3030 S MORELAND BLVD Cleveland OH 44120-2758

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 7.4% 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 9.0% 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 sale of these properties.​ Please complete confidentiality agreement located in attachments for more information.​