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Commercial Real Estate for Sale at 2932 S Moreland Boulevard in Cleveland, OH for $525,000

Listing data last changed 08/06/2025 - 11:39pm
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2932 S Moreland Boulevard | Cleveland

$525,000 | 0.0 Sq. Ft.

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\u2014all 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\u2014no 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 \u2013 tenants pay their own heat and utilities, Boiler retired with electric baseboard heat \u0026 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.\r\nValue-add potential doesn\u2019t stop at rents\u2014charge 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. MLSNow 5145783 Directions to property: South of the Square

MLS Listing ID: 
MLSNow 5145783
Listing Category: 
Purchase
Listing Status
Status of the Listing.
Listing Status: 
Active
Listing Pricing
Pricing information for this listing.
List Price: 
$525,000
Basic Property Information
Fields containing basic information about the property.
Property Type: 
Commercial
Property Sub Type: 
Apartment
Primary Market Area: 
Cleveland
Address: 
2932 S Moreland Boulevard, Cleveland, OH 44120
County: 
Cuyahoga
Latitude: 
41.4786690
Longitude: 
-81.5909650
Directions: 
South of the Square
Public Remarks: 
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\u2014all 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\u2014no 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 \u2013 tenants pay their own heat and utilities, Boiler retired with electric baseboard heat \u0026 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.\r\nValue-add potential doesn\u2019t stop at rents\u2014charge 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.
Community Information
School District: 
Shaker Heights CSD - 1827
Subdivision: 
Vansweringen
Building Details
Details about the building on a property.
Year Built: 
1920
Living Area: 
0.0
Basement: 
Apartment
Construction
Roof: 
Flat
Room Details
Details about the rooms in the building.
Total Bedrooms: 
0
Total Bathrooms: 
0
Total Full-Bathrooms: 
0
Total Half-Bathrooms: 
0
Total One-Quarter-Bathrooms: 
0
Total Three-Quarter-Bathrooms: 
0
Utilities
Information about utilities available on the property.
Heating System: 
Electric,Hot Water,Steam
Cooling System: 
None,Wall/Window Unit(s)
Water Source: 
Public
Sewer: 
Public Sewer
Lot/Land Details
Details about the lots and land features included on the property.
Acres: 
0.19
Lot Size (Area): 
0.19
Lot Features
Parking Type: 
Driveway,Off Street,Parking Lot
Total Parking Spaces: 
7
Public Record
Parcel Number: 
144-05-007
Annual Tax: 
$16,575.00
Contract Details
Details about the listing contract.
Possession: 
Delivery Of Deed
Listing Participants
Participants (agents, offices, etc.) in the transaction.
Listing Office Name: 
Keller Williams Living

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