Promenade Apartments

Investment Overview

Promenade Apartments is a 50-unit community located on Noble Road in Cleveland Heights, Ohio.​ The property features an attractive, balanced unit mix of 25 one-bedroom and 25 two-bedroom suites, delivering broad tenant appeal and strong rental upside.​ Due to recent under-management, the asset has been allowed to fall behind market standards and is now available well below replacement cost on an “as-is” basis.​ This creates an exceptional opportunity for a new owner to stabilize operations, implement professional leasing and management, rapidly lease up the property, and capture strong cash-on-cash returns along with immediate equity appreciation.​

Investment Highlights

• 50-Unit Value-Add Community: Attractive, balanced mix of 25 one-bedroom and 25 two-bedroom suites delivering broad tenant appeal and strong rental upside in a stable Cleveland Heights submarket.
• Delivered Vacant & Fully Distressed: 100% vacancy provides immediate possession and complete control for renovations, unit upgrades, and professional leasing.
• Individually Metered Utilities: Tenants pay their own electric and gas, materially reducing owner expense burden and improving net operating income.
• Ample Garage & Surface Parking: Garage parking plus surface spaces on 1.75-acre site (49,044 SF building).
• Prime Cleveland Heights Location — Excellent access to major retailers (Target, Walmart, Marshalls, Whole Foods, etc.), Cleveland Clinic, University Circle, and major highways. Strong surrounding demographics with nearly 9,000 households and average HH income of ~$56K within 1 mile.
• Well Below Replacement Cost: Available on an “as-is” basis at an attractive going-in cap rate with substantial room for forced appreciation through professional management, leasing, and capital improvements.
• Proven Cash-Flow Potential: Conservative Broker proforma projects ~$589K in Year-1 total income and ~$294K NOI at stabilization, with laundry, parking, and miscellaneous income adding further upside.