4755 Pearl Rd
- Appraised Value at Completion of $3,860,000
- Immediate Above Market Cash Flow Upon Lease up
- 15 Year Property Tax Abatement
- Plans Completed
- Total Estimated Cost to Redevelop of $1,450,000
Property Description
The Finley on Pearl represents a relatively low-risk redevelopment opportunity in a high-demand Cleveland neighborhood, supported by city initiatives that target infill and mixed-use investment in areas just outside growth corridors. The project benefits from city approvals for zoning and plans, along with a 15-year tax abatement, aligning with Cleveland’s broader goal to produce 23,000 new or substantially rehabilitated housing units through targeted incentives and streamlined approvals. The property is currently vacant with a projected redevelopment costs estimated at $1,450,000, positioning the asset as a value-add play relative to prevailing multifamily pricing and cap rates in the metro. Based on the current underwriting, a stabilized Year 1 net operating income that supports a 10.1% capitalization rate implies a yield premium to both typical Cleveland value-add multifamily cap rates, which are quoted around the 6% - 7%, and broader metro averages reported near 9%. An exceptional opportunity is available for a new investor to redevelop a market-rate multifamily property, offering returns that significantly exceed market performance by the conclusion of the first-year lease-up.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| No. of Units: | 35 |
| Year Built: | 1956 |
| Lot Size: | 0.66 Acres |
| Opportunity Zone: | No |
| Property Website | Click Here |
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