Property Description

OPPORTUNITY OVERVIEW Rare opportunity to acquire a character-rich, two-story brick building on Cleveland's St. Clair Avenue NE corridor ? a near east side commercial and residential strip with proven short-term rental demand and active adaptive reuse momentum. The seller previously operated the building as a short-term rental generating approximately $4,000/month in gross Airbnb revenue, demonstrating real lodging demand on this corridor. One unit is currently rent-ready for immediate occupancy or STR re-activation; three units are in value-add condition, offering a buyer the opportunity to build equity through targeted finish work. With 6,002 SF across two floors plus a partial basement, this asset supports multiple exit strategies: continue as a short-term rental operation, convert to 46 long-term residential units, or reposition as a mixed-use ground-floor commercial / upper-floor residential property. INVESTMENT HIGHLIGHTS ¢ Proven STR demand ? seller-reported ~$4,000/month gross Airbnb income prior to vacancy ¢ 1 rent-ready unit at closing ? immediate partial income path, reduces day-one carry ¢ 3 value-add units ? finish work creates equity upside priced into ask ¢ Multifamily conversion candidate ? 6,002 SF supports 46 residential units ¢ Brick construction ? durable asset with character that commands a premium on the rental market ¢ Walk Score 83 ? walkable corridor with restaurants, retail, and transit within steps ¢ Strong renter demographics ? median age 29, 74.8% renter-occupied within 1 mile ¢ No major structural issues ? cosmetic and finish deferred maintenance only ¢ Flexible use positioning ? STR continuation, long-term residential, or mixed-use

Property Features

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