100943 . 30 Home BFR Cleveland, OH

09-16-2022
09-16-2022

100943 . 30 Home BFR Cleveland, OH, Cleveland, OH 44118

Townhome floorplans optimized for market demographics, as residents are majority college students or young single professionals (NeighborhoodScout) 
Combined package of two communities in the market provide investor scale 
Homes eligible for Cleveland’s 15-Year Tax Abatement, reducing taxes considerably 
Contemporary design townhomes with durable, attractive interior finishes 
Attached 2-car garages offer superior rental products compared to perceived market competition 
Constructed with sustainable materials, utilizing sound-deadening construction practices 
37.5% of real estate in the neighborhood is rental, providing high demand for additional rental units (NeighborhoodScout) 
High median household income of $70,172 in the neighborhood (NeighborhoodScout) 
97.7% of the neighborhood housing stock is 1969-built or older, providing high demand for new products (NeighborhoodScout) 
A low unemployment rate of 1.9% in the subject neighborhood (NeighborhoodScout) 
The average rental cost in this neighborhood is higher than 89.9% of the neighborhoods in Ohio (NeighborhoodScout) 
4.53% Job Growth in last 1 year in the neighborhood (NeighborhoodScout)
All SVN® Offices Independently Owned & Operated
Local Broker License Information: www.SFRhub.com/realstatelicensing

Property Description

For more information visit www.SFRhub.com and search for portfolio 100943

Contact:
TOM JOHNSTON
Director of Brokerage Services
SVN | SFRhub Advisors
T: 602.825.1780
C: 602.403.3695
tom.johnston@svn.com
License #: BR507919000

BOR:
Victor S. Voinovich
SVN | First Place Commercial Realty LLC
Managing Director 
Visit www.SFRhub.com and search for portfolio 100943 for more information. South Taylor Place, a luxurious and affordable urban townhome community, is located centrally in the University Heights neighborhood of Cleveland, OH. Made up of 30 well-designed townhomes. This community offers residents a sense of community and privacy within a busy city. Opportunity to scale portfolio in Cleveland by packaging with seller’s additional new-tomarket deal of 32 townhomes in the Circle North neighborhood nearby. 
Only 20 minutes from Downtown, residents will enjoy the convenience and amenities Downtown has to offer, as well as University Circle and Little Italy steps away. New construction and a growing downtown population create demand in Cleveland’s University Circle area. Located east of Downtown, it supports a handful of the city’s top employers such as Cleveland Clinic, University Hospitals, and Case Western Reserve University. Increasing demand for rental units is fueling new development, as University Circle and surrounding areas have captured approximately 20% of demand in the market as of the third quarter of 2021 (CoStar Analytics). Jackson’s redevelopment initiative, launched in 2017, targets several corridors on the East Side and West Side of Cleveland for redevelopment. 
The $65-million initiative includes changes to zoning and land use regulations that hope to revitalize existing buildings and vacant lots, seeking to create new business and wealth in neighborhoods where development had stagnated or yet to occur. One project already cleared by City Council is the historic Hough Bakeries headquarters in Cleveland’s Glenville, directly across from the seller’s additional proposed rental community, Lakeview Commons. The planned $15-million project will contain commercial space at ground level and residential units on the upper floors, slotted as one of the first projects in the initiative. Designed in buildings of only 3 or 4 units, residents enjoy privacy and quiet community living compared to alternative multifamily rental housing. These townhomes demand a premium for their 2-car attached garages and offer the full package. 
The community’s unit mix is made up of one 2-bedroom plan, at 2,000 SqFt, in addition to two 3-bedroom floorplans, uniquely at 2,000 SqFt and 2,365 SqFt. This infill site commands top market rents as it provides superior alternative rental housing to a market with high demand. Thoughtful, contemporary exteriors and interiors built throughout with sustainable and sounddeadening materials and construction practices create finished townhomes that are not only beautiful but highly practical. These homes are eligible for Cleveland’s 15-Year Tax Abatement, offering an investor the opportunity to acquire a community they will only pay taxes on the land for 15 years.

Key Property Information

Listing Status
Available
Multifamily type
Single Family Rental Portfolio
Price
$ 13,937,829
No. of Units
30
Cap Rate
5.56%
Average Occupancy
100%
Year Built
2022
Building Size
60,364.99 Sq ft
Lot Size
45,000.00 sq ft
Opportunity Zone
No
Buy Side Fee
49.99%
Price per unit
$ 464,594
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