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8213 Ivandale Drive, Parma, OH 44129

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For Sale

$1,220,000

1.16 acres

Estimated Payment

$      /mo. †

APR for 30 years

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  • Other Residential
    Property type

  • Newly Listed
    Time on Century 21

  • 1.2 acres
    Lot size

  • Over 50 Years Old
    Age

Explore this Property

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.
MLS# 5148371

Courtesy Of KW Living

(440) 318-1620

Property Features

  • Age
    Over 50 Years Old
  • Heating System
    Forced Air
  • Lot Size
    1.16 Acres
  • Rooms
    Basement

Map and Directions

Directions to 8213 Ivandale Drive, Parma, OH 44129

Home seller CENTURY 21 DePiero & Associates, Inc.

Get to know the neighborhood. A local affiliated CENTURY 21 office will help you set up tours, give advice, and negotiate with sellers.

CENTURY 21 DePiero & Associates, Inc.

(440) 842-7010
Learn More About Us

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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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