Multifamily Housing - For Sale
3030 South Moreland Boulevard Cleveland, OH 44120
Details & Description
Price: $1,800,000
  • Property Type Multifamily for Sale
  • Lot Size Acres 0.100
  • Building Sq Ft 32,223
  • Building Price per Sq Ft $55.86
  • Land Sq Ft 4,356
  • Land Price per Sq Ft $413.22
  • NOI $173,062
  • CAP Rate % 9.61
Portfolio of 36 residential units 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. Over $44,000 in Capex & $25,000 in unit remodels completed in 2020 alone. Currently, two bedroom units rent for $750-$850 per month. One bedroom units rent for $625-$650 per month. 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 fill vacant units listed in rent roll. Seller to perform 1031 Exchange after sale of these properties.
Property Highlights
 Currently cash flowing investment properties-7.06 cap rate
 Proforma 9.61 cap rate value add
Listing Agents
Wesley Purvis
KW Commercial
O: 216-245-5478
M: 440-796-2700
wpurvis@kw.com
While we strive to provide the most accurate information, all listing information, and demographic data, is provided by third-parties. As such, MyEListing will not be responsible for the accuracy of the information. It is strongly recommended that you verify all information with the listing agent, and any relevant agencies, prior to making any decisions.

3030 South Moreland Boulevard

Cleveland, OH 44120

Listing ID: 278305
$1,800,000
For Sale
  • Property Type Multifamily for Sale
  • Lot Size Acres 0.100
  • Building Sq Ft 32,223
  • Building Price per Sq Ft $55.86
  • Land Sq Ft 4,356
  • Land Price per Sq Ft $413.22
  • NOI $173,062
  • CAP Rate % 9.61
  • 3030 South Moreland Boulevard Cleveland, OH 44120 | for Sale | Photo 1
  • 3030 South Moreland Boulevard Cleveland, OH 44120 | for Sale | Photo 2
3030 South Moreland Boulevard | for Sale | Thumbnail 1
3030 South Moreland Boulevard | for Sale | Thumbnail 2
Property Highlights
 Proforma 9.61 cap rate value add
 Currently cash flowing investment properties-7.06 cap rate
 High rental demand area
Description

Portfolio of 36 residential units 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. Over $44,000 in Capex & $25,000 in unit remodels completed in 2020 alone. Currently, two bedroom units rent for $750-$850 per month. One bedroom units rent for $625-$650 per month. 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 fill vacant units listed in rent roll. Seller to perform 1031 Exchange after sale of these properties.

Attachments & Files
Points of Interest & Demographic Radii
Points of Interest
Demographic Radii
POIs provided for entertainment purposes only. Data comes from multiple data sources as well as users and agents. MyEListing makes no claims whatsoever as to the accurancy and/or completeness.
 
Cleveland History of Multifamily Housing for Sale

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Cleveland Area Market Trends

Listing Demographics for 3030 South Moreland Boulevard Cleveland, OH 44120

All information based on the most recently available data (updated annually) and is provided in 1-mile, 3-mile, and 5-mile radii (radiuses) of the property location.

1-Mile 3-Miles 5-Miles
Total Population22,395144,890339,291
Population Median Age423939
Population by Age0-9 Yrs1799 (8%)16235 (11%)42397 (12%)
10-19 Yrs2541 (11%)18974 (13%)44838 (13%)
20-29 Yrs3352 (14%)24149 (16%)52619 (15%)
30-39 Yrs2845 (12%)17728 (12%)41080 (12%)
40-49 Yrs2493 (11%)15376 (10%)36973 (10%)
50-59 Yrs3044 (13%)17959 (12%)43226 (12%)
60-69 Yrs3321 (14%)17484 (12%)40233 (11%)
70+ Yrs2999 (13%)16984 (11%)37925 (11%)
Median HH Income$32,155$36,181$35,652
Total Household Income< 24K4589 (41%)23849 (37%)55039 (37%)
25-49K3007 (26%)14932 (23%)35664 (24%)
50-74K1501 (13%)8613 (13%)20691 (14%)
75-99K842 (7%)5525 (8%)12820 (8%)
100-199K848 (7%)7379 (11%)15962 (10%)
200K+379 (3%)3346 (5%)5820 (3%)
Highest Education LevelNo Diploma21291178330047
Diploma or GED47172490064049
Some College36492112551616
Assoc. Degree1505748217062
Bachelors Degree20601444330967
Higher Degree23801713831271
Total Housing Units15,06180,212183,962
--Owner-Occupied4,33230,38869,302
--Renter-Occupied6,83433,25776,693
Owner-Occupied Values< 100K27601695442062
100-199K894735715643
200-299K25426085198
300-399K16012172645
400-499K497201433
500K+21515332321
Total Working Age Population19,112117,883271,854
In Work Force11,30369,482161,240
Not In Work Force7,80948,401110,614
Workforce Employed9,64660,624141,495
Workforce Unemployed1,6448,82419,664
Civlian Workforce11,29069,448161,158
Military Workforce133481
Total Households11,16663,645145,995
Family Households5,10632,77777,209
Non-Family Households6,06030,86868,787
Married Couple2,31215,87537,051
Other Family2,79316,90240,158
Married w/Child6115,14912,277
Single Male w/Child2121,1693,060
Single Female w/Child9887,78018,233

Population Change Last Two Decades - Plus Projection

2000%2010%2020%2030
Ohio11,353,140+211,536,504011,574,870011,615,100
Cuyahoga County1,393,978-81,280,122-61,209,550-51,154,210

Total Working Age Population:

Total Households:

Total Working Age Population:

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No part of this information may be copied, reproduced, repurposed, or screen-captured for any commercial purpose without prior written authorization from MyEListing.

While we strive to provide the most accurate information, all listing information, and demographic data, is provided by third-parties. As such, MyEListing will not be responsible for the accuracy of the information. It is strongly recommended that you verify all information with the listing agent, and any relevant agencies, prior to making any decisions.

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1502 Coventry Road, East Cleveland, OH $1,149,000 21244 0.73
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5265 East 126th Street, Garfield Heights, OH $4,299,000 92000 3.75
7049 Superior Avenue, Cleveland, OH $430,000 37448 0.33
Closest Commercial Airports
Airport Distance (mi)
Cleveland Hopkins International Airport (CLE) 14
Erie International Tom Ridge Field (ERI) 84
Pittsburgh International Airport (PIT) 98
Listing Agent
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