28 Unit Apartment Building | Edgewater Neighborhood

Investment Highlights

• Vacant Building Ready for Redevelopment to 28 Luxury Multifamily Units
• Highly Desirable Location Within Cleveland’s Edgewater Neighborhood
• Qualifies for 15-Year Residential Tax Abatement
• Building Plan and Designs Completed
• Strong Comp Set Providing Investors Abundance of Proof of Concept for Luxury Rentals and Corresponding Rental Market
• Less than 10 Minutes to Downtown Cleveland, Two Major Hospitals, and Countless Popular Bars and Restaurants

 

Offering Summary

Marcus & Millichap is pleased to present a multifamily redevelopment opportunity located at 11107-11111 Detroit Avenue in Cleveland, Ohio. The Property sits on a 0.23-acre lot and is comprised of two, four-story buildings totaling ±21,200 rentable square with an average unit size of ±757 square feet. The Property offers tenants two floor plans to choose from and contains twenty (22) 1 bed/1-bathroom units and six (6) 2 bed/1-bathroom units.  Currently vacant, the Property offers significant upside via capital improvements, aggressive lease-up at market rates, and hands-on management.
 
Cleveland’s Edgewater neighborhood is a vibrant and sought-after area located on the western edge of the city, along the shores of Lake Erie. Known for its picturesque waterfront views and proximity to downtown Cleveland, Edgewater is home to the popular Edgewater Park, which features beaches, green spaces, and recreational amenities that attract both residents and visitors. The neighborhood has experienced significant revitalization in recent years, driven by new residential developments, retail establishments, and infrastructure improvements. The area is known for its walkability, with restaurants, shops, and cultural attractions within easy reach. Within five minutes of the Property residents can enjoy Edgewater Park & Beach, Edgewater Beach House, and Edgewater Marina. National retailers nearby where locals rely on everyday goods include CVS, Aldi, Target, Walgreens, Giant Eagle, Walgreens, and Home Depot. The Property is ideally located minutes from the Cudell/Edgewater train station and one mile from Interstate 90, the region’s primary east-west highway. The Property is less than 10 minutes to Downtown Cleveland, MetroHealth Main Campus, Cleveland Clinic Lakewood Health Center, and countless popular bars and restaurants. The Property has a population of ±257,417 residents within a 5-mile radius and an average household income of ±$70,008.