Location, location, location. Within an Opportunity Zone. Commercial vacant land, cleared lot walking distance to the Cleveland Clinic Main Campus, Hotels, Shopping, Dinning and Cleveland’s vibrant MidTown.
Near public transport station in Chester Ave., just a few blocks from Cleveland major focal points, including the Cleveland Clinic Main Campus. Learn more about the development opportunities and projects in MidTown Cleveland here.
Please check your specific plan for the site with the City and County. Obtain the necessary entitlements and bring your development project to fruition just a mile away from one of the top medical facilities in the United States and the world.
This lot is within the City of Cleveland limits. Potentially, this lot could qualify for the 15 year Residential Tax Abatement Program. More information on that here. The Residential Tax Abatement Program applies to individuals and developers alike. It applies to residences as well as multi family projects and may eliminate the Property Tax Increases for up to 15 years at an astonishing 100% of the increase in taxes. Make your due diligence directly with the City and County Officials.
Additionally, a project built on this lot could potentially qualify for the Greater Circle Living program too.
Size: 6,400 Square Feet.
County: Cuyahoga County, OH.
GPS Clickable coordinates: 41.50808, -81.63388
Yearly Taxes: $251.34.
Tax Area: Cleveland
County Use: 4000 – Commercial Vacant Land
Land Use: Commercial Lot
Lot Width: 50 SF
Census Tract/Block: 198700/2003
Over $13 BILLION DOLLARS in development completed, under construction or planned in Cuyahoga County (where the City of Cleveland is located) since 2014, according to the report Opportunity CLE produced by the City of Cleveland and other stakeholders.
The opportunity is NOW, here are some reasons…
Investing in Cleveland, Ohio real estate presents a highly compelling opportunity for astute investors seeking both short-term gains and long-term stability. Do you know why to purchasing Cleveland’s real estate is a wise choice?:
Affordability: Cleveland offers one of the most affordable real estate markets in the United States. This affordability provides investors with an excellent entry point into the market, allowing for a lower upfront investment while still reaping the benefits of property ownership.
Steady Appreciation: While Cleveland’s real estate market may not experience rapid price surges seen in other markets, it is known for its steady and sustainable appreciation. This consistency is attractive to investors who prioritize long-term gains over short-lived spikes.
Diverse Economy: Cleveland boasts a diverse economy that is not overly dependent on a single industry. With strengths in healthcare, manufacturing, technology, and education, the city’s economic stability helps create a reliable demand for housing and rental properties.
Rental Demand: The city is home to several prestigious educational and medical institutions, including the Cleveland Clinic and Case Western Reserve University, as well as other education institutions in the area. These institutions attract students, faculty, and professionals, resulting in a consistent demand for rental properties.
Renovation and Revitalization: In recent years, Cleveland has seen a significant focus on urban renewal and redevelopment efforts, over $13 billion in planned, under construction and completed projects since 2014. This has led to the revitalization of neighborhoods, the renovation of historic buildings, and the creation of attractive mixed-use spaces. Investing in such areas can offer substantial potential for appreciation as these neighborhoods continue to transform.
Strong Cash Flow: Cleveland’s affordable property prices combined with a stable rental demand contribute to strong cash flow potential for real estate investors. Rental income can provide a consistent stream of revenue, helping to offset ownership costs and generate positive returns.
Investor-Friendly Regulations: The city’s investor-friendly regulations and landlord laws provide a favorable environment for property owners. This makes property management and maintenance relatively straightforward, contributing to a hassle-free investment experience.
Proximity to Major Markets: Cleveland’s strategic location places it within a day’s drive of major cities such as Chicago, Detroit, Pittsburgh, and Toronto. This accessibility makes it a prime location for businesses and individuals looking to establish a presence in the Midwest.
Tourism and Culture: Cleveland’s cultural attractions, including the Rock and Roll Hall of Fame and the Cleveland Museum of Art, draw tourists from around the world. This tourist influx can present opportunities for short-term rentals and vacation properties.
Infrastructure Development: Continued investment in infrastructure, including transportation, public spaces, and amenities, enhances the overall quality of life in the city. This makes Cleveland an increasingly attractive place for both residents and businesses.