308-Unit Apartment
For Sale
$1,500,000
2621 N Moreland Blvd, Cleveland, OH 44120
Fourteen nearby buildings offer oversized suites, secured improvements, and a renovation program for vacant units.
Property SizeContact for details
Days on Market150
Property Features for 2621 N Moreland Blvd
General Information
Standard status
Active
Property subtype
Multifamily
Occupancy
93%
Property Condition
Severity
Major Repairs Needed
Evidence
water damage from roof leaks
Additional Details
Multifamily Units
308
Amenities
STARTING BID $1,500,000 | Foreclosure Judgment Sale | Shaker Square Apartments | 308 Units | AUCTION MARCH 23-25
Purchaser to receive title to the asset free and clear through assignment of foreclosure judgment estimated for April/May 2026.
MAI Appraisal for $32,350,000 ($105,032/unit) in 2020
Lightly renovated adjacent properties renting for $1,150 for 2BDs and $1,500 for 3BDs; New construction in Shaker Square neighborhood renting 2BDs for $2,050 - $2,585
Located only minutes away from NE Ohio's two largest employers: Cleveland Clinic and University Hospitals main campuses, along with Case Western Reserve University
Building Details
Buildings
14
Units
308
Listing Agency:
Cleveland Office
(216) 264-2016
Listed By:
Michael S. Barron, CCIM · License #OH: 2002021828
(216) 264-2016
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 30
Last Checked: Aug 30 at 1:35AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Cleveland Office
Investment Insights
Based on property information with market context.
This multifamily portfolio contains 308 apartment units across 14 buildings located within two blocks of one another in the Shaker Square neighborhood. The properties were renovated at various points between 2004 and 2018 and include oversized suites. A court-appointed receiver has removed debris from vacant apartments, with many units remaining in good condition and others affected by water intrusion from roof leaks. The buildings have been secured and winterized, and vacant units are dry and positioned for rent-ready work.
Property systems are mixed in condition. Certain roofs and boilers remain operational, while other components require replacement; affected roofs have been covered with tarps. The portfolio is near University Circle, Cleveland Clinic’s main campus, University Hospitals’ main campus, and a major VA medical center, with the source information citing a 5–10-minute proximity to those employment centers. The offering includes rights associated with a foreclosure judgment sale and is located at 2621 N Moreland Blvd, Cleveland, OH 44120.
Property systems are mixed in condition. Certain roofs and boilers remain operational, while other components require replacement; affected roofs have been covered with tarps. The portfolio is near University Circle, Cleveland Clinic’s main campus, University Hospitals’ main campus, and a major VA medical center, with the source information citing a 5–10-minute proximity to those employment centers. The offering includes rights associated with a foreclosure judgment sale and is located at 2621 N Moreland Blvd, Cleveland, OH 44120.
Key Highlights
- 308 apartment units across a 14‑building portfolio
- Buildings are located within two blocks of one another in the Shaker Square neighborhood
- Renovation work was completed at various properties between 2004 and 2018
Property Analytics
Property Profile
Current Use
Lease Details
308
Residential units
Location Intelligence
Trade Area within ½ mile
719
Businesses Nearby
Explore this area
Business Placement
Demographics for 44120, OH
34,611
Population
20,583
Households
1.7
Avg Household Size
40
Median Age
37%
College-Educated
90%
High-School Grad
5.2 sq mi
ZIP Area
6,656
Density / Sq Mi
$46,326
Median Household Income
$36,549
Median Earnings
$890
Median Rent
$115,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Fourteen nearby buildings offer oversized suites, secured improvements, and a renovation program for vacant units.
Where is this apartment building located?
The property is located at 2621 N Moreland Blvd Cleveland, OH.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 308 apartment units across a 14‑building portfolio; Buildings are located within two blocks of one another in the Shaker Square neighborhood; Renovation work was completed at various properties between 2004 and 2018
