Green Bridge Real Estate is pleased to offer the Moreland Shaker Estates Apartments, a 20-unit walk-up garden style apartment complex with 17 One Bedroom, One Bathroom units and 3 Two Bedroom, One Bathroom units each totaling approx. 700 Sq. Ft. each located at 2934, 2936 and 2938 South Moreland Blvd. in the historic Shaker Square district of Cleveland, Ohio 44120. Built in 1930 and renovated in 2017, the all brick building is comprised of an approx. 24,000+/- Total Sq.Ft., Three floor building located on 0.38 +/- total acres. Currently 60% Occupied (12/20) and the surrounding area’s occupancy continues to be very strong.Owner directs immediate sale at $1,299,000 or $64,950 per unit or an 7.04% Projected Cap rate based on 100% Occupancy at market rate rental amounts.In 2017, the Moreland Shaker Estates underwent a significant, high quality renovation including: New TPO 20 year warranty roof, new gutters, 490 new Energy Efficient Vinyl windows, New boiler system, New Electric Meter Boxes and updated feeds to each unit with breakers, newly wired switches, outlets and lights, New plumbing pex system, new sewer lines, master key system for all units, New Suite renovations including flooring, new bathrooms, painted and refinished kitchens and living areas, just to name a few (too much to name, fully renovated). Rent comparables reflect an asking rental rate of $775 per One Bedroom unit and $925 for Two Bedroom units.Currently, 7 of the 12 occupied units (58%) are subsidized with “guaranteed” rent payments provided by Federal and State Section 8 Voucher Funding program for assistance to low income individuals. The potential exists to operate this complex as a “market” (no-subsidy) type of property or to accept a majority of tenants with Voucher based subsidies, which would provide a stable, consistent tenant base with “guaranteed” rent payments with rents significantly higher than market renters.Owner paid Gas, Water & Sewer, Tenant paid electric. Rear surface Parking lot, secured entrances. Located in the Historic Shaker Square neighborhood. Ownership directs Immediate Sale to fund other projects. Fantastic low maintenance, newly renovated building offering immediate cash flow and little deferred maintenance or capital improvement. The Projected Net Annual Operating Income at 100% Occupancy at Market Rates is $91,450 or a 7.04% Capitalization rate at the asking price of $1,299,000 ($64,950 per unit).Located just steps away from shopping, retail and dining and just four miles away from the Cleveland Clinic’s main campus and three miles from Case Western University. The area is highly served by the RTA Bus lines and rail transportation and located in the historic Shaker Square district and near the new Van Aken Retail shopping development.
