4755 PEARL RD Cleveland OH 44109-5151

The Finley on Pearl is a vacant property that represents a relatively low-risk redevelopment opportunity in a high-demand Cleveland neighborhood, supported by city initiatives that target infill and mixed-use investment in areas just outside growth corridors. The property is currently vacant and offline. The project benefits from full city approvals for zoning and plans, along with a 15-year tax abatement, aligning with Cleveland’s broader goal to produce 23,000 new or substantially rehabilitated housing units through targeted incentives and streamlined approvals.

Total projected redevelopment costs are estimated at $1,450,000, positioning the asset as a value-add play relative to prevailing multifamily pricing and cap rates in the metro. Based on the current underwriting, a stabilized Year 1 net operating income that supports a 10.1% capitalization rate implies a yield premium to both typical Cleveland value-add multifamily cap rates, which are quoted around the high-6% range, and broader metro averages reported near 8.8%.

A fully redeveloped, market-rate multifamily property achieving a pro forma 10.1% cap rate at the end of first-year lease-up would be positioned to outperform typical stabilized yields while benefiting from both local policy support and macro demand for additional urban housing stock.

Redevelopment Ready Project - plans, drawings, zoning information available

Access Secure Documents: https://properties.adamslynch.com/1581660-sale

15 Year Tax Abatement

10.1% Cap at Lease Up

Appraised value of $3,860,000 Post Renovation

Roof Replaced (2025)

Vacant Property - One Model Unit Completed

This is a Unique Opportunity to Own a Large Income Producer in an Up and Coming Area . the Building Was Previously Ran as a 40 Unit Hotel. Currently the Building is Vacant. Some Work Has Been Started to Convert the Units Into Apartments. a Large Retail Building is Also Located on the Property. This Building is Large Enough to Host a Laundromat, Restaurant, Gym, Party Room or a Combination of All. Three Parcels Are Included Adding Up to 1.30 Acres. Plenty Amount of Parking Space Plus Two Large Garages and Even an Area That Would Be Great for a Dog Park. Located Minutes to Downtown, Major Hospitals, Shopping, Great Restaurants and All Major Freeways. New Roof Was Installed Along With Exterior Lighting.

Please Contact Theresa Seese 216-666-1411 for All Showings, Text is Preferred. This Property is Vacant With No Active Business. All of the Units Have Been Gutted. Currently the Building is Set Up for 29 Units - 28 1 Beds and 1 Studio. There is a Large Office Located Next to the Studio That Can Be Combined as Well. Please Call for More Details.