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8213 Ivandale DR Parma, OH 44129
1.16 Acres Lot
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Subdivision Ridgewood 03
MLS Listing ID 5148371
HOA Y/N No
Year Built 1951
Annual Tax Amount $21,737
Tax Year 2024
Lot Size 1.160 Acres
Acres 1.16
Property Sub-Type Other
Property Description
This 7-property, 8-unit single-family portfolio is located across some of Northeast Ohio's most desirable suburbs, including Parma, North Olmsted, Brook Park, South Euclid, and University Heights. Fully occupied and generating $12,074/month in rent, the current NOI is $79,649 with a pro forma NOI of $104,356, supporting a cap rate of 6.53% as-is and 9.20% pro forma. Pro forma cash-on-cash return is 23%, with over $25K in annual rent upside. Tenants pay all utilities, except water/sewer in the duplex. Estimated ARV is $1.74M, backed by strong neighborhood comps averaging $143K per home, offering over $500K in potential equity when resold individually to homeowners. Recent capital improvements include three new hot water tanks, a new furnace, a $12K rent-ready renovation at 8213 Ivandale, and a $7K shower upgrade at Raymont. CapEx accounts for over 50% of reported repair costs, allowing immediate expense reduction under new management. Properties are located in high-demand zip codes with fast-moving resale markets, proven homeowner demand, and long-term appreciation. Property breakdown includes: 8213 Ivandale, Parma – 4 bed / 2 bath, 1,910 sq ft (ARV $243K); 1474-76 Sherbrook, South Euclid – 7 bed / 3 bath duplex, 3,555 sq ft (ARV $250K); 3852 Grosvenor, South Euclid – 3 bed / 1 bath, 1,589 sq ft (ARV $170K); 4647 Sellhurst, North Olmsted – 3 bed / 1 bath, 1,237 sq ft (ARV $300K); 6113 Michael, Brook Park – 3 bed / 2 bath, 1,036 sq ft (ARV $250K); 3901 Warrendale, South Euclid – 4 bed / 2 bath, 1,598 sq ft (ARV $250K); and 3582 Raymont, University Heights – 4 bed / 2.5 bath, 1,728 sq ft (ARV $275K). Rent roll and financials included in the due diligence package attaches. No showings until accepted offer. Seller has two additional portfolios and two single-family homes available. Inquire for bulk pricing or multi-portfolio opportunities. This is a clean, stable portfolio with location, income, equity, and multiple exit strategies.
Location
State OH
County Cuyahoga
Rooms
Basement Other
Interior
Heating Forced Air
Cooling Central Air
Fireplace No
Exterior
Parking Features Driveway, Garage
Water Access Desc Public
Roof Type Asbestos Shingle
Present Use Residential,Single Family
Building
Sewer Public Sewer
Water Public
Schools
School District Parma Csd - 1824
Others
Tax ID 449-15-084
Listed by Erin Thomas • Keller Williams Living • [email protected], 440-670-2300