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The Monroe Apartments 1862 E 123rd St 80 Unit Apartment Building For Sale Cleveland, OH 44106
Executive Summary
Cushman & Wakefield | CRESCO Real Estate is pleased to present this Offering Memorandum for The Monroe, a 80-unit multifamily property located at 1862 East 123rd Street in Cleveland, Ohio. Situated in the heart of University Circle—Cleveland’s most vibrant and rapidly developing neighborhood—the property benefits from proximity to three of the region’s most powerful economic engines: the Cleveland Clinic Main Campus, University Hospitals, and Case Western Reserve University. These institutions not only anchor the area but also drive consistent, year-round rental demand from medical professionals, graduate students, and university staff. The Monroe offers a diverse unit mix featuring high-end finishes like granite countertops, stainless steel appliances, and in-unit laundry. As a newly constructed, turnkey asset, the property is positioned to capture premium demand in a high-barrier market. Its strategic location and institutional quality provide a clear path toward continued growth and operational stabilization.
Property Facts
| Sale Type | Investment | Lot Size | 1.41 AC |
| No. Units | 80 | Building Size | 85,642 SF |
| Property Type | Multifamily | No. Stories | 4 |
| Property Subtype | Apartment | Year Built | 2023 |
| Apartment Style | Townhome | Parking Ratio | 0.53/1,000 SF |
| Building Class | B | Opportunity Zone |
Yes
|
| Zoning | SI | ||
| Sale Type | Investment |
| No. Units | 80 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | B |
| Lot Size | 1.41 AC |
| Building Size | 85,642 SF |
| No. Stories | 4 |
| Year Built | 2023 |
| Parking Ratio | 0.53/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | SI |
Amenities
Unit Amenities
- Balcony
- Kitchen
- Granite Countertops
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
Site Amenities
- Fitness Center
- Playground
- Gated
- Pet Play Area
- Bicycle Storage
- Lounge
- Pet Washing Station
- Zen Garden
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 20 | - | 592 - 796 |
| 1+1 | 43 | - | 740 - 999 |
| 2+1 | 7 | - | 1,010 |
| 2+2 | 10 | - | 1,115 - 1,609 |
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Moderately walkable
70/100
Moderately drivable
60/100
Good public transit
60/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 120-31-084 | Improvements Assessment | $5,404,367 CAD |
| Land Assessment | $675,980 CAD | Total Assessment | $6,080,346 CAD |
Property Taxes
Parcel Number
120-31-084
Land Assessment
$675,980 CAD
Improvements Assessment
$5,404,367 CAD
Total Assessment
$6,080,346 CAD
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The Monroe Apartments | 1862 E 123rd St
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