287 E 156th St 9 Unit Apartment Building $549,623 CAD ($61,069 CAD/Unit) Cleveland, OH 44110

287 E 156th St presents a compelling multifamily investment opportunity located in the heart of Cleveland’s dynamic and culturally rich Waterloo Arts District. Known for its energized creative community, galleries, live music venues, and ongoing revitalization efforts, this neighborhood has become one of Cleveland’s most recognizable urban renaissance corridors, attracting both residents and investors seeking long-term growth fundamentals.
Owned and managed by out-of-state investors, the property offers immediate upside through significant rent growth potential. Current in-place rents trail market levels by more than one hundred dollars relative to comparable renovated assets in the surrounding area, creating a clear and attainable value-add path. Approximately 66 percent of the units have already undergone interior upgrades, including modern LVP flooring, refreshed kitchen cabinetry, updated countertops, upgraded bathroom vanities, new tub surrounds, and recently installed hot water tanks. Each unit is individually equipped with its own furnace, dedicated hot water tank, and through-wall air-conditioning, simplifying building operations and reducing maintenance complexities.
The property provides dedicated off-street parking for tenants—an increasingly sought-after amenity in this district—and benefits from proximity to several of Northeast Ohio’s largest employment centers. Within a 20-minute commute are five major regional employers, including three Fortune 500 companies, strengthening renter demand and long-term tenancy stability. Just one mile to the north sits Bratenahl, one of Cleveland’s wealthiest enclaves, highlighted by an average household income exceeding $159,000 and strong surrounding home values. This adjacency provides an attractive quality-of-life halo effect for residents and reinforces the asset’s enduring desirability.
With quick access to scenic lakefront amenities such as Lakefront Reservation, Humphrey Park, and Wildwood Park, the property combines lifestyle appeal with clear operational upside. Altogether, 287 E 156th St stands as a well-positioned, partially renovated multifamily asset with strong cash-flow potential and meaningful long-term appreciation prospects in one of Cleveland’s most promising growth districts.