14801 Clifton Blvd
13 Units | Lakewood
Marketing description
Cushman & Wakefield | CRESCO Real Estate is pleased to present this offering memorandum for a 13-unit, 1904-vintage multifamily property located at 14801 Clifton Boulevard in Lakewood, Ohio. Situated in a highly strategic location just 6.0 miles from Downtown Cleveland, the property benefits from direct transit access and excellent connectivity to the urban core. This prime positioning captures consistent rental demand from commuters and professionals seeking convenient access to downtown employment hubs while residing in the desirable Lakewood community.
Lakewood is Ohio’s most walkable city, featuring a 3.6% vacancy rate and high barriers to entry. This 13-unit asset is located 6.0 miles from Downtown Cleveland, benefiting from direct transit and the nearby $119M Lakewood Common project.
Investment highlights
Tight Submarket Supply and Exceptional Occupancy:
Lakewood maintains a consistently tight 3.6% submarket vacancy rate, reflecting exceptionally strong renter demand. As one of Ohio’s most densely populated and walkable cities, this scarcity preserves high physical occupancy and provides a secure investment environment with limited new supply risk.
Barriers to Entry: Constrained Future Housing Pipeline:
Lakewood’s high-density development and lack of available land create permanent barriers to new construction. With zero large-scale multifamily projects currently underway, the scarcity of existing vintage multi-family assets preserves valuation and protects against future market saturation.
Superior Lifestyle Amenities and Walkability:
The submarket benefits from its status as a highly walkable community, boasting a 69 Walk Score with immediate access to the Detroit Avenue commercial spine. Proximity to the Lake Erie waterfront, Lakewood Park, and connecting bike paths to the Metroparks provides a prime lifestyle advantage that underpins strong property valuations.
Strategic “Transit-Oriented” Employment Connectivity:
The property is positioned on the Clifton Boulevard corridor, a premier transit-oriented node offering direct RTA connectivity to Downtown Cleveland’s extensive employer base. Residents benefit from a highly convenient, transfer-free commute, driving sustained housing demand from regional professionals.
Sophisticated, Highly Educated Renter Demographic:
Lakewood boasts a highly educated renter profile, with over 55% of the local renter base holding a bachelor’s degree or higher. This demographic provides a stable tenant pool, supports consistent rent growth, and offers insulation from broader macroeconomic downturns.
Major Civic Investment and Mixed-Use Catalysts:
Significant capital continues to transform the area, highlighted by the planned $119 million Lakewood Common development. Scheduled to deliver 303 housing units and 25,000 sq ft of retail in 2028, this project will dramatically enhance local amenities and reinforce the asset’s long-term valuation trajectory.
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