PRICED TO SELL!
Location, location, location.
Within an Opportunity Zone.
Potentially qualify for the 15 Year Tax Abatement.
Commercial vacant land, cleared lot walking distance to the Cleveland Clinic Main Campus, Hotels, Shopping, Dinning and Cleveland’s vibrant MidTown. Located within one of the few Form Based Code Pilot Neighborhoods in the city!
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.
Similar lots have sold in contiguous blocks for as much as $900,000. So, don’t wait anymore to become a strategic land owner for a fraction of that cost.
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, the Cleveland Clinic Main Campus.
This lot is within the City of Cleveland proper. Potentially, this lot could qualify for the 15 year Residential Tax Abatement Program. More information on that here. Such program may apply to individuals and developers alike and may eliminate any Property Tax Increase 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. So, even if you build on the lot, your property taxes may stay extremely low for up to 15 years, which is a major economic incentive.
Additionally, a project built on this lot could potentially qualify for the Greater Circle Living program too.
The property is located at the Hogue neighboorhood, desígnate by the City of Cleveland as a pilot project to develop a Form Based Code. The future for this area located near the Cleveland Clinic Main Campus, Case Western University, world class parks and 5 star Hotels such as the Intercontinental Hotel is an opportunity at this Price. Check out the Cleveland City Planning Commission to learn more. The new zoning for this property could be C3. C3 uses are: One family houses, two family houses, rooming houses, row houses, apartment houses, education, religious assembly, government office, fraternities & sororities etc. Height limitation of 3 stories/42 feet in height. For a full description of the Community 3 District please visit the Cleveland Form Based Code (C3).
MORE FEATURES:
APN: 118-09-118
Size: 6,400 Square Feet.
County: Cuyahoga County, OH.
Address: 1836 E 79th St., Cleveland, OH 44103.
GPS Clickable coordinates: 41.50808, -81.63388
Yearly Taxes 2024: $252.
Tax Area: Cleveland
Zoning: MF-2 – New Zoning Proposal is C3.
County Use: 4000 – Commercial Vacant Land
Land Use: MED DEN APT
Lot Width: 50 SF
Water: Municipal
Sewer: Sanitary/Storm
Census Tract/Block: 198700/2003
WHY CLEVELAND
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.
In conclusion, investing in Cleveland real estate offers a unique blend of affordability, steady appreciation, rental demand, and economic diversity. With ongoing revitalization efforts, strong cash flow potential, and a range of investor-friendly regulations, Cleveland presents a compelling opportunity for those seeking a stable and profitable real estate investment.
