8213 Ivandale Drive, Parma, OH 44129

Property Description

This 7-property, 8-unit single-family portfolio is located across some of Northeast Ohio’s most desirable suburbs, including Parma, North Olmsted, Brook Park, South Euclid, and University Heights. Fully occupied and generating $12,074/month in rent, the current NOI is $79,649 with a pro forma NOI of $104,356, supporting a cap rate of 6.53% as-is and 9.20% pro forma. Pro forma cash-on-cash return is 23%, with over $25K in annual rent upside. Tenants pay all utilities, except water/sewer in the duplex. Estimated ARV is $1.74M, backed by strong neighborhood comps averaging $143K per home, offering over $500K in potential equity when resold individually to homeowners. Recent capital improvements include three new hot water tanks, a new furnace, a $12K rent-ready renovation at 8213 Ivandale, and a $7K shower upgrade at Raymont. CapEx accounts for over 50% of reported repair costs, allowing immediate expense reduction under new management. Properties are located in high-demand zip codes with fast-moving resale markets, proven homeowner demand, and long-term appreciation. Property breakdown includes: 8213 Ivandale, Parma – 4 bed / 2 bath, 1,910 sq ft (ARV $243K); 1474-76 Sherbrook, South Euclid – 7 bed / 3 bath duplex, 3,555 sq ft (ARV $250K); 3852 Grosvenor, South Euclid – 3 bed / 1 bath, 1,589 sq ft (ARV $170K); 4647 Sellhurst, North Olmsted – 3 bed / 1 bath, 1,237 sq ft (ARV $300K); 6113 Michael, Brook Park – 3 bed / 2 bath, 1,036 sq ft (ARV $250K); 3901 Warrendale, South Euclid – 4 bed / 2 bath, 1,598 sq ft (ARV $250K); and 3582 Raymont, University Heights – 4 bed / 2.5 bath, 1,728 sq ft (ARV $275K). Rent roll and financials included in the due diligence package attaches. No showings until accepted offer. Seller has two additional portfolios and two single-family homes available. Inquire for bulk pricing or multi-portfolio opportunities. This is a clean, stable portfolio with location, income, equity, and multiple exit strategies.