3030-3034 S Moreland BLVD Cleveland, OH 44120

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