Moreland Manor
15715 Van Aken Boulevard, Shaker Heights, Ohio 44120
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Investment highlights
Value-Add Opportunity
Rare and strategic value-add opportunity in one of Cleveland’s most architecturally rich and stable submarkets. Many units remain unrenovated, providing a clear path to create value through cosmetic and functional upgrades. Renovation strategies may include refinishing original hardwood floors, installing energy-efficient appliances, modernizing cabinetry and countertops, and updating lighting and bathroom fixtures. These improvements not only elevate the living experience but also align the property with competitive rental standards in Shaker Heights. With projected rent premiums of ~$250+/- per unit, there is a meaningful boost in both cash flow and asset appreciation.
Strategic Location in Shaker Heights
Located in the Moreland neighborhood, a revitalized and walkable district within Shaker Heights that blends historic charm with modern convenience. The property is just minutes from the Van Aken District, a vibrant mixed-use development featuring boutique retail, restaurants, and community events. Residents benefit from direct access to the RTA Blue Line, offering a quick commute to downtown Cleveland and University Circle. The area is also home to top-tier public and private schools, making it especially attractive to families. This combination of accessibility, amenities, and educational quality ensures strong tenant retention and consistent demand.
Supply-Constrained Submarket
Shaker Heights is a high-barrier-to-entry market due to its strict zoning laws, architectural review processes, and limited land availability. These constraints have significantly restricted new multifamily development, preserving the character of the neighborhood while creating a persistent supply-demand imbalance. Multifamily assets in this area are rarely brought to market, and when they are, they tend to attract significant investor interest. Moreland Manor stands out as one of the few opportunities to acquire a well-maintained income-producing asset with upside potential in a market where inventory turnover is historically low.
Rental Upside & NOI Growth
Current in-place rents at Moreland Manor are estimated to be $248 below market for comparable units in similar condition and location. With moderate renovations, the property is well-positioned to capture this delta. Post 3 yr. Renovation + Stabilized Occupancy - we project an increase of $10,847 in monthly rental income, translating to $130,164 annually. Applying a 6.5% capitalization rate, this equates to approximately ~$2,000,000+ in value creation/ ($71,429 per unit). This upside is achievable without major structural changes, making it a lower risk, high-reward investment. The increased NOI not only enhances cash flow but also positions the asset for a strong exit valuation in the future.
Exclusively listed by
Anthony DeMarco
SVP, Investment Sales