Tremont Trails Luxury Apartments offers a prime investment opportunity in Cleveland's thriving multifamily market. The property was built in 2021 and is zoned for 7 units, ideally positioned for an investor seeking a trophy property in a premier location. Benefitting from a 15 year tax abatement, this low-rise gem is located in the coveted Tremont neighborhood, offering close proximity to downtown Cleveland. Tremont Trails presents a compelling opportunity for investors looking to capitalize on the demand for modern, multifamily residences in a thriving location. Six units are multifamily. The seventh unit could be multifamily or has the potential to be rented to a commercial tenant. Tremont Trails is Green Communities and Energy Star certified.
The residential tax abatement began January, 2021, and runs for 15 years, expiring on December 31, 2035. The tax abatement is approved for 100% of the assessed taxes for the rehabilitation costs for a term of 15 years following the effective date. The tax abatement has the potential to save an investor almost $500,000 in real estate taxes.