USAOHClevelandVansweringen2932 S Moreland Blvd
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$525,000

2932 S Moreland Blvd, Cleveland, OH

Condo

For Sale

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  • Key Facts
  • Description
  • Map

Key Facts

Type Apartment
Levels Commercial Sale
Size  sqft
Garage No
Maintenance Fees 
Taxes $16,575
Days Active 4
Approx. Age 1920
MLS® Number 5145783

Property Address: 

Average square foot calculated using Size range provided by listing agent.

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.Show Description
MLS® Number5145783
Locker
Ensuite LaundryNo
Balcony
Furnished
Laundry Level
Exposure
Exterior
GarageNo
Approx. Age1920
Stories
Pets
Corp Number

Included in Maintenance Fee

Heat
Hydro
Water
Building Insurance
Condo Taxes
Cable TV
Central Air
Parking Maintenance

Utilities

HeatElectric, Hot Water, Steam
A/CNone, Wall Window Units
Heating Fuel

Extras

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