11107-11111 Detroit Ave Cleveland, OH 44102

Property Details for 11107-11111 Detroit Ave

Year built

1920

Lot size

0.23 lot acres

Property size

21,200 SF

Property type

Apartment buildings

Description

This exceptional redevelopment opportunity presents a 28-unit apartment building situated in Cleveland, Ohio's desirable Edgewater neighborhood. The property, located at 11107-11111 Detroit Ave, comprises two four-story buildings totaling approximately 21,200 square feet on a 0.23-acre lot. Currently vacant, the property offers significant upside potential. The building features a mix of 22 one-bedroom/one-bathroom and six two-bedroom/one-bathroom units, averaging approximately 757 square feet per unit. Built in 1920, this fee-simple owned property is ready for a complete renovation and repositioning. The Edgewater neighborhood boasts a vibrant atmosphere, with easy access to Edgewater Park, Lake Erie, and a variety of local amenities including restaurants, shops, and recreational facilities. Conveniently located near public transportation (Cudell/Edgewater train station) and Interstate 90, the property also benefits from proximity to downtown Cleveland, major hospitals, and numerous dining and entertainment options. The surrounding area has a population of approximately 257,417 within a 5-mile radius, with an average household income of approximately $70,008. This property is being offered at auction, starting at $250,000, and presents a compelling investment opportunity for those seeking a multifamily redevelopment project in a high-demand location. Building plans and designs are already completed, and the property qualifies for a 15-year residential tax abatement. The strong comparable rental market provides ample evidence of the potential for luxury rentals in this area. Vacancy allows for immediate commencement of the redevelopment project, with an occupancy date anticipated for September 1, 2024.