4245 E 167th St Cleveland, OH 44128

42 unit Dynes Village Townhouses For Sale $1,650,000 or $39,285 per unit. Located in the Lee-Miles neighborhood of Cleveland, Ohio, at 4245 East 167th Street, Cleveland, OH. 44128. The Dynes Village Townhouses are an outstanding investment with the opportunity to add value (under market rents). Comprised of 42 “Town Home Style”, 1,200 +/- Sq.Ft. Units, the Dynes Village Townhouses consist of all 3 Bedrooms and 1.5 Bathrooms units in 7 contiguous buildings, built in 1988 on 2 parcels totaling 3.374 Acres.

Out of State Owner Directs Immediate Sale of the Dynes Village Townhouses, Priced to Sell at $1,650,000 or $39,285 Per Unit. Currently 98% Occupied (41/42) with historical strong occupancy. 2019’s Net Operating Income was $172,219 or a 10.44% cap rate at the Asking Price of $1,650,000. Current Net Operating Income based on current rental income and previous annual expenses is $202,715 or a 12.29% cap rate. Projected Cap Rate at 100% Occupancy with units rented at market rents is 13.75%. Landlord is responsible for paying Water and Sewer, common area / rental office Electric. Tenant is responsible for paying Electric and Gas (Heat) Utilities. 19 of the 41 occupied units (46.34%) are subsidized with “guaranteed” rent payments provided by Federal and State Funding for assistance to low income individuals. The potential exists to operate this complex as a “market” (no-subsidy) type of property or to continue to accept Voucher based subsidies, providing a stable, consistent tenant base with “guaranteed” rent payments.

Each Unit has identical floor plans; The Main Floor offers a large Kitchen, Living Area, Laundry Closet, and a Half Bathroom. Three Bedrooms and a full bath on the second floor. Each Unit has its own Forced Air Furnace, Central Air Conditioning Unit, Electric Water Tank, Attached single car Garage, and Individual Concrete Driveways. The exteriors of each building offer T1-11 Siding with Insulated Sliding Windows and Gable Roofs with Asphalt Shingles. An On-Site, Free-Standing Rental Office is a great management benefit, however, it could be renovated into an additional 400 +/- Sq.Ft. Studio Unit to provide additional income.

Dynes Village is located two miles from Kerruish Park; A magnificent 76 Acre green space with an outdoor pool, tennis courts, playground, basketball court, baseball fields, shelter, horseshoe pits, volleyball court, community garden and fields to run and play in. Located just two miles away from the Cleveland Clinic’s main campus and Case Western University and eight miles from Downtown Cleveland, the area is highly served by the RTA Transportation. Also in close vicinity to Interstate 480, servicing multiple Shopping Centers, Dining options, Elementary Schools, Public Library, Recreation Center, and many Places of Worship. Dynes Village benefits from its location, along a residential neighborhood, surrounded by single Family Homes and other Multi-Family Units.

Moreland Shaker Estates Apartments
2934 S Moreland Blvd, Cleveland, OH 44120

Moreland Shaker Estates Apartments, a 20-unit walk-up garden-style apartment complex with 17 One Bedroom, One Bathroom units, and 3 Two Bedroom, One Bathroom units each totaling approx.. 700 Sq. Ft. each located at 2934, 2936, and 2938 South Moreland Blvd. in the historic Shaker Square district of Cleveland, Ohio 44120. Built-in 1930 and renovated in 2017, the all brick building is comprised of an approx. 24,000+/- Total Sq.Ft., Three-floor building located on 0.38 +/- total acres. Currently, 70% Occupied (14/20) and the surrounding area’s occupancy continues to be very strong. The owner directs immediate sale at $1,350,000 or $67,500 per unit or a 6.55% Projected Cap rate based on 100% Occupancy at current market rate rental amounts.

In 2017, the Moreland Shaker Estates underwent a significant, high-quality renovation including New TPO 20 year warranty roof, new gutters, 490 new Energy Efficient Vinyl Windows, New boiler system, New Electric Meter Boxes and updated feeds to each unit with breakers, newly wired switches, outlets and lights, New plumbing pex system, new sewer lines, master key system for all units, New Suite renovations including flooring, new bathrooms, painted and refinished kitchens and living areas, just to name a few (too much to name, fully renovated). Rent comparables reflect an asking rental rate of $775 per One Bedroom unit and $925 for Two Bedroom units.

Currently, 8 of the 14 occupied units (57%) are subsidized with “guaranteed” rent payments provided by Federal and State Section 8 Voucher Funding program for assistance to low-income individuals. The potential exists to operate this complex as a “market” (no-subsidy) type of property or to accept a majority of tenants with Voucher based subsidies, which would provide a stable, consistent tenant base with “guaranteed” rent payments with rents significantly higher than market renters.

Owner paid Gas, Water & Sewer, Tenant paid electric. Rear surface Parking lot, secured entrances. Located in the Historic Shaker Square neighborhood. Ownership directs Immediate Sale to fund other projects. Fantastic low maintenance, newly renovated building offering immediate cash flow, and little deferred maintenance or capital improvement. The Projected Net Annual Operating Income at 100% Occupancy at Market Rates is $88,412 or a 6.55% Capitalization rate at the asking price of $1,350,000 ($67,500 per unit). Located just steps away from shopping, retail, and dining and just four miles away from the Cleveland Clinic’s main campus and three miles from Case Western University. The area is highly served by the RTA Bus lines and rail transportation and located in the historic Shaker Square district and near the new Van Aken Retail shopping development.

7049 Superior Ave Cleveland, OH 44103

Asking Price: $349,000

Value-Added Opportunity

• 26 Two-Bedroom + 6 Three-Bedroom and 1 (one) Retail Space