2691 E 116th St
2691 E 116th St, Cleveland, OH 44120 | Fairwood Court Apartments
Justin Campbell
216-801-3599
2691 E 116th St.
$745,000
2691 E 116th St, Cleveland, OH 44120 | Fairwood Court Apartments
Premium Cleveland Reposition Multifamily Opportunity
Fairwood Court Apartments
Premier Value-Add Reposition Multifamily Investment
Cleveland’s University Circle Corridor
High-Return Investment in One of Ohio's Strongest Multifamily Markets
The Fairwood Court Apartments present a rare 20+ unit value-add renovation opportunity in Cleveland’s rapidly appreciating 44120 submarket. With Cleveland ranking as one of the top purchase-to-rent markets in the U.S., this property benefits from its prime location near world-class healthcare, research institutions, and cultural attractions. The strong rental demand in University Circle, combined with the flexibility for short-term (STR) and mid-term (MTR) rental strategies, makes this one of Ohio’s most compelling multifamily investment opportunities.
Why Fairwood Court is a Top-Tier Value-Add Investment Opportunity in Ohio
1. Location: Steps from the Nation’s Top Medical and Educational Institutions
Cleveland Clinic (CCF) – Ranked #2 in the world and #1 in heart care, with thousands of high-income professionals in need of housing.
University Hospitals & Case Western Reserve University (CWRU) – CWRU is a top-50 research university with over 12,000 students and a high demand for student and faculty housing.
University Circle – Cleveland’s Cultural & Economic Hub – Home to The Cleveland Museum of Art, Cleveland Orchestra, Museum of Natural History, and Little Italy, attracting professionals, academics, and visitors.
2. Cleveland’s Strong Multifamily Market and Favorable Investment Metrics
One of the nation’s top purchase-to-rent markets, offering higher cap rates and stronger cash flow than coastal metro areas.
The University Circle submarket has seen a 6% increase in average rents over the past year, with further rental growth expected.
Limited multifamily supply in this high-demand area enhances property appreciation potential.
3. Recent Multifamily Sales Prove Strong Exit Potential
A 29-unit micro-efficiency apartment building just two minutes away sold for $5.1M ($176K per unit) in January 2023, setting a precedent for high-value sales in the neighborhood.
Short-Term (STR) & Mid-Term Rental (MTR) Potential – Maximize Cash Flow
1. High Rental Premiums Over Traditional Market-Rate Rents
Short-Term Rentals (STR): Average monthly rent is $2,284, in line with market-rate units but allows for flexible pricing and higher returns per night.
Mid-Term Rentals (MTR): The average rent for mid-term furnished units in Cleveland is between $1,628 and $2,818 per month, commanding a 69% premium over the city’s average long-term rent of $1,066 per month.
2. Robust Occupancy & Demand for STR & MTR Units
STR Occupancy Rates: Median occupancy for short-term rentals in Cleveland is 60%, with peak-season rates exceeding 80%.
Average Daily Rate for STR Units: $160.87 per night, making short-term rentals highly lucrative compared to long-term leases.
MTR Demand: Corporate travelers, visiting medical professionals, and students provide consistent demand for fully furnished mid-term units.
Multiple Rental Strategies – Tailored for Maximum ROI
The Fairwood Court Apartments offer a diverse range of income strategies, including:
Short-Term Rentals (STR): High nightly rates for traveling medical professionals, university visitors, and cultural tourists.
Mid-Term Rentals (MTR): Ideal for medical residents, visiting professors, and corporate travelers.
Market-Rate Rentals: Capturing CWRU students and young professionals seeking high-quality housing near University Circle.
Serious inquiries only. Contact Justin Campbell at 216-801-3599 to discuss this prime Cleveland multifamily investment opportunity.
Property Facts:
Property Type Multifamily
Sub Type Apartment Building
Square Footage 18,772
Net Rentable (SqFt) 18,700
Units 22
Cap Rate 10.00%
Price per SqFt $40
Class C
Year Built 1929
Year Renovated 2019, 2020, 2021
Buildings 1
Stories 4
Zoning MF
Investment Type Value Add
Sale Condition For sale by owner
