Multifamily Property for Sale in Cleveland, OH

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Cleveland, OH 44120

Description

Register to Bid and Access Due Diligence Documents on RealINSIGHT Marketplace - https://rimarketplace.com/auction/2902/ Marcus & Millichap, in conjunction with RealINSIGHT Marketplace, is pleased to offer the lenders rights to the foreclosure judgment of Shaker Square 308, a 308-unit portfolio of architecturally significant buildings all located within the historic Shaker Square neighborhood which straddles Shaker Heights and Cleveland, OH (the “Property” and the “Offering”). The lender will be foreclosing on the 15-asset portfolio in January/February 2026 and is offering the rights to their foreclosure via assignment. There is currently a court appointed Receiver presenting investors an excellent opportunity to acquire an irreplaceable asset that offers substantial value creation opportunity through property-wide updates. The winning bidder will acquire fee simple title to the real estate upon closing. This portfolio was assembled and tastefully renovated between 2004 and 2018 before being sold to an ill-equipped purchaser who has since passed away. Comprised of 14 buildings all within 2 blocks of each other, Shaker Square 308 offers an investor an opportunity to dominate one of the closest residential neighborhoods to Cleveland’s main economic growth driver, University Circle. Boasting one of the nations largest concentrations of medical jobs between the world-renowned Cleveland Clinic’s main campus, University Hospitals main campus, and one of the largest VA medical centers in the country, the only rental options that are closer than Shaker Square are luxury, new construction assets that rent between $2.50/sf and $3.15/sf. With its over-sized suites, the market rents for this portfolio after completing the moderate renovations started by a previous owner are only in the $1.25/sf range, offering an enormous discount for medical workers, graduate students, and other workers in the community to live only 5-10 minutes from Northeast Ohio’s employment juggernaut. The

Market Context

This multifamily in Cleveland, OH is listed for sale. It has been on the market for 67 days. Compare it against other multifamily listings for sale in Cleveland, OH — <a href="/search/sale/multifamily/ohio/cleveland">view the full market</a>.

As of Q1 2026, the Cleveland multifamily market showed average asking rents near $1900.00/unit/mo, and cap rates around 8.8%. Source: Consensus Q1 2026 market report.

Multifamily market FAQ

What is the typical cap rate for multifamily in Cleveland?
About 8.8% as of Q1 2026, per Consensus.

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