2932 S Moreland BLVD new Save Request In-Person Tour Request Virtual Tour
Cleveland,OH 44120
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Vansweringen
MLS Listing ID 5145783
HOA Y/N No
Year Built 1920
Annual Tax Amount $16,575
Tax Year 2024
Lot Size 8,398 Sqft
Acres 0.1928
Property Sub-Type Apartment
Property Description
Pride of Ownership Meets Cash-Flowing Opportunity | 7-Unit Near Shaker Square that has been lovingly maintained by the current owner as if it were his own residence, this all-2-bedroom building offers large units with great layouts and untapped upside—all just minutes from the shops, restaurants, and transit of Shaker Square. Currently fully occupied at $5,700/month, with market rents over $8,300/month, this property offers nearly $40K/year in NOI growth through simple rent adjustments—no major renovations needed. Most tenants are long-term and on month-to-month leases, giving the next owner the ability to increase rents almost immediately. One unit is Section 8, with the tenant contributing $400 toward rent. Property will cash flow $238/ unit/ month AFTER debt service once rents are increased. Within the last 10 years the building has undergone significant improvements , including:New vinyl windows throughout, Interior updates in all units, Modernized systems (electrical, hot, etc) , Coin-operated laundry (owner-owned), Private parking lot with potential for added revenue, Individually metered electric and gas – tenants pay their own heat and utilities, Boiler retired with electric baseboard heat & Sewer line under went extensive repair in 2025. Verified lead-free certificate (good through Jan 2026) and no Point-of-Sale requirements like neighboring Shaker Heights, this property offers peace of mind and smooth operations.
Value-add potential doesn't stop at rents—charge for parking and utilities, or simply bring units to market rate for a projected cap rate over 10%. This is a high-performing asset in a sought-after rental corridor And with a DSCR over 1.25%, it qualifies for most financing options, making it ideal for both new and seasoned multifamily investors.
Location
State OH
County Cuyahoga
Rooms
Basement Apartment
Interior
Heating Electric,Hot Water,Steam
Cooling None,Wall/Window Unit(s)
Fireplace No
Exterior
Parking Features Driveway,Off Street,Parking Lot
Water Access Desc Public
Roof Type Flat
Present Use Commercial
Total Parking Spaces 7
Building
Sewer Public Sewer
Water Public
Schools
School District Shaker Heights Csd - 1827
Others
Tax ID 144-05-007