Cleveland, OH 2 TH Communities – Assumable Debt @ 6.26%

Overview

This Cleveland portfolio includes 2 stabilized Townhome Communities that were built in 2022 & 2023. Occupancy is at 96% with room to improve rents. One of the communities has a land-only tax abatement that goes through 2027. The other community is currently Duplex units but can easily be re-platted by the seller to individual tax parcels prior to closing. Both Communities have great School Scores.

The portfolio is being offered at a discount to Fair Market Value with a going-in Cap Rate of 6.91%

Here are the numbers:
Average Asking Price Per Home: $272,727
Average In-Place Rents: $2,039
Cap Rate: 6.91%
Stabilized Cap Rate 7.2%
Assumable Financing Rate: 6.26%
Cash Flow at Asking Price $284,848
Cash On Cash Return: 6.8%