$230,000
OPPORTUNITY OVERVIEW
Rare opportunity to acquire a character-rich, two-story brick building on Cleveland's St. Clair Avenue NE corridor — a near east side commercial and residential strip with proven short-term rental demand and active adaptive reuse momentum.
The seller previously operated the building as a short-term rental generating approximately $4,000/month in gross Airbnb revenue, demonstrating real lodging demand on this corridor. One unit is currently rent-ready for immediate occupancy or STR re-activation; three units are in value-add condition, offering a buyer the opportunity to build equity through targeted finish work.
With 6,002 SF across two floors plus a partial basement, this asset supports multiple exit strategies: continue as a short-term rental operation, convert to 4–6 long-term residential units, or reposition as a mixed-use ground-floor commercial / upper-floor residential property.
INVESTMENT HIGHLIGHTS
• Proven STR demand — seller-reported ~$4,000/month gross Airbnb income prior to vacancy
• 1 rent-ready unit at closing — immediate partial income path, reduces day-one carry
• 3 value-add units — finish work creates equity upside priced into ask
• Multifamily conversion candidate — 6,002 SF supports 4–6 residential units
• Brick construction — durable asset with character that commands a premium on the rental market
• Walk Score 83 — walkable corridor with restaurants, retail, and transit within steps
• Strong renter demographics — median age 29, 74.8% renter-occupied within 1 mile
• No major structural issues — cosmetic and finish deferred maintenance only
• Flexible use positioning — STR continuation, long-term residential, or mixed-use
5225028
MLS
2103 St Clair Avenue NE, Cleveland
Listing Courtesy of: Michael Pasadyn, mike@mapscommercial.com With Russell Real Estate Services
