The Apartments at Nautica
Multifamily | 55 Units
Marketing description
Located alongside the Nautica Waterfront District of Downtown Cleveland on the West Bank of the Flats, The Apartments at Nautica offers a compelling value-add investment opportunity of a strategically located historic warehouse redevelopment completed in 1993. The Apartments at Nautica provides residents with easy access to Cleveland's vibrant dining, entertainment, and nightlife scenes. Residents enjoy premier walkability to major entertainment destinations at the Nautica Waterfront District such as Jacobs Pavillion, and Globe Iron, Cleveland's newest live music venue.
The Apartments at Nautica is a mixed-used historic redevelopment with 55 spacious apartment units with an industrious charm, an estimated 16,700 square feet of ground floor retail space and an estimated 14,400 square of second floor commercial office space. Jacobs Entertainment and McCarthy's Downtown are long-term tenants of the commercial spaces.
The Apartments at Nautica offers a diverse unit mix of one, two and three-bedroom floorplans that range from 750 to 1,525 square feet, attracting a broad demographic that ensures a stable and diversified tenant mix. Amongst downward trending unit sizes in new construction, The Apartments at Nautica is strategically positioned as a value-leader that boasts exceptionally large 1-bedroom units averaging 1,072 square feet and are priced at a significant discount to market rents of competitive new construction in the downtown market. Units at the property offer an industrious charm with vaulted ceilings, exposed brick, expansive windows, hardwood-style flooring, office/den space, open-concept floorplan designs and modern finishes in select units.
Property amenities include a rooftop deck offering panoramic views of downtown Cleveland, reserved indoor and outdoor parking spaces, secured intercom access, package room, on-site leasing & maintenance, laundry facilities on each floor, and an invitation to an active urban lifestyle. From a prime location to modern amenities and spacious floorplans, The Apartments at Nautica has tremendous potential to capture the high demand from Cleveland's tremendous urban growth and tailor towards a diverse resident base.
Investment highlights
- Prime Location in Cleveland's Flats District: Nestled along the Cuyahoga River and proximate to top attractions like The Greater Cleveland Aquarium, FirstEnergy Stadium, Rocket Arena, Jacobs Pavillion and more. Whether it's the Flats at East Bank or Ohio City, high-end restaurants, trendy bars, and entertainment venues are all within walking distance.
- Diverse, Spacious, & Unique Floorplans: The Apartments at Nautica offers well-above average floorplans, tailoring towards a diverse resident base seeking more space and at a significant discount to new competitive urban construction. Leasing trends show tremendous demand for urban renters seeking properties with more character and premier accessibility to community amenities.
- New People Magnets at Your Doorstep: Globe Iron, a new concert venue in Cleveland's West Bank of the Flats, opened in May 2025. The 1,200-capacity indoor concert hall which mixes metal, rock, indie and folk offerings. Irishtown Bend Park is an exciting new development in Cleveland, transforming a 23-acre area along the Cuyahoga River into a vibrant green space. The park aims to connect downtown Cleveland with the river and Lake Erie, providing a scenic and accessible area for the community.
- Modernize Units to Achieve Significant Rent Premiums: Current ownership has recently invested significant capital into the property, reinforcing the foundational components of the property such as structural steel beams, roofing and HVAC systems, meanwhile modernizing interior units to achieve strong premiums. New ownership is encouraged to pursue luxury interior renovations of units to strategically position rents at a discount to luxury new construction projects.
- Cuyahoga Riverfront Master Plan within Walking Distance: The Riverfront Cleveland is a transformational, mixed-use development reimagining 35 acres of underutilized land and the historic Tower City Center along the Cuyahoga River a $3.5 billion vision for the city that prioritizes accessibility and sustainability. Planned to open in 2027. The 3.5 million square foot master plan development will include 12 acres of publicly accessible space including parks, plazas, trails, a 3,000-foot riverwalk, open areas and waterfront access with year-round activities.
- Enhance Amenity Spaces: New ownership has the opportunity to enhance the rooftop terrace to make it a year-round community space for residents by adding grill stations, firepits, new cabana and night lights. The main lobby has a large space currently used as maintenance storage, despite ample other space for maintenance storage, and provides for the opportunity to build-out a large community gathering space or on-site fitness center.
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