Tremont Multifamily Property with
2387 W 5th St Cleveland, OH 44113
2387 W 5th St, Cleveland, OH, 44113
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For Sale
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Multifamily property redeveloped in 2021 with tax abatement.
Property Size9,372 SF
Price / SF$184.06
Days on Market336
Property Features for 2387 W 5th St
General Information
- Standard status
- Active
- Size
- 9,372 SF
- Property subtype
- MULTIFAMILY
Properties For Sale
at 2387 W 5th St Contact us
Listing Agency
Adams Lynch Associates
(440) 339-9305
Listed by
Ben Baker
(440) 339-9305
Source
Moodyscre
Added: Aug 18, 2025 Checked: Jul 19 at 3:19 am
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 Adams Lynch Associates
Investment Insights
Based on property information with market context.
This multifamily property, redeveloped in 2021, is located in the walkable Cleveland market of Tremont, offering close proximity to downtown Cleveland. It benefits from a fifteen-year tax abatement expiring December 31, 2035. The property features all new mechanicals and appliances installed within the last one to three years. It is Energy Star Certified and Green Communities Certified. The location has a Walk Score of 77/100, indicating it is Very Walkable, and a Bike Score of 56/100, making it Bikeable and situated two minutes from the Towpath Trail for biking and hiking. Tenant amenities include in-suite washer and dryer, stainless appliances, and a rooftop deck. The property is within walking distance of fine dining, nightspots, coffee shops, and a community park. The property size is 9372 square feet.
Key Highlights
- Fifteen year tax abatement expires December 31, 2035
- Redeveloped in 2021 with all new mechanicals and appliances in last 1‑3 years
- Located in Tremont - prime walkable Cleveland market
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $196.8k | $21.00 |
| − Vacancy | −$7.9k | −$0.84 |
| EGI | $188.9k | $20.16 |
| − OpEx | −$85.0k | −$9.07 |
| NOI | $103.9k | $11.09 |
9,372 SF · lease $21.00/SF/yr · vacancy 4.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.48M
$1.30M – $1.73M
NOI $103,917 @ 7.0% cap · market cap 6.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.29M
$2.00M – $2.67M
NOI $160,095 @ 7.0% cap · market cap 9.28%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Multifamily property redeveloped in 2021 with tax abatement.
Where is this apartment building located?
The property is located at 2387 W 5th St Cleveland, OH.
What is the asking price?
The asking price for this property is $1,725,000.
What are key features of this property?
This property features: Fifteen year tax abatement expires December 31, 2035; Redeveloped in 2021 with all new mechanicals and appliances in last 1‑3 years; Located in Tremont - prime walkable Cleveland market
