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1780 E 89th St 8 Unit Apartment Building $250,000 ($31,250/Unit) Cleveland, OH 44106
INVESTMENT HIGHLIGHTS
- 8-unit building with fully approved plans and zoning variances for expansion into a 16-unit complex.
- Located in the Medical Corridor in Cleveland, most recession-proof market
- Situated on a double lot and positioned for high returns with tax incentives, low-interest loans, and historic tax credits
EXECUTIVE SUMMARY
Market Overview
Healthcare Corridor Strength
The Cleveland Clinic and University Hospitals form one of the largest medical hubs in the world. These globally recognized institutions employ tens of thousands of healthcare professionals, attract patients internationally, and collaborate with Case Western Reserve University. The result: a steady, recession-resistant housing demand.
Proven Stability This corridor has long been a magnet for medical staff, students, and patients’ families seeking both short- and long-term housing solutions. Unlike other markets, rental demand here is not tied to seasonal trends — it is fueled by consistent healthcare growth and research-driven expansion.
Why This Market?
This corridor offers a unique blend of stability, demand, and growth unmatched in other Cleveland neighborhoods.
Investing in a multi-unit residential property here means positioning capital in a market where:
Demand is constant
Tenant quality is high
Returns are reliable
Simply put: The medical corridor is Cleveland’s most recession-proof rental market
Demand Drivers
Cleveland Clinic Main Campus
Ranked among the top hospitals worldwide
Over 22,000 employees at this location alone
Constant need for housing close to campus
University Hospitals
Premier academic medical center with thousands of medical students, residents, and faculty
Strong base of long-term renters seeking proximity
Case Western Reserve University
Over 12,000 students and faculty located within walking distance of medical campuses
Graduate and international students create a continuous pool of qualified tenants
Supporting Amenities
Cleveland Museum of Art, Severance Hall, Botanical Gardens, and cultural district nearby
Dining, entertainment, and retail all within reach — attractive to young professionals
Multifamily property in Cleveland’s emerging East 89th corridor
8-unit brick building with permit-ready expansion to 16 units
Zoning:
MF-C / MF-E with variances approved
Acquisition Options:
Option A:
Purchase existing 8-unit structure
Sale Price: $250,000
Option B:
Purchase 8-unit building plus plans and entitlements to expand to 16 units
Sale Price: $350,000
Healthcare Corridor Strength
The Cleveland Clinic and University Hospitals form one of the largest medical hubs in the world. These globally recognized institutions employ tens of thousands of healthcare professionals, attract patients internationally, and collaborate with Case Western Reserve University. The result: a steady, recession-resistant housing demand.
Proven Stability This corridor has long been a magnet for medical staff, students, and patients’ families seeking both short- and long-term housing solutions. Unlike other markets, rental demand here is not tied to seasonal trends — it is fueled by consistent healthcare growth and research-driven expansion.
Why This Market?
This corridor offers a unique blend of stability, demand, and growth unmatched in other Cleveland neighborhoods.
Investing in a multi-unit residential property here means positioning capital in a market where:
Demand is constant
Tenant quality is high
Returns are reliable
Simply put: The medical corridor is Cleveland’s most recession-proof rental market
Demand Drivers
Cleveland Clinic Main Campus
Ranked among the top hospitals worldwide
Over 22,000 employees at this location alone
Constant need for housing close to campus
University Hospitals
Premier academic medical center with thousands of medical students, residents, and faculty
Strong base of long-term renters seeking proximity
Case Western Reserve University
Over 12,000 students and faculty located within walking distance of medical campuses
Graduate and international students create a continuous pool of qualified tenants
Supporting Amenities
Cleveland Museum of Art, Severance Hall, Botanical Gardens, and cultural district nearby
Dining, entertainment, and retail all within reach — attractive to young professionals
Multifamily property in Cleveland’s emerging East 89th corridor
8-unit brick building with permit-ready expansion to 16 units
Zoning:
MF-C / MF-E with variances approved
Acquisition Options:
Option A:
Purchase existing 8-unit structure
Sale Price: $250,000
Option B:
Purchase 8-unit building plus plans and entitlements to expand to 16 units
Sale Price: $350,000
FINANCIAL SUMMARY (PRO FORMA - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (PRO FORMA - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
AMENITIES
UNIT AMENITIES
- Balcony
- Crown Molding
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 8 | $1,696 | 1,272 |
PROPERTY TAXES
| Parcel Number | 119-05-029 | Total Assessment | $57,750 |
| Land Assessment | $5,810 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $51,940 | Tax Year | 2024 Payable 2025 |
PROPERTY TAXES
Parcel Number
119-05-029
Land Assessment
$5,810
Improvements Assessment
$51,940
Total Assessment
$57,750
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024 Payable 2025
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1780 E 89th St
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