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Tremont Trails Luxury Apartments 2387 W 5th St 7 Unit Apartment Building $2,282,924 CAD ($326,132 CAD/Unit) Cleveland, OH 44113
Investment Highlights
- Premier Tremont neighborhood location
- Spacious floorplans with high ceilings and large windows throughout
- Rooftop terrace with downtown views
- Tax Abatement expires December 2035
- In-suite laundry machines
- Walk to the Towpath Trail
Executive Summary
Tremont Trails Luxury Apartments offers a prime investment opportunity in Cleveland's thriving multifamily market. The property was built in 2021 and is zoned for 7 units, ideally positioned for an investor seeking a trophy property in a premier location. Benefitting from a 15 year tax abatement, this low-rise gem is located in the coveted Tremont neighborhood, offering close proximity to downtown Cleveland. Tremont Trails presents a compelling opportunity for investors looking to capitalize on the demand for modern, multifamily residences in a thriving location. Six units are multifamily. The seventh unit could be multifamily or has the potential to be rented to a commercial tenant. Tremont Trails is Green Communities and Energy Star certified.
The residential tax abatement began January, 2021, and runs for 15 years, expiring on December 31, 2035. The tax abatement is approved for 100% of the assessed taxes for the rehabilitation costs for a term of 15 years following the effective date. The tax abatement has the potential to save an investor almost $500,000 in real estate taxes.
The residential tax abatement began January, 2021, and runs for 15 years, expiring on December 31, 2035. The tax abatement is approved for 100% of the assessed taxes for the rehabilitation costs for a term of 15 years following the effective date. The tax abatement has the potential to save an investor almost $500,000 in real estate taxes.
Property Facts
| Price | $2,282,924 CAD | Building Class | B |
| Price Per Unit | $326,132 CAD | Lot Size | 0.13 AC |
| Sale Type | Investment | Building Size | 9,372 SF |
| No. Units | 7 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 2022 |
| Property Subtype | Apartment | Parking Ratio | 0.53/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | Walk-up 7-19 Units | ||
| Price | $2,282,924 CAD |
| Price Per Unit | $326,132 CAD |
| Sale Type | Investment |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.13 AC |
| Building Size | 9,372 SF |
| No. Stories | 3 |
| Year Built | 2022 |
| Parking Ratio | 0.53/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | Walk-up 7-19 Units |
Amenities
Unit Amenities
- Air Conditioning
- Washer/Dryer
- Granite Countertops
- Stainless Steel Appliances
- Island Kitchen
Site Amenities
- Controlled Access
- Walking/Biking Trails
- Roof Terrace
- Green Community
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Walk Score®
Very Walkable (77)
Property Taxes
| Parcel Number | 004-19-229 | Improvements Assessment | $416,923 CAD |
| Land Assessment | $54,572 CAD | Total Assessment | $471,495 CAD |
Property Taxes
Parcel Number
004-19-229
Land Assessment
$54,572 CAD
Improvements Assessment
$416,923 CAD
Total Assessment
$471,495 CAD
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Tremont Trails Luxury Apartments | 2387 W 5th St
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