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Edge32 3219 Detroit Ave 59 Unit Apartment Building For Sale Cleveland, OH 44113
Executive Summary
Cushman & Wakefield | CRESCO Real Estate is pleased to present this Offering Memorandum for EDGE32, a 6-story Class A luxury multifamily and retail property located at 3219 Detroit Avenue in the highly desirable Hingetown neighborhood of Ohio City in Cleveland, Ohio. Constructed in 2017, the 60-unit property features 42 one-bedroom, one-bathroom units and 18 two-bedroom, two-bathroom units, along with two occupied retail units along highly-trafficked Detroit Avenue, generating significant income, including one occupied retail unit with a new 10-year NNN lease with a well established dental practice. Residents of EDGE32 enjoy an on-site private fitness center, a multi-use community room, and covered and surface parking options, while each unit features quartz countertops, high-end stainless steel appliances, LVT flooring, generously sized bedrooms, a balcony, and oversized glass windows, with the majority of the units featuring panoramic views of Downtown Cleveland and Lake Erie.
Property Facts
| Sale Type | Investment | Building Size | 76,152 SF |
| No. Units | 59 | Average Occupancy | 92% |
| Property Type | Multifamily | No. Stories | 6 |
| Property Subtype | Apartment | Year Built | 2017 |
| Apartment Style | Mid-Rise | Parking Ratio | 0.87/1,000 SF |
| Building Class | B | Opportunity Zone |
Yes
|
| Lot Size | 0.71 AC | ||
| Zoning | LR | ||
| Sale Type | Investment |
| No. Units | 59 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.71 AC |
| Building Size | 76,152 SF |
| Average Occupancy | 92% |
| No. Stories | 6 |
| Year Built | 2017 |
| Parking Ratio | 0.87/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | LR |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Washer/Dryer Hookup
- Heating
- Ceiling Fans
- Tile Floors
- Kitchen
- High Speed Internet Access
- Ice Maker
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Walk-In Closets
- Carpet
- Handrails
- Trash Compactor
- Vinyl Flooring
- Warming Drawer
- Wheelchair Accessible (Rooms)
- Window Coverings
- Large Bedrooms
Site Amenities
- 24 Hour Access
- Controlled Access
- Fitness Center
- Property Manager on Site
- Tenant Controlled HVAC
- Renters Insurance Program
- Bicycle Storage
- Elevator
- Hearing Impaired Accessible
- Maintenance on site
- Multi Use Room
- Online Services
- Vision Impaired Accessible
- Public Transportation
- Individual Locking Bedrooms
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 33 | - | 663 - 803 |
| 2+2 | 26 | - | 783 - 1,493 |
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Moderately walkable
60/100
Exceptionally drivable
100/100
Good public transit
60/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 003-26-008 | Improvements Assessment | $3,734,535 |
| Land Assessment | $130,095 | Total Assessment | $3,864,630 |
Property Taxes
Parcel Number
003-26-008
Land Assessment
$130,095
Improvements Assessment
$3,734,535
Total Assessment
$3,864,630
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Edge32 | 3219 Detroit Ave
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