All of the 20 Apartment units are leased in conjunction with the HUD based Moderate Rehabilitation (Mod Rehab) Housing Assistance Payments (HAP) Contracts which is renewed annually in November. This organization provides housing assistance for low income individuals or families. Currently, the Subsidy provides for over 88% of the Total Gross Income derived from the Apartments. 88% of the Gross Income is guaranteed from the Government provided subsidy! This provides a stable, consistent tenant base with guaranteed rent payments. The Olympia Building was once home to many shops, and the Olympia Theater which offered vaudeville, Polish Opera and later motion pictures. This building appeared as the Luce Theater in the film Welcome to Collinwood. This is a Fantastic Opportunity to purchase an Income producing HAP Contract Apartment Building with Commercial Retail Suites for a bargain price!
- Lot: 0.58 acres
- Single Family
- Built in 1920
- Views: 1,859 all time views
- Cooling: None
- Heating: Forced air
- Last sold: Jan 2014 for $435,000
- Last sale price/sqft: $17
- Parking: Off street, On street
- Exterior material: Brick
- Roof type: Composition
- Stories: 3
- Floor size: 25,000 sqft
- Heating: Gas
- Zillow Home ID: 2112003627
The Value Range is the high and low estimate market value for which Zillow values a home. The more information, the smaller the range, and the more accurate the Zestimate. See data coverage and accuracy table
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The Rent Range is the high and low estimate for which an apartment or home could rent. The more information we have, the smaller the range, and the more accurate the Rent Zestimate. See data coverage and accuracy table
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Neighborhood: North Broadway
Foreclosures will be a factor impacting home values in the next several years. In North Broadway, the number of foreclosures waiting to be sold is 25.7% higher than in Cleveland, and 341.9% higher than the national average. This higher local number may prevent North Broadway home values from rising as quickly as other regions in Cleveland.
Learn more about forecast calculations or North Broadway home values.
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