The Excel Apartments
Multifamily | 21 Units
Marketing description
Cushman & Wakefield | CRESCO Real Estate presents this Offering Memorandum for The Excel, a 21-unit multifamily asset at 2412 Euclid Heights Boulevard in Cleveland, Ohio. Situated just 1.2 miles from University Circle, Northeast Ohio's powerful economic engine, the property benefits from unmatched proximity to major institutional demand drivers: Case Western Reserve University, University Hospitals of Cleveland, and the Cleveland Clinic Main Campus. These world-class institutions drive year-round housing demand, allowing the asset to capture high-income spillover from a district commanding the highest average rents in the Cleveland market.
The diverse unit mix features expansive floor plans averaging 1,309 SF, including two rare penthouse suites, providing a distinct competitive advantage. The actively maintained asset boasts a stable in-place occupancy of 95.24%, significantly outperforming competing buildings of similar scale. With steady historical performance and well-preserved physical systems, the asset offers substantial upside through rent stabilization and capturing existing loss-to-lease.
Investment highlights
- Strategic Locations - The property is situated just 1.2 miles from the high-rent University Circle submarket, which commands the highest average rents in the Cleveland market at $2,189 per month, capturing spillover demand.
- Eds & Meds Demand Driver - The asset benefits from direct proximity to major institutional demand drivers, including Case Western Reserve University (1.2 miles), University Hospitals (1.3 miles), and the Cleveland Clinic Main Campus (2.4 miles). This constant influx of personnel creates reliable, recurring demand for nearby rental units.
- Large Floorplans - The property features a distinct physical advantage with expansive floor plans averaging 1,309 square feet, significantly exceeding standard submarket footprints.
- Stable Occupancy - The asset currently operates with 20 of 21 units physically occupied. This 95.24% occupancy rate strongly outperforms the 8.30% to 10.00% vacancy of competitors.
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