Moreland & Milverton Apartments

Portfolio of 36 residential units across four buildings located a short distance from Shaker Square. The portfolio has been largely remodeled by current owner. Excellent mix of one & two bedroom units. Since purchasing the portfolio, current owner has stabilized and remodeled many of the units increasing monthly rents in the process creating a 7% cap rate on in place rents with expenses. Over $44,000 in Capex & $25,000 in unit remodels completed in 2020 alone. These one-time expenses have not been added back to 2020 P&L. Currently, two bedroom units rent for $750-$850 per month. One bedroom units rent for $625-$650 per month. These rents represent significant increases from time of purchase. A 9.6% cap rate is possible post-closing as market rents for one bedroom ($705) and two bedroom ($865) will yield additional income combined with lower property management costs. Seller continuing to remodel and fill three vacant units listed in rent roll. Seller to perform 1031 Exchange after sale of these properties.