Lofts at The Cloak Factory | 635 W Lakeside Ave
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Lofts at The Cloak Factory 635 W Lakeside Ave
5 Unit Block of Flats £714,967 (£142,993/Unit) 7.07% Net Initial Yield Cleveland, OH 44113
INVESTMENT HIGHLIGHTS
- 635 W Lakeside Avenue is home to the modern Lofts at The Cloak Factory, a five-unit apartment building constructed in 1900 and renovated in 2024.
- This is a fully leased investment opportunity at The Cloak Factory, offering luxurious and upgraded apartments.
- In a prime location with a strong tenant demand and timeless appeal.
- The units feature tall ceiling heights, exposed brick, and beams.
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, preserving 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 three two-bedroom units and two 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.
The property includes three two-bedroom units and two 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 | £714,967 | Building Class | C |
| Price Per Unit | £142,993 | Lot Size | 0.30 AC |
| Sale Type | Investment | Building Size | 6,450 SF |
| Net Initial Yield | 7.07% | Average Occupancy | 80% |
| No. Units | 5 | Number of Floors | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1900/2024 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low Rise |
| Price | £714,967 |
| Price Per Unit | £142,993 |
| Sale Type | Investment |
| Net Initial Yield | 7.07% |
| 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 | 80% |
| Number of Floors | 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)
CONTACTS
-
Kirsten Paratore -
David Leb -
Rico Pietro -
Robby Martinelli -
Cushman & Wakefield | CRESCO Real Estate
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Lofts at The Cloak Factory | 635 W Lakeside Ave
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