The VUE
Cleveland, OH.
Guidance: $85,000,000
State: Ohio
City: Cleveland
Fee paid by Buyer: 2%
CAP: 6% (Year 1 tax-adjusted NOI)
Assumable Loan: Yes - 4.06% Fannie May
Seller Carry: No
Dispo Method: Cash & Assumable Loan
Asset Class: Multifamily 100+
Address: 23220 Chagrin Blvd, Cleveland Ohio
Class: A
Build Year: 2015
Stories: 4 & underground parking
Doors: 348
Price per Door: $244,252.87
Parking: 631 (including assigned underground and private garage (fee)
Occupancy: 96% (1/24/25)
Details: 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.
Total SF: ±372,685 SF
Average Unit Size: ±1,071 SF
Average Market Rent: $2,020/month
Average Market Rent/SF: $1.89
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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.
