23
See all 23 photos
$525,000
Est. payment /mo
8,398 Sqft Lot
New
2932 S Moreland BLVD Cleveland, OH 44120
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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.
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
Listed by Erin Thomas • Keller Williams Living • Erinthomas@kwcommercial.com, 440-670-2300
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Lorrie Raymond
OH/REALTOR®, Steubenville manager, WV/Salesperson | License ID: SAL.2018004006, WVS230302470