Offering Summary
Balfour Apartments is in the revitalized Shaker Square community. Located within walking distance to several restaurants, unique specialty stores, and a grocery store, Balfour is very well situated. Access to transporation is also a plus, with two light rail lines stops at the Square as well as several bus lines.
ASSUMABLE FINANCING IN PLACE IF PURCHASED WITH ITS SISTER PROPERTY THE ASHWOOD
Balfour is well maintained and has great curb appeal. Inside the suites are large and include hardwood floors, a nice dining area & spacious bedrooms.
Balfour’s new professional management team has started to stabilize the property and bring occupancy rates back to historical levels. Balfour Apartments is a solid invesment opportunity in a good rental market.
Submarket Overview
Shaker Square is at the eastern end of the City of Cleveland, near the city's world-class cultural, educational and health care institutions, including Case Western Reserve University, the Cleveland Clinic and University Hospitals. Shaker Square is located where Cleveland meets Shaker Heights.
Submarket Demographics |
| Submarket Population: | 47,349 |
| Renter Occupied Housing: | 32.8% |
| Submarket Trend: |
 Stable
|
Property Facts |
| Location: | 2968 South Moreland Blvd, Cleveland, |
| Number of Units: | 20 |
| Offering Price: | $670,000 |
| |
| Net Operating Income: | $54898 |
| Cap Rate: | 8.20% |
| Building Occupancy: | 90% |
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| Unit Mix: |
| Units | Type |
Avg. Rent |
| 17 | 1 Bedroom | 590 |
| 3 | 2 Bedroom | 625 |
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