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Promenade Apartments

Market Price

2737 Summit Park Ave, Cleveland Heights, OH 44121

Active
Last Updated: 05/17/2026

10.44

Cap Rate

261,035.8

NOI

Details:
Cap Rate:    10.44%
NOI:    $261,035.80
Building Size:    49,044 sqft
Lot Area:    1.75 acres
Units:    50
Year Built:    1949
Floors:    3
Parking Spots:    75
Highlights:
  • 50-Unit Value-Add Community: Attractive, balanced mix of 25 one-bedroom and 25 two-bedroom suites delivering broad tenant appeal and strong rental upside in a stable Cleveland Heights submarket.
  • Delivered Vacant & Fully Distressed: 100% vacancy provides immediate possession and complete control for renovations, unit upgrades, and professional leasing.
  • Individually Metered Utilities: Tenants pay their own electric and gas, materially reducing owner expense burden and improving net operating income.
  • Ample Garage & Surface Parking: Garage parking plus surface spaces on 1.75-acre site (49,044 SF building).
  • Prime Cleveland Heights Location — Excellent access to major retailers (Target, Walmart, Marshalls, Whole Foods, etc.), Cleveland Clinic, University Circle, and major highways. Strong surrounding demographics with nearly 9,000 households and average HH income of ~$56K within 1 mile.
  • Well Below Replacement Cost: Available on an “as-is” basis at an attractive going-in cap rate with substantial room for forced appreciation through professional management, leasing, and capital improvements.
  • Proven Cash-Flow Potential: Conservative Broker proforma projects ~$589K in Year-1 total income and ~$294K NOI at stabilization, with laundry, parking, and miscellaneous income adding further upside.
Description:

Promenade Apartments is a 50-unit community located on Noble Road in Cleveland Heights, Ohio.​ The property features an attractive, balanced unit mix of 25 one-bedroom and 25 two-bedroom suites, delivering broad tenant appeal and strong rental upside.​
Due to recent under-management, the asset has been allowed to fall behind market standards and is now available well below replacement cost on an “as-is” basis.​ This creates an exceptional opportunity for a new owner to stabilize operations, implement professional leasing and management, rapidly lease up the property, and capture strong cash-on-cash returns along with immediate equity appreciation.​

The Promenade Apartments are located in the popular suburb of Cleveland Heights, OH. Residents enjoy close proximity to major institutions and employers in Downtown Cleveland (8 miles) and University Circle (3 miles). Tenants are minutes from dining, shopping, nightlife, and recreation in the surrounding neighborhoods. All of Northeast Ohio is easily accessible to tenants via public transportation located at the property doorstep.

Tenant Responsible for Heat, Electrical
Landlord Responsible for Water & Sewer

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