Wilshire Manor
30438 Euclid Ave, Wickliffe, OH 44092
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Investment summary
Units28
Year Built1962
Floors2
Avg Unit Size550 SF
Avg Rent/Unit$769
Occupancy96%
Executive summary
Built in 1962, Wilshire Manor is a 28-unit brick-and-mortar, low-rise apartment complex in Wickliffe, OH. Wilshire Manor offers 1-bedroom apartment homes, fully-equipped kitchens, is cat-friendly and offers ample off-street parking. Some units have been fully renovated including fresh paint, new carpet and LVT Flooring. The new owner has the opportunity to continue renovating units to achieve a higher rent premium. Located in a residential community on a main thoroughfare, the property is just minutes away from numerous highways, hospitals, schools, a variety of dining and retail options, and is conveniently located on a bus line.
Bang Realty, Inc | License No. BRK.2009000214
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Investment highlights
Value-add opportunity
Wilshire Manor Apartments present a compelling value-add investment opportunity with significant potential for increased returns. Currently, 16 units remain available for renovation, offering investors the chance to enhance property value through strategic upgrades. Options for customization include installing LVT flooring, applying fresh paint, and updating appliances, kitchens, and bathrooms. These simple yet effective enhancements can elevate the units to submarket standards, potentially commanding an increase of over $120 in monthly rent per unit. This investment not only promises to improve tenant satisfaction but also offers substantial potential for revenue growth.
Conveniently located
Wilshire Manor Apartments boast a prime location in Wickliffe, OH, nestled within the vibrant community of Lake County. Perfectly situated near major highways, our residents enjoy effortless commutes and easy access to a dense network of employment opportunities and bustling neighborhoods. Beyond convenience, Wilshire Manor is situated within an excellent school system, making it an ideal choice for families seeking quality education for their children. Combined with attractive living conditions and a welcoming community, Wilshire Manor stands out as an ideal location for both residents and investors alike.
Primed for rental increase
With demand outpacing supply, rental rates have seen steady increases, providing investors with the opportunity for strong rental growth. Rent are $121 below the market for similar age, condition, and unit grade competitors nearby. We believe the organic opportunity to push rent exist while considering light unit upgrade opportunities. We forecast $3,388+/- monthly revenue can be pushed to the bottom line or approximately $40,656 per year added to NOI. Based on mid-point capitalization rate of 7.00% that is $580,800+/- value creation ($20,750/Unit) based on the average mid-point capitalization rate of similar sales comparables.
Lack of inventory/supply restricted market
Zoning regulations and limited available land for development have curtailed new apartment construction, preserving the existing supply-demand imbalance. Rising construction costs have further deterred new developments, ensuring that the current stock of apartment communities remains highly sought after. There is a limited supply of apartment communities in Lake County, OH and these communities have historically had a low ownership turnover rate over the past twenty years. As a result, there are only a few opportunities such as Wilshire Manor that will be “on-market” and available to purchase leading to a significant demand-supply imbalance; as a buyer you need to act quickly and decisively.
Community Amenities
- Easy Access to I-71, I-90, SOM Center, Route 2 & Bus Transit
- 20 minutes from Downtown Cleveland
Apartment Amenities
- New Carpeting
- Fresh Paint
- LVT Flooring
- Kitchen Appliances Included
- On-Site Manager & Maintenance
- Laundry Facilities
- Off-Street Parking Available
Exclusively listed by
Anthony DeMarco
SVP, Investment Sales