cleveland is truly improving and the demand for good quality, Apartment assets is at a high" said Mrs. Valerie Ryba, owner of RVR Enterprises. Valerie went on to say "We did have the property listed with one of the National Apartment Brokerages with no results. Matt got the job done. We have SOLD! Matt is very knowledgeable, very thorough and very conscientious, not to mention easy to deal with and was looking after our best interests with every detail. When I sent an email or phone call, he responded lightning fast. His services have been stupendous and we couldn't be happier. Considering listing your commercial property? I highly recommend Green Bridge Real Estate. List with confidence." The new ownership will immediately take over operation of the Apartments, keeping the old property management in place. Central Investment Group, LLC was thrilled with their new purchase and the opportunity the property and location presents.