Multifamily Housing
3030 South Moreland Boulevard Cleveland, OH 44120

Details & Description

Price: $1,800,000

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 ID: 278305
Property URL: melqr.com/278305
Generated: 04-28-24

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.

Ohio / Cleveland / 44120 / 3030 South Moreland Boulevard

3030 South Moreland Boulevard

Cleveland, OH 44120

Listing ID: 278305

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3030 South Moreland Boulevard | for Sale | Thumbnail 1

3030 South Moreland Boulevard | for Sale | Thumbnail 2

Building Size: 32,223 SF

Lot Size: 0.100 AC

Land Size: 4,356 SF

Building $/SF: $55.86

Land $/SF: $413.22

Price

$1,800,000

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

catemplate-75g-4qX.pdf

salebrochure-gE5-H5g.pdf

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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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 Population		22,395	144,890	339,291
Population Median Age		42	39	39
Population by Age	0-9 Yrs	1799 (8%)	16235 (11%)	42397 (12%)
	10-19 Yrs	2541 (11%)	18974 (13%)	44838 (13%)
	20-29 Yrs	3352 (14%)	24149 (16%)	52619 (15%)
	30-39 Yrs	2845 (12%)	17728 (12%)	41080 (12%)
	40-49 Yrs	2493 (11%)	15376 (10%)	36973 (10%)
	50-59 Yrs	3044 (13%)	17959 (12%)	43226 (12%)
	60-69 Yrs	3321 (14%)	17484 (12%)	40233 (11%)
	70+ Yrs	2999 (13%)	16984 (11%)	37925 (11%)

Median HH Income		$32,155	$36,181	$35,652
Total Household Income	< 24K	4589 (41%)	23849 (37%)	55039 (37%)
	25-49K	3007 (26%)	14932 (23%)	35664 (24%)
	50-74K	1501 (13%)	8613 (13%)	20691 (14%)
	75-99K	842 (7%)	5525 (8%)	12820 (8%)
	100-199K	848 (7%)	7379 (11%)	15962 (10%)
	200K+	379 (3%)	3346 (5%)	5820 (3%)

Highest Education Level	No Diploma	2129	11783	30047
	Diploma or GED	4717	24900	64049
	Some College	3649	21125	51616
	Assoc. Degree	1505	7482	17062
	Bachelors Degree	2060	14443	30967
	Higher Degree	2380	17138	31271

Total Housing Units		15,061	80,212	183,962
--Owner-Occupied		4,332	30,388	69,302
--Renter-Occupied		6,834	33,257	76,693
Owner-Occupied Values	< 100K	2760	16954	42062
	100-199K	894	7357	15643
	200-299K	254	2608	5198
	300-399K	160	1217	2645
	400-499K	49	720	1433
	500K+	215	1533	2321

Total Working Age Population		19,112	117,883	271,854
In Work Force		11,303	69,482	161,240
Not In Work Force		7,809	48,401	110,614
Workforce Employed		9,646	60,624	141,495
Workforce Unemployed		1,644	8,824	19,664
Civlian Workforce		11,290	69,448	161,158
Military Workforce		13	34	81

Total Households		11,166	63,645	145,995
Family Households		5,106	32,777	77,209
Non-Family Households		6,060	30,868	68,787
Married Couple		2,312	15,875	37,051
Other Family		2,793	16,902	40,158
Married w/Child		611	5,149	12,277
Single Male w/Child		212	1,169	3,060
Single Female w/Child		988	7,780	18,233

Population Change Last Two Decades - Plus Projection

	2000	%	2010	%	2020	%	2030
Ohio	11,353,140	+2	11,536,504	0	11,574,870	0	11,615,100
Cuyahoga County	1,393,978	-8	1,280,122	-6	1,209,550	-5	1,154,210

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.

Common Questions and Answers

What is the asking price for 3030 South Moreland Boulevard in Cleveland?

The asking price for 3030 South Moreland Boulevard is $1,800,000

What is the building size of this Multifamily property in Cleveland, OH?

The size of the building/unit at 3030 South Moreland Boulevard in Cleveland is 32,223 square feet

How much land does the Cleveland, OH property at 3030 South Moreland Boulevard include?

3030 South Moreland Boulevard in Cleveland includes 0.100 acres of land

What is the population within 1 mile of 3030 South Moreland Boulevard in Cleveland?

The population within 1 mile of 3030 South Moreland Boulevard Cleveland, OH 44120 is 22,395 people.

Who do I contact for questions about 3030 South Moreland Boulevard?

You should contact the listing agent, Wesley Purvis, for any details regarding this commercial listing.

Other Listings for Sale Nearby

Address	Price	Sq Ft	Acres
2934 South Moreland Boulevard, Cleveland, OH	$1,299,000	23928	0.39
12527 Union Avenue, Cleveland, OH	$269,000	11154	0.17
2329 East 89th Street, Cleveland, OH	CALL	5000	0.16
2728 Lancashire Road, Cleveland Heights, OH	CALL	8000	0.66
14036 Superior Road, East Cleveland, OH	CALL	27908	0.24
14038 Superior Road, East Cleveland, OH	CALL	27908	0.24
1502 Coventry Road, East Cleveland, OH	$1,149,000	21244	0.73
5509 Outhwaite Avenue, Cleveland, OH	$120,000	5512	0.09
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