Moreland Shaker Estates

2934 & 2994 South Moreland Blvd, Cleveland, OH 44120
Multi-Family for Sale
Catylist Listing ID: 30171905
Property Subtypes: Low-Rise/Garden
Number of Units: 40 Units
Building Size (RSF): 48,000 SF
Gross Building Area: See Agent
Gross Land Area: 0.77 Acres
Sale Price: $1,800,000
Unit Price: $45,000 Per Unit
Property Use Type: Investment
Building Name: Moreland Shaker Estates Apts
Sale Terms: Cash to Seller
Cap Rate: 15.51%
Last Updated: 10/12/2017

Overview / Comments

Green Bridge Real Estate is pleased to offer the Moreland Shaker Estates Apartments, a Two Building, 40-unit apartment complex with 32 One Bedroom, One Bathroom units and 8 Two Bedroom, One Bathroom units each totaling approx.. 700 Sq. Ft. each located at 2934 and 2994 South Moreland Blvd. in the historic Shaker Square district of Cleveland, Ohio 44120. Built in 1930 and just recently renovated, each all brick building is comprised of an approx. 24,000+/- Total Sq.Ft. in Two, all brick, Three floor buildings located on 0.38 +/- total acres each. Each building can be purchased individually or in bulk. Each building has undergone significant, high quality renovations including: New TPO 20 year warranty roofs, new gutters, 490 new Energy Efficient Vinyl windows, New boiler systems, 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). Each building renovation is finished and buildings are ready for occupancy. Rent comparables reflect an asking rental rate of $750 per One Bedroom unit and $900 for Two Bedroom units.
2934 South Moreland consists of Seventeen 1 Bedroom, 1 Bathroom units and Three 2 Bedroom, 1 Bathroom Units, offered at $900,000;
2994 South Moreland consists of Sixteen 1 Bedroom, 1 Bathroom units and Five 2 Bedroom, 1 Bathroom Units, offered at $900,000;

Owner paid Gas, Water & Sewer, Tenant paid electric. Rear surface Parking lots, secured entrances. Located in the Historic Shaker Square neighborhood. Ownership directs Immediate Sale to fund other projects. Fantastic low maintenance, newly renovated buildings ready for occupancy offering immediate cash flow and little deferred maintenance or capital improvement. The Bulk Projected Net Annual Operating Income at 100% Occupancy is $279,150 or a 15.51% Capitalization rate at the asking price of $1,800,000 ($45,000 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.

Additional Details

Nearest MSA: Cleveland-Elyria
County: Cuyahoga
Taxing Authority: Cuyahoga County
Tax ID/APN: 144-05-006, 144-04-003
Total Number of Buildings: 2
Property Condition: Excellent
Number of Stories: 3
Year Built: 1930
Year Renovated: 2017
Roof Type: Flat
Construction/Siding: Brick
Parking Type: Surface

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