Multifamily Investment Opportunity
Price
$85,000,000
OFF-MARKET OPPORTUNITY:
THE VUE-368 units CLEVELAND OH
THE OFFERING
The VUE presents a rare opportunity to acquire a premier Class A multifamily asset in Beachwood, one of Cleveland’s most sought-after submarkets. This high-end, 348-unit luxury community offers outstanding amenities, a structured underground garage, and significant value-add potential.
PROPERTY HIGHLIGHTS
Address: 23220 Chagrin Boulevard, Beachwood, OH 44122
Year Built: 2015
Occupancy (as of 1/24/2025): 96%
Number of Units: 348
Stories: 4 stories with underground parking
Total SF: ±372,685 SF
Average Unit Size: ±1,071 SF
Average Market Rent: $2,020/month
Average Market Rent/SF: $1.89
Parking: 631 spaces, including assigned underground & private garages (monthly fee applies)
PRICING & FINANCIALS
Pricing Guidance: $85MM
Cap Rate: ~6% (Year 1 tax-adjusted NOI)
Assumable Debt: 4.06% Fannie Mae loan available for assumption, allowing for maximum leverage at below-market rates.
📌 Access to Financials: Google Drive Link
VALUE-ADD OPPORTUNITIES
🔹 Rent Growth Potential
5% lease trade-out and renewal increases in 2024.
Rents are 22% below comparable properties despite larger units.
Premium unit upgrades could generate an additional $604/unit/month in rent.
🔹 Operational Efficiencies
Expenses are above market norms—opportunities exist for cost reductions.
Additional revenue potential from cable/internet exclusivity, increased parking fees, and expanded Valet Trash program.
🔹 Amenity Optimization
Underutilized spaces such as the Kid Room and Art Gallery could be repurposed into a movie theater, game room, or coworking space for remote workers.
RESORT-STYLE AMENITIES
Exterior Features:
✅ Contemporary architecture with resort-style outdoor heated pool✅ Landscaped gardens, Zen garden, relaxation courtyard & fire pits✅ Heated underground parking, electric car charging station & car wash✅ Bike storage & enclosed dog run✅ Outdoor terrace with fireplace, kitchen, and Wi-Fi
Interior Features:
✅ Attended front desk concierge & package room with refrigerated storage✅ Clubhouse with billiards, lounge, pool views & Wi-Fi✅ 2-story state-of-the-art fitness center & yoga/spin studio✅ Kids playroom, conference room, art gallery, and private 4th-floor lounge✅ Smoke-free community with breathtaking downtown Cleveland views
ADDITIONAL TERMS
💰 Buyer Fee: A 2% buyer fee is payable to Promiseland Realty LLC at closing.
📂 Due Diligence: Full offering memorandum (OM), rent roll, T-12 financials, and additional data available upon request.
📞 For inquiries and access to full due diligence materials, contact:Promiseland Realty LLC
⚠️ Serious, qualified buyers only. Proof of funds (POF) or lender pre-approval required prior to full disclosure.
Property Map
"Your #1 Source for Off Market Real Estate Properties, Nationwide"
PROMISE LAND REALTY, LLC
Work: 248- 416-2574
All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. You do NOT HAVE PERMISSION to market this property WITHOUT EXPRESSED WRITTEN CONSENT. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. Realtors add your fee on top.