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$1,800,000
3030-3034 S Moreland Blvd, Cleveland, OH 44120
0 Beds
0 Baths
32,223 sqft

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Portfolio of 36 residential units across four buildings located a short distance from Shaker Square. The portfolio has been largely remodeled by current owner. Excellent mix of one & two bedroom units. Since purchasing the portfolio, current owner has stabilized and remodeled many of the units increasing monthly rents in the process creating a 7% cap rate on in place rents with expenses. Over $44,000 in Capex & $25,000 in unit remodels completed in 2020 alone. These one-time expenses have not been added back to 2020 P&L. Currently, two bedroom units rent for $750-$850 per month. One bedroom units rent for $625-$650 per month. These rents represent significant increases from time of purchase. A 9.6% cap rate is possible post-closing as market rents for one bedroom ($705) and two bedroom ($865) will yield additional income combined with lower property management costs. Seller continuing to remodel and fill three vacant units listed in rent roll. Seller to perform 1031 Exchange after sale of these properties. Please complete confidentiality agreement located in attachments for more information.
  • Price:
  • $1,800,000
  • Square Footage:
  • 32,223
  • Year Built:
  • 1952
  • Listing ID #:
  • 4288668
  • Street Address:
  • 3030-3034 S Moreland Blvd
  • City:
  • Cleveland
  • State:
  • Ohio
  • Postal Code:
  • 44120
  • County:
  • Cuyahoga
  • Community:
  • Shaker Heights
  • Listing Status:
  • Active Under Contract
  • Listing Type:
  • Commercial Sale
  • Approximate Total Liveable Area:
  • 32223
  • Finished Above Ground Square Footage:
  • 32223
  • Total Building Square Footage:
  • 32223
  • Type Of Roof:
  • Flat
  • Year Built:
  • 1952
  • Annual Insurance Expenses:
  • 13448
  • Net Operating Income:
  • 127025
  • Contingency Type:
  • Appraisal, Inspections
  • Days On Market:
  • 94
  • Lease Rate:
  • 288520
  • On Market Date:
  • 2021-06-14
  • Originating Mls:
  • Yes-Mls
  • Association Fee 2:
  • $28,500
  • Property Taxes:
  • $27,637
  • Tenant Pays:
  • Cable Tv, Electricity, Gas
  • Parking Description:
  • Covered, Driveway, Public, On Street
  • Cooling System:
  • Window Unit(s)
  • Existing Water:
  • Public
  • Has Central Air Conditioning:
  • 1
  • Sewage Type:
  • Public Sewer
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The amounts for the Tax, Insurance, and HOA are estimates and not actual amounts.

Your Payment
$1,400/mo

Source: CINC

  • Listing Provided By Keller Williams Grt Cleve Ne
  • The listing information herein is provided through the MLS IDX database. Information is deemed reliable but not guaranteed. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange Program of NEOHREX. NEO

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