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The Variety Theater - Historic Development Op 11815-11837 Lorain Ave 12 Unit Apartment Building $850,000 ($70,833/Unit) Cleveland, OH 44111
INVESTMENT HIGHLIGHTS
- This exciting mixed-use revitalization or redevelopment opportunity allows investors to reimagine a historic destination of near-Westside Cleveland.
- This offer provides a compelling investment opportunity to restore a beloved historic landmark while meeting the needs of an evolving community.
- Listed on the National Register of Historic Place, the property is approved for $1.4 million in state-funded grants and a federal tax credit.
- Located in the lively Jefferson neighborhood, the property sits near the corner of Lorain Ave and West 117th St, visible to nearly 30k cars daily.
- The location is easily accessible via Interstate 90, a vital artery that is traveled by nearly 130,000 vehicles each day.
EXECUTIVE SUMMARY
Value-add investors and developers are invited to discover this incredible high-profile revitalization or redevelopment opportunity of The Variety Theater, at 11815-11837 Lorain Avenue in the Jefferson neighborhood of Cleveland, Ohio. This historic property features a 20,675-square-foot auditorium, multiple retail suites fronting Lorain Avenue and second floor apartments, totaling ~33,323 square feet.
The former Variety Theatre, nestled on the near-Westside of Cleveland, presents an exciting opportunity for a mixed-use redevelopment. With its iconic architecture and rich history, the theater is primed for repositioning. As demand for both residential and entertainment spaces continue to grow in Northeast Ohio, transforming the theater into a venue for concerts, events, weddings, and entertainment could fill a critical gap in the mid-market sector.
Currently, the Variety Theatre offers five retail storefronts totaling 6,455 square feet of versatile space. The building’s direct frontage to Lorain Avenue provides the spaces with impressive exposure to nearly 30,000 daily vehicles. The spaces are ideal for coffee shops, restaurants, record stores, or other boutique retail uses. The property’s upper level contains 12 studio apartment units with a unique point of entry. The spaces offer the optionality for conversion into creative suites or a boutique hotel. The units all enjoy access to a private green room with a kitchen, a bathroom, and its own private entryway. The theatre space was originally designed to accommodate 1,900 patrons, including a 350-seat balcony and an orchestra pit. The space can be transformed into a state-of-the-art performing arts venue and event space with a focus on live music, dance, theatre, and private events such as weddings, conferences, and community gatherings.
A key advantage of this project is the property’s status as a historic landmark, as well as the approval of a federal historic tax credit (HTC) award ($1.6 million), a state HTC award ($1.4 million), and the availability of completed architectural plans. These factors save time and resources, streamlining the development process.
Redeveloping the Variety Theatre into an entertainment venue offers a compelling investment opportunity to restore a historic landmark while meeting the community’s evolving needs. This project holds the potential to enrich Cleveland’s cultural landscape, generate returns, and preserve the legacy of a cherished institution.
The former Variety Theatre, nestled on the near-Westside of Cleveland, presents an exciting opportunity for a mixed-use redevelopment. With its iconic architecture and rich history, the theater is primed for repositioning. As demand for both residential and entertainment spaces continue to grow in Northeast Ohio, transforming the theater into a venue for concerts, events, weddings, and entertainment could fill a critical gap in the mid-market sector.
Currently, the Variety Theatre offers five retail storefronts totaling 6,455 square feet of versatile space. The building’s direct frontage to Lorain Avenue provides the spaces with impressive exposure to nearly 30,000 daily vehicles. The spaces are ideal for coffee shops, restaurants, record stores, or other boutique retail uses. The property’s upper level contains 12 studio apartment units with a unique point of entry. The spaces offer the optionality for conversion into creative suites or a boutique hotel. The units all enjoy access to a private green room with a kitchen, a bathroom, and its own private entryway. The theatre space was originally designed to accommodate 1,900 patrons, including a 350-seat balcony and an orchestra pit. The space can be transformed into a state-of-the-art performing arts venue and event space with a focus on live music, dance, theatre, and private events such as weddings, conferences, and community gatherings.
A key advantage of this project is the property’s status as a historic landmark, as well as the approval of a federal historic tax credit (HTC) award ($1.6 million), a state HTC award ($1.4 million), and the availability of completed architectural plans. These factors save time and resources, streamlining the development process.
Redeveloping the Variety Theatre into an entertainment venue offers a compelling investment opportunity to restore a historic landmark while meeting the community’s evolving needs. This project holds the potential to enrich Cleveland’s cultural landscape, generate returns, and preserve the legacy of a cherished institution.
PROPERTY FACTS
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Disposal
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
SITE AMENITIES
- 24 Hour Access
- Tenant Controlled HVAC
- Recycling
- Trash Pickup - Curbside
- Walk-Up
- Smoke Detector
1 1
Walk Score®
Very Walkable (84)
PROPERTY TAXES
| Parcel Number | 018-05-022 | Improvements Assessment | $103,740 |
| Land Assessment | $32,340 | Total Assessment | $136,080 |
PROPERTY TAXES
Parcel Number
018-05-022
Land Assessment
$32,340
Improvements Assessment
$103,740
Total Assessment
$136,080
CONTACTS
-
Eliot Kijewski -
Ryan Fisher -
Conor Coakley -
Cameron Callahan -
Austin Love -
Cushman & Wakefield | CRESCO Real Estate
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MATTERPORT 3D EXTERIOR
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The Variety Theater - Historic Development Op | 11815-11837 Lorain Ave
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