10820-10822 Carnegie Ave | Cleveland, OH 44106
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10820-10822 Carnegie Ave
Cleveland, OH 44106
Liberty Fairchild Apartments · Multifamily Property For Sale · 22 Units
Investment Highlights
- LOCATION, LOCATION, LOCATION--- Centrally located between CWRU and Cleveland Clinic main campus.
- Financials are rough estimates as the units are 20-30 percent under market and are prime for short term development.
- Prime for development of at least 400-600 multi-family when assembled with adjacent parcels. Potential 3.0 acres in University Circle
Executive Summary
THREE (3) ACRES IN UNIVERSITY CIRCLE. ASSEMBLY POTENTIAL FOR OVER 600 UNITS
There is need for multi-family development in the Circle due to CWRU and Cleveland Clinic expansion scheduled for completion over the next two to three years. Location on Carnegie Avenue is ideal for high-rise development, and a significant mixed-use project would likely qualify for a TMUD tax benefit offered by the State of Ohio. Podium parking for 160 cars per level could be possible depending on the land assembly.
One of the most exciting real estate opportunities in University Circle, the site is located at the nearby confluence of Carnegie Avenue, Cedar and MLK Boulevard…the main routes between Cleveland eastern suburbs and CBD from the base of Cedar hill.
The Triparty Development company page on LinkedIn highlights the potential for a visionary multi-family development on Carnegie Avenue east of Stokes.
Location, Location Location…Combined parcels on Carnegie Avenue east of Stokes would enable the development of a marquee property within the heart of the new Cleveland Innovation District.
No area in the city is more familiar to the average Clevelander (possible exception…Public Square) nor more convenient and accessible.
• 5-minute walk to Case Quad and the new ISEB opening in 2026.
• 6-minute walk to Cleveland Clinic Main Campus
• 8 to 14-minute walk to the Cleveland Clinic Neurological Institute opening 2026-27, or to Innovation District Phase II opening late 2025.
• 12-minute drive to Progressive Field or Rocket Mortgage Field House.
The above reflects more than $2 billion in new construction. It represents several thousand new high paying jobs, and the need for several thousand new residences close-in to University Circle and the City of Cleveland.
Objective: An agreement in principle to develop the location with assembly of the parcels at the southeast corner Carnegie Ave. and Stokes Blvd.
Please visit the LinkedIn company page TRIPARTY DEVELOPMENT and the LinkedIn showcase page TRIPARTY DEV OVERVIEW for site amenities, photos, parking structure concepts, legal/parcel description and other information. Or call me directly... Tom Pecsok Tel: (303) 660-0992 Mobile: (303) 406-3864
There is need for multi-family development in the Circle due to CWRU and Cleveland Clinic expansion scheduled for completion over the next two to three years. Location on Carnegie Avenue is ideal for high-rise development, and a significant mixed-use project would likely qualify for a TMUD tax benefit offered by the State of Ohio. Podium parking for 160 cars per level could be possible depending on the land assembly.
One of the most exciting real estate opportunities in University Circle, the site is located at the nearby confluence of Carnegie Avenue, Cedar and MLK Boulevard…the main routes between Cleveland eastern suburbs and CBD from the base of Cedar hill.
The Triparty Development company page on LinkedIn highlights the potential for a visionary multi-family development on Carnegie Avenue east of Stokes.
Location, Location Location…Combined parcels on Carnegie Avenue east of Stokes would enable the development of a marquee property within the heart of the new Cleveland Innovation District.
No area in the city is more familiar to the average Clevelander (possible exception…Public Square) nor more convenient and accessible.
• 5-minute walk to Case Quad and the new ISEB opening in 2026.
• 6-minute walk to Cleveland Clinic Main Campus
• 8 to 14-minute walk to the Cleveland Clinic Neurological Institute opening 2026-27, or to Innovation District Phase II opening late 2025.
• 12-minute drive to Progressive Field or Rocket Mortgage Field House.
The above reflects more than $2 billion in new construction. It represents several thousand new high paying jobs, and the need for several thousand new residences close-in to University Circle and the City of Cleveland.
Objective: An agreement in principle to develop the location with assembly of the parcels at the southeast corner Carnegie Ave. and Stokes Blvd.
Please visit the LinkedIn company page TRIPARTY DEVELOPMENT and the LinkedIn showcase page TRIPARTY DEV OVERVIEW for site amenities, photos, parking structure concepts, legal/parcel description and other information. Or call me directly... Tom Pecsok Tel: (303) 660-0992 Mobile: (303) 406-3864
PROPERTY FACTS
| Sale Type | Investment | Lot Size | 0.55 AC |
| Sale Conditions | Redevelopment Project | Building Size | 20,000 SF |
| No. Units | 22 | Average Occupancy | 98% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1917/1986 |
| Apartment Style | High Rise | Parking Ratio | 1.1/1,000 SF |
| Building Class | C | Opportunity Zone |
Yes
|
| Sale Type | Investment |
| Sale Conditions | Redevelopment Project |
| No. Units | 22 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | High Rise |
| Building Class | C |
| Lot Size | 0.55 AC |
| Building Size | 20,000 SF |
| Average Occupancy | 98% |
| No. Stories | 2 |
| Year Built/Renovated | 1917/1986 |
| Parking Ratio | 1.1/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Heating
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Range
Site Amenities
- 24 Hour Access
- Controlled Access
- Courtyard
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 14 | $1,361 CAD | 880 - 910 |
| 1+1 | 8 | $1,134 CAD | 530 - 660 |
PROPERTY TAXES
| Parcel Number | 121-24-015 | Improvements Assessment | $212,635 CAD |
| Land Assessment | $150,677 CAD | Total Assessment | $363,312 CAD |
PROPERTY TAXES
Parcel Number
121-24-015
Land Assessment
$150,677 CAD
Improvements Assessment
$212,635 CAD
Total Assessment
$363,312 CAD
zoning
| Zoning Code | GR-E3 (Gerneral Retail Business. 115 ft height limit. Note: Nearby comparable site, One University Circle, 20 stories, 215 ft high (had 175ft height limit)) |
| GR-E3 (Gerneral Retail Business. 115 ft height limit. Note: Nearby comparable site, One University Circle, 20 stories, 215 ft high (had 175ft height limit)) |
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