|Price/Rent PSF||$ 1,700,000.00|
|SQ. FT. Available||18,642|
Cleveland’s market has exploded over the past year and is still showing signs of growth over the national average. Cleveland is a large city located in the state of Ohio. With a population of 385,809 people and 176 constituent neighborhoods, Cleveland is the second largest community in Ohio. Many commuters choose to leave their cars at home and instead use the bus to get to and from work. In fact, for some people it is feasible to forgo car ownership entirely, avoiding the cost and headache of driving in heavy traffic. The benefits include reduced air pollution and load on the road network.
Single-family detached homes are the single most common housing type in Cleveland, accounting for 46.50% of the city’s housing units. People in Cleveland primarily live in small single-family detached homes. Cleveland has a mixture of owner-occupied and renter-occupied housing. The economy of Greater Cleveland, Ohio is diverse but is based mainly on Banking, Finance, Education, Insurance, Manufacturing, Medicine, Health, Sports, and Tech.
This 11 home SFR investment portfolio opportunity located primarily in Cleveland Heights Ohio offers an investor immediate cash flow in the growing Cleveland market. This 11 Home SFR Portfolio can be packaged for an investor with another 26 Home Portfolio in Akron Ohio, a 294 home portfolio in Lima, and a 34 home portfolio in Cleveland. This will offer the opportunity to acquire either the whole combined portfolios of 365 homes or a separate package of 11, 294, 26 or 34 homes in one of the fastest growing markets in the country. Even though Cleveland is just below the national average over the past 10 years, they have exploded and have seen a 21.2% home value growth over the past year and are predicting a 7.7% increase over the next year.
The average vintage of the homes in this portfolio is 1926 but offers spacious square footage (SF) of 1695 per home. There are 2 - 2 bed / 1 bath homes, 5 - 3 bed / 1&2 bath homes, 3 – 4 bed / 1&2 bath homes, and 1 - 5 bed / 2 bath homes. All the homes have 1 or 2 car garages. These spacious floor plans range from 1254-2677 livable square feet, averaging 1695 SF in total. Rental rates throughout the portfolio are roughly 5% below market rates, which are continuing to climb in this submarket and will continue bringing increased cash flow to investors bottom line over the next few years.
Cleveland Heights is a medium-sized city located in the state of Ohio. With a population of 44,633 people and 20 constituent neighborhoods, Cleveland Heights is the 23rd largest community in Ohio. Cleveland Heights has a large stock of pre-World War II architecture, making it one of the older and more historic cities in the country. Of important note, Cleveland Heights is also a city of artists. Cleveland Heights has more artists, designers and people working in media than 90% of the communities in America. This concentration of artists helps shape Cleveland Heights’ character. One of the many strength of Cleveland Heights is the proximity to University Circle, Cleveland Clinic, University Hospital, Case Western University, and other various cultural institutions such as the Cleveland Museum of Art and the Cleveland Orchestra. Cleveland Heights has the most significant employment concentration in Northeast Ohio, where many people are employees and or students who work or were educated in the University Circle.
Single-family detached homes are the single most common housing type in Cleveland, accounting for 46.50% of the city’s housing units. People in Cleveland primarily live in single-family detached homes. Cleveland has a mixture of owner-occupied and renter-occupied housing. The housing in Cleveland was primarily built before 1939 (53.56%), making the housing stock in Cleveland some of the oldest overall in America.