The Finley on Pearl

Old Brooklyn is one of Cleveland’s largest and most established neighborhoods, located about five miles south of downtown. Its boundaries stretch from the Cuyahoga River on the east to the city of Brooklyn on the west, and from Brookside Park Valley in the north down to Parma in the south. The area is celebrated for its strong community atmosphere, family-friendly feel, and abundant green space. Notable highlights include the Cleveland Metroparks Zoo and Brookside Reservation, attracting visitors from across the region. Accessibility is a major advantage. I‑71 and I‑480 border the neighborhood, providing easy commutes to major employers, downtown, and the airport. Old Brooklyn features a mix of classic diners, specialty shops, and restaurants that keep the local economy vibrant. Housing options span from charming and affordable bungalows to mid‑century homes and apartments. With safe streets, well-kept parks, and a population of nearly 35,000, Old Brooklyn remains a top choice for families, young professionals, and anyone seeking a welcoming community that combines tradition with convenience.The Finley on Pearl represents a relatively low-risk redevelopment opportunity in a high-demand Cleveland neighborhood, supported by city initiatives that target infill and mixed-use investment in areas just outside growth corridors. The project benefits from city approvals for zoning and plans, along with a 15-year tax abatement, aligning with Cleveland’s broader goal to produce 23,000 new or substantially rehabilitated housing units through targeted incentives and streamlined approvals. The property is currently vacant with a projected redevelopment costs estimated at $1,450,000, positioning the asset as a value-add play relative to prevailing multifamily pricing and cap rates in the metro. Based on the current underwriting, a stabilized Year 1 net operating income that supports a 10.1% capitalization rate implies a yield premium to both typical Cleveland value-add multifamily cap rates, which are quoted around the 6% - 7%, and broader metro averages reported near 9%. An exceptional opportunity is available for a new investor to redevelop a market-rate multifamily property, offering returns that significantly exceed market performance by the conclusion of the first-year lease-up.