Plymouth Gardens Apartments

PLYMOUTH GARDEN APARTMENTS SOLD & CLOSED 3/17/2023!

Purvis Commercial Group is pleased to announce the sale of the 31 Unit Plymouth Garden Apartments located at 15401 Plymouth Place in East Cleveland, Ohio 44112.  The Property Sold and Transferred today for $1,425,000 to the locally based investment group, 15401 Plymouth Place, LLC. Purvis Commercial Group represented the local buyer in the purchase of Five (5) All Brick, Buildings built in 1959 totaling approximately 30,000 sq.ft. on 1.434 Acres, consisting of 31 Two Bedroom, 1 Bath Units approx. 900 Sq.Ft. each.  All 31 suites are two story, two bedroom, one bathroom, townhome style (upstairs/downstairs) with each unit having approximately 900 square feet of spacious living space. Each suite has its own laundry room with hook ups for washer and dryer, an individually suite-controlled forced air furnace, hot water tank, a spacious living room, large eat in kitchen, 1 full bath, and two large second floor bedrooms with generous sized closets. Very well maintained, excellent-stabilized income stream.  Currently 93.5% (29 of 31) occupied and has historically been very strong. Currently, 23 of the 29 occupied units, (79%) of the units are subsidized with “guaranteed” rent payments provided by Federal and State Funding for assistance to low income individuals. This arrangement provides a stable, consistent tenant base with “guaranteed” rent payments accounting for 56% of the Gross Annual Income.  The potential exists to operate this complex as a “market” (no-subsidy) type of property or to continue to accept Voucher based subsidies.