|Price/Rent PSF||$ 1,302,000.00|
|SQ. FT. Available||25,621|
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.
The Northeast Ohio region, over the years, has developed a rich economy unlike anywhere else. With 4 million residents and a $226 billion economy, the 18 County Cleveland region is recognized throughout the globe for its incredibly high-skilled workforce, low cost of business, and a corporate-friendly tax structure.
The Cleveland region is also boastful of being the fourth-heaviest concentration of headquarters employment, 38 percent higher than the nation. Not only is there a lot of employment opportunities, the region has a variety of economic sectors such as healthcare, science, engineering, biotechnology and biomedical. Northeast Ohio is also home to major FORTUNE 500 and FORTUNE 1000 companies in addition to significant overseas companies. Northeast Ohio is home to an incredible logistics infrastructure and an incredible way of life as it is the 12th largest region in the United States.
Visit SFRhub.com and search for portfolio 100393 for more info
You can find extremely high cap rates with the opportunity to acquire immediate cash flow at a current 95% occupancy rate within this package of 20 unit SFR (Single-Family Rental) investment portfolio. This great value-add deal provides an investor with the chance to raise portfolio rents nearly 16% to market rates and lower insurance expenses by enacting a blanket insurance policy.
Consisting of 1, 2-story duplex, 3, 3-story triplexes, and 9, 2-story single-family detached homes, this package offers a variety of floorplans and unit styles. There is an average of 1,281sf of living space allotted per unit, with the majority having 2 or 3 bedrooms each. The properties are all built in the early to mid-1900s, with an average vintage of 1935. Each individual unit has its own garage space, whether it be an attached or detached garage. One triplex underwent a remodel in 2018 and the duplex was remodeled in 2019, reducing expected capital expenditures for the new owner in the foreseeable future.
Located in close physical proximity, the management of these homes is more efficient than your typical scattered SFR portfolios. Cuyahoga County is home to all of the addresses, split between cities South Euclid and Cleveland Heights, just east of Cleveland. The homes offer a great place to live for families looking to rent, as all are located in the top-rated school districts, rating above an 8, according to GreatSchools.org scoring system.
Cleveland’s Health-Tech Corridor is home to huge investments and advances in the healthcare and bioscience industry. This creates the ideal place for high tech companies, while the Cleveland metro real estate market is booming around these businesses. Homes in this portfolio range from 4.5 miles to 7.5 distance from this epicenter of high job growth in the area, providing convenient supply to the increasing demand for worker’s housing.
Are you sure you want to delete your listing
We recommend you archive listings rather than delete them, for future reference.
Are you sure you want to archive your listing
Please type your email and we'll send you the mail with all pdfs attached. You can also download each pdf from the list below.
Insert this iframe on your site
Share report via mail
Insert this iframe on your site