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2932 S Moreland Boulevard, Cleveland, OH 44120

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For Sale

$499,000

0.19 acres

Estimated Payment

$      /mo. †

APR for 30 years

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  • Other Residential
    Property type

  • 0.2 acres
    Lot size

  • Over 50 Years Old
    Age

  • Basement
    Rooms

Explore this Property

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.
MLS# 5145783

Courtesy Of KW Living

(440) 318-1620

Property Features

  • Age
    Over 50 Years Old
  • Heating System
    Steam
  • Lot Size
    0.19 Acres
  • Rooms
    Basement

Map and Directions

Directions to 2932 S Moreland Boulevard, Cleveland, OH 44120

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† Based on a 30-year fixed rate of 3.38% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines. The rates shown are based on average rates for our best qualified customers. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.

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