22 Home SFR Investment Portfolio Geneva & Cleveland OH
Listing was updated at: 03/15/2019
Property Overview
Price/Rent PSF $ 1,800,000.00
Asset Type Multifamily
Trade Type Sale
SQ. FT. Available 20,444
Date Available 03/15/2019
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Description

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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 homes 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. Northwest 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.

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.

Just northeast of Cleveland is Geneva, a city within the Ashtabula County in Ohio which has a estimated population of 97,807 people as of 2017. The wine and vineyard industry is a major economic player in the Geneva area. According to The Ohio Grapes Industry Committee, the wineries attracted 1.37 million tourists and spent $321 million in wine-related tourism in 2016.


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This portfolio is located just Northeast of Cleveland, Ohio, in the towns of Perry, North Madison, and Geneva. This 22 Home SFR investment portfolio opportunity which also includes 2 lots, offers an investor immediate cash flow in the growing Cleveland area market. Even though Cleveland is just below the national average, over the past year they have exploded and seen a 21.2% home value growth, predicting a 7.7% increase over the next year. The average vintage of homes in this portfolio is 1939 and offers average square footage of 852 per home. There are 6 - 1 bed / 1 bath homes in a Multiplex, 5 - 2 bed / 1 bath homes, 11 – 3 bed / 1 & 2 bath homes and 2 Lots. The floor plans range from 450-1492 livable square feet, averaging 852 SF in total. Rental rates throughout the portfolio are roughly 9% 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.
Perry real estate is some of the most expensive in Ohio and is well above average cost compared to national prices. Appreciation rates for homes in Perry have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 17.20%, which ranks in the top 40% nationwide.
North Madison median real estate price is $136,987, which is more expensive than 50.0% of the neighborhoods in Ohio and 28.8% of the neighborhoods in the U.S. This is also 32% higher than the average home price in this portfolio located in North Madison of $92,500. The average rental price in North Madison is currently $1,145, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 75.6% of the neighborhoods in Ohio. This is also 32% higher than the average rent of the homes in this portfolio that are located in North Madison renting at $783 per month.
Geneva is a somewhat small city located in the state of Ohio. With a population of 6,016 people and three constituent neighborhoods. Geneva’s overall crime rate ranks among the lowest in the nation, making it a very safe place to live. Single-family detached homes are the single most common housing type in Geneva, accounting for 70.09% of the city's housing units. Other types of housing that are prevalent in Geneva include large apartment complexes or high rise apartments (14.25%), duplexes, homes converted to apartments or other small apartment buildings (8.35%), and a few mobile homes or trailers (4.52%).

Location