Modern Lofts at The Cloak Factory | 635 W Lakeside Ave
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Modern Lofts at The Cloak Factory 635 W Lakeside Ave
5 Unit Apartment Building $980,000 ($196,000/Unit) 6.49% Cap Rate Cleveland, OH 44113
Investment Highlights
- Prime location with strong tenant demand and timeless appeal.
- Massive ceiling heights, exposed brick, and beams.
- Fully leased investment opportunity at The Cloak Factory offers five luxurious and upgraded apartments.
Executive Summary
Located in the vibrant Warehouse District of Downtown Cleveland, The Cloak Factory offers a fully leased investment opportunity featuring five luxurious and upgraded apartments. This historic building has been meticulously re-imagined to preserve its historic charm while incorporating modern, high-end finishes. The units boast massive ceiling heights, exposed brick, and beams, creating a unique blend of industrial elegance and contemporary sophistication. The property includes a mix of three (3) two bedroom units and two (2) one-bedroom units, all fully remodeled from top to bottom. With its prime location and strong tenant demand, The Cloak Factory presents a rare chance to invest in a property with timeless appeal.
Property Facts
| Price | $980,000 | Building Class | C |
| Price Per Unit | $196,000 | Lot Size | 0.30 AC |
| Sale Type | Investment | Building Size | 6,450 SF |
| Cap Rate | 6.49% | Average Occupancy | 100% |
| No. Units | 5 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1900/2024 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low Rise |
| Price | $980,000 |
| Price Per Unit | $196,000 |
| Sale Type | Investment |
| Cap Rate | 6.49% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.30 AC |
| Building Size | 6,450 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1900/2024 |
| Opportunity Zone |
Yes |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 3 | - | 1,876 |
| 1+1 | 2 | - | - |
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Walk Score ®
Walker's Paradise (90)
Transit Score ®
Excellent Transit (79)
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Power Broker Kirsten Paratore -
David Leb -
Power Broker Rico Pietro -
Robby Martinelli -
Cushman & Wakefield | CRESCO Real Estate
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Modern Lofts at The Cloak Factory | 635 W Lakeside Ave
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