Promenade Apartments

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.​