What is the asking price for Promenade Apartments?

Please use the contact form to get in touch with a broker and find out more about what this multifamily property has to offer.

What is the total size of Promenade Apartments?

The property has a total square footage of 49,044 SF.

When was this property built?

Promenade Apartments was built in 1949.

How many parking spaces are available at Promenade Apartments?

Parking information for the property isn't currently listed. However, other nearby parking options include Temple on the Heights Parking, located 1.60 miles away , and Recreation Center parking, which is 1.75 miles away.

2737 Summit Park Ave, Cleveland Heights, OH 44121

For Sale Market
Property Type Multi-Family
Property Size 49,044 SF
Units 50
Lot Size 1.75 Acre
Parking Spaces Avail. 75
Year Built 1949
Date Updated Jun 22, 2026

Description

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.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.

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.
Ample Garage & Surface Parking: Garage parking plus surface spaces on 1.75-acre site (49,044 SF building).
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.
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.
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.
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.