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Tremont Trails Luxury Apartments 2387 W 5th St 7 Unit Apartment Building $1,850,000 ($264,286/Unit) Cleveland, OH 44113
INVESTMENT HIGHLIGHTS
- Premier Tremont neighborhood location
- Spacious floorplans with high ceilings and large windows throughout
- Rooftop terrace with downtown views
- Tax Abatement expires December 2035
- In-suite laundry machines
- Walk to the Towpath Trail
EXECUTIVE SUMMARY
Tremont Trails Luxury Apartments offers a prime investment opportunity in Cleveland's thriving multifamily market. The property was built in 2021 and is zoned for 7 units, ideally positioned for an investor seeking a trophy property in a premier location. Benefitting from a 15 year tax abatement, this low-rise gem is located in the coveted Tremont neighborhood, offering close proximity to downtown Cleveland. Zoned as Apartments 7-19 Walkup, the property presents a compelling opportunity for investors looking to capitalize on the demand for modern, multifamily residences in a thriving location. Six units are built out and occupied. The seventh unit is a blank slate that has the potential to become a large three bedroom, two bathroom apartment. A designed floorplan is included in the Offering Memorandum. Estimated rent for the three bedroom is $2,850. Tremont Trails is Green Communities and Energy Star certified.
The residential tax abatement began January, 2021, and runs for 15 years, expiring on December 31, 2035. The tax abatement is approved for 100% of the assessed taxes for the rehabilitation costs for a term of 15 years following the effective date.
The residential tax abatement began January, 2021, and runs for 15 years, expiring on December 31, 2035. The tax abatement is approved for 100% of the assessed taxes for the rehabilitation costs for a term of 15 years following the effective date.
PROPERTY FACTS
| Price | $1,850,000 | Building Class | B |
| Price Per Unit | $264,286 | Lot Size | 0.64 AC |
| Sale Type | Investment | Building Size | 33,404 SF |
| No. Units | 7 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 2022 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise |
| Price | $1,850,000 |
| Price Per Unit | $264,286 |
| Sale Type | Investment |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.64 AC |
| Building Size | 33,404 SF |
| No. Stories | 3 |
| Year Built | 2022 |
| Opportunity Zone |
Yes |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Washer/Dryer
- Granite Countertops
- Stainless Steel Appliances
- Island Kitchen
SITE AMENITIES
- Controlled Access
- Walking/Biking Trails
- Roof Terrace
- Green Community
1 1
Walk Score®
Very Walkable (77)
PROPERTY TAXES
| Parcel Number | 004-19-229 | Improvements Assessment | $305,900 |
| Land Assessment | $40,040 | Total Assessment | $345,940 |
PROPERTY TAXES
Parcel Number
004-19-229
Land Assessment
$40,040
Improvements Assessment
$305,900
Total Assessment
$345,940
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Tremont Trails Luxury Apartments | 2387 W 5th St
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