1862 E 81st street, cleveland, OH 44103

1862 E. 81st Street is a 10-unit multifamily investment opportunity positioned directly adjacent to Cleveland Clinic main campus — within an Opportunity Zone at the center of one of Northeast Ohio's most actively invested institutional corridors.

The property totals approximately 9,336 SF across 0.16 acres. At 90% occupancy with $76,681 in annual rent, the asset delivers stable income with meaningful near-term upside across multiple vectors.

Investment Highlights

• Value-Add Repositioning — 7 of 9 occupied units are month-to-month with immediate rent increase flexibility, providing a new owner near-term ability to reposition the rent roll to market upon acquisition

• One Unit Under Renovation — immediate lease-up upside upon completion

• 2 Subsidized Units — active Section 8/CMHA vouchers in place, with potential to accommodate additional subsidized tenants

• Lead-Safe Certified Through 2027 — certification in place with a $7,500 annual credit, reducing carrying costs and providing compliance certainty through the repositioning period

• Recent Capital Improvements — new exterior porches and interior renovations throughout

Location

Five minutes from Cleveland Clinic, six minutes from Case Western Reserve University, and nine minutes from Downtown Cleveland. Direct access to I-90, RTA transit, and the Opportunity Corridor. Walkable to Wade Oval, Cleveland Botanical Garden, and the Cultural Gardens.

Midtown District — Corridor Overview

The Midtown District has undergone a fundamental transformation driven by institutional capital, public infrastructure investment, and a growing residential pipeline. The following highlights the key economic anchors and development activity surrounding 1862 E. 81st Street.

Cleveland Clinic Foundation — The Anchor CCF's 173-acre main campus — bounded by Chester Avenue to the north, Carnegie Avenue to the south, E. 89th Street to the west, and E. 105th Street to the east — represents one of the largest active healthcare expansions in the country, with over $1.3 billion in growth underway. Two new research buildings totaling 300,000 SF at E. 100th and Cedar Avenue were recently delivered as part of the Cleveland Innovation District. CCF's new 1-million-square-foot Neurological Institute on Carnegie between E. 89th and E. 90th — the largest building in the health system's history at $1.1 billion — opens in 2027.

Opportunity Corridor — The Infrastructure Play The ODOT Opportunity Corridor boulevard, open since November 2021, connects I-490 directly to University Circle through nearly 1,000 acres of Cleveland's southeast side. The City of Cleveland has committed $100 million toward land acquisition and brownfield cleanup along the corridor.

Fairfax Market — Full-Service Retail Anchor On CCF-owned land at Cedar and E. 105th, Fairfax Market delivers a 40,000 SF Meijer grocery store alongside 196 apartments — the first full-service grocery anchor in the immediate submarket.

Cleveland Foundation — Institutional Anchor The Cleveland Foundation relocated its headquarters to 6601 Euclid Ave. in 2023, opening a $28 million LEED Gold building — marking a deliberate, long-term institutional commitment to the Midtown corridor.

Dealer Tire — Major Private Employer Dealer Tire's 165,000 SF corporate headquarters at Euclid and Carnegie anchors the corridor's private sector, with a local payroll of approximately $60 million.

Carnegie Avenue — Residential Pipeline The corridor is seeing its most significant residential investment in decades — Foundry Lofts (242 total units across two phases), The 70th (64 units under construction at E. 70th), and the $64 million Warner & Swasey adaptive reuse (140 units, 22,000 SF commercial) all delivering within the immediate submarket.

Greater Cleveland Market Drivers

• Cleveland Clinic — $1.3B Campus Expansion — 173-acre main campus with the 1M SF Neurological Institute opening 2027 and two new research buildings recently delivered at E. 100th and Cedar

• ODOT Opportunity Corridor — $100M+ in committed public funds targeting land acquisition and brownfield redevelopment across nearly 1,000 acres connecting I-490 to University Circle

• Fairfax Market — $52.8M mixed-use development on CCF-owned land delivering a 40,000 SF Meijer grocery and 196 apartments

• Bedrock Cuyahoga Riverfront Redevelopment — $3.5B — 35-acre master plan transforming Downtown Cleveland's riverfront over 15–20 years

• Sherwin-Williams Global HQ — $860M — 1M SF campus now open on Public Square, housing approximately 4,000 employees

• Cleveland State University — $650M Campus Master Plan — long-term investment in CSU's downtown campus anchoring the near-west University Circle corridor