500 Park Ave, Girard OH 44420 Photo 1

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500 Park Ave - Turn Key investment opportunity. Shannon Terrace Apartments is a 60 unit Apartment complex containing 30 large 1 Bedroom units and 30 large 2 bedroom units. Every unit is equipped with a gas stove, fridge, dishwasher and wall AC unit. This property has been professionally managed and maintained for the past 11 years with the same owner. 3 Building are separated into 5 pods each containing 12 apartments. Each pod is structured with 3 levels, each level having 4 apartments. Each pod has 2 laundry rooms and a mechanical room. Each pod has its own boiler for hot water heat and its own hot water tank. All buildings have new shingles on the roofs done within the last 5 years. 2 of 5 newer boilers and 3 of 5 newer hot water tanks. 2/3 of the windows have been replaced in the last 2 years. the major ingress/egress lanes were resurfaced last year. Gas Lease with the property will transfer to the new owner. Current management (Same for last 11 years) would continue if needed.

Listing information

  • MLS® ID: 3769001
  • Status: Sold on 3/1/2016
  • New Construction: No
  • Lot Size: 294 x 420
  • Style: Commercial
  • Stories: 2
  • Foreclosure: No
  • Estimated Annual Taxes: $30,064
  • Year Built: 1971
  • Parking Type Description: Reserved / Assigned 120 cars
  • Lot Area: 2.84
  • County: Trumbull

Features

Apartments Type Apartments Only
Available Financing Cash, Conventional
Cooling Type Wall Unit(s)
Fences Partial
Heating Fuel Gas
Heating Type Hot Water/Steam
Other Assessments YN - 0, Current Use - Multifamily, Homestead Exemption YN - 0, Lot Size Depth - 420, Lot Size Frontage - 294, Num Of Apartments Total - 60, Units 1 Bedroom - 30, Units 2 Bedroom - 30, Warehouse Sq Ft - 704
Owner Pays Gas, Heating, Sewer, Trash Collection, Water
Possession Time of Transfer
Property Subtype Apartment
Roof Asphalt/Fiberglass
Tenant Pays Electric
Water Sewer Public Sewer, Public Water
Listing Courtesy of Town One Realty