Promenade Apartments

2737 Summit Park Ave, Cleveland Heights, OH 44121

  • For Sale $2,750,000
  • 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 Feb 20, 2024
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 offer an investor the opportunity to obtain a stable and updated property in a popular submarket. Over the last four years, the owner has invested in various suite upgrades and repairs resulting in top tier rents for renovated suites. The opportunity exists for a new owner to continue updates and increase cash flow by bringing rents to market. Extremely attractive assumable debt at 4.01% with a 30 year amortization exists for a qualified investor.

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Highlights

  • Assumable financing available at 4.01% fixed with 30 year amortization
  • Individually Metered Utilities (tenants pay electric and gas)
  • Garage Parking
  • Strong Unit Mix (25 1 BR's; 25 2-BR's)
  • Attractive Location with Easy Access to Major Retailers and Employers

Contacts

broker

Nick Soeder

Adams Lynch Associates

(216) 862-5616

Location

Getting Around

  • Walk Score ®

    56/100 Somewhat Walkable

  • Transit Score ®

    39/100 Some Transit

  • Bike Score ®

    47/100 Somewhat Bikeable
Powered by Walk Score ®
  • City Cleveland Heights, OH
  • Neighborhood Cleveland Heights
  • Zip Code 44121
  • Market Cleveland Akron

Points of Interest

  • Stokes-Windermere Station

    2.27 miles

  • Superior

    2.64 miles

  • Little Italy–University Circle

    3.31 miles

  • Warrensville–Shaker

    3.37 miles

  • Green Road

    3.58 miles

  • Coventry

    3.76 miles

  • Cedar–University

    3.81 miles

  • Shaker Square

    3.96 miles

  • Lynnfield

    4.20 miles

  • Kenmore

    4.24 miles

  • Gas USA

    0.24 miles

  • Shell

    0.30 miles

  • BP

    0.48 miles

  • Getgo

    0.89 miles

  • Speedway

    1.41 miles

  • Marathon

    1.41 miles

  • Marathon Gas Station

    1.48 miles

  • Shell

    1.51 miles

  • Sunoco

    1.82 miles

  • Mobil

    1.88 miles

  • Library Parking

    0.13 miles

  • Temple on the Heights Parking

    1.60 miles

  • Recreation Center parking

    1.75 miles

  • Whole Foods Market Parking Garage

    1.83 miles

  • Municipal Lot 29

    1.89 miles

  • Municipal Lot 11

    1.90 miles

  • University Square Parking Garage

    1.91 miles

  • Zagara's Marketplace Parking

    1.92 miles

  • Notre Dame River

    1.99 miles

  • Municipal Lot 5

    2.21 miles

  • Noble Motel

    1.78 miles

  • Town House Motel

    1.84 miles

  • Hyatt Place Cleveland/Lyndhurst/Legacy Village

    2.59 miles

  • Star's Compound

    2.80 miles

  • Courtyard Cleveland University Circle

    3.57 miles

  • Glidden House

    3.61 miles

  • Tudor Arms Hotel

    4.13 miles

  • Residence Inn

    4.20 miles

  • InterContinental Hotel Cleveland

    4.42 miles

  • Staybridge Suites

    4.52 miles

  • KFC

    0.51 miles

  • Subway

    0.52 miles

  • Wendy's

    0.54 miles

  • Rally's

    0.54 miles

  • Marco's Pizza

    0.71 miles

  • Networkz Restaurant

    0.87 miles

  • Burger King

    0.89 miles

  • Subway

    0.97 miles

  • China Dragon

    0.97 miles

  • Subway

    1.06 miles

  • Noble Elementary School

    0.16 miles

  • Monticello Middle School

    0.50 miles

  • Oxford Elementary School

    0.57 miles

  • Lutheran High School East

    0.66 miles

  • Adrian Elementary School

    0.87 miles

  • Severance-Millikin School

    0.99 miles

  • Lakewood University

    1.05 miles

  • Saint John School

    1.15 miles

  • Caledonia Elementary School

    1.26 miles

  • Hebrew Academy of Cleveland

    1.47 miles

  • Discovery Preschool

    0.10 miles

  • Toddle Inn

    1.07 miles

  • The Centers for Families and Children

    1.58 miles

  • Precious Gem Childcare Center

    2.07 miles

  • Yabi Jewish Nursery & Child Care

    2.12 miles

  • Share One Teach One Academy

    2.81 miles

  • Nottingham Child Care

    3.21 miles

  • EBC Child Care

    3.23 miles

  • Collinwood academy childcare

    3.53 miles

  • Apples of Gold Childcare III

    3.69 miles

Frequently Asked Questions

What is the lease rate for Promenade Apartments?

Rental asking rate at Promenade Apartments is $1,375,000.00/YR.

What is the total square footage of Promenade Apartments?

Promenade Apartments totals 49,044 square feet.

When was this property built?

Promenade Apartments was built in 1949.

Looking for more in-depth information on this property?

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Contact Listing Broker

broker

Nick Soeder

Adams Lynch Associates

(216) 862-5616