2737 Summit Park Ave
- 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.
Property Description
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.
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| No. of Units: | 50 |
| Average Occupancy: | 10.44 |
| Year Built: | 1949 |
| Lot Size: | 1.75 Acres |
| Opportunity Zone: | No |
| Property Website | Click Here |
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