Yes! We said the EAST SIDE. While most investors are caught in the trend of purchasing properties Downtown or on the west side of the city, we’d like to drop a few hidden gems for those considering to try their hand as a new investor in the Cleveland real-estate market. Each neighborhood within the city has something great to offer from innovative schools to good eats, but you’ll find that you will get so much more for your money in the long run by exploring properties in these up and coming communities that are primed for growth.
Waterloo Arts & Entertainment District located in the center of the historic Collinwood community. With 15 arts-related businesses and over 6 million of direct investment, no doubt this will be the “Tremont” of Cleveland’s East Side. Collinwood is currently home to 11,500 residents and more businesses to come. Back in 2002, community members envisioned a thriving urban arts community despite dilapidated, boarded-up buildings. That same year, the Waterloo Arts 501 (c) 3 was born, driving their mission to revitalize the community through highly anticipated programming and events. By 2010, the US census reported a median income of $24,995, however, in 2017 the community attracts hundreds of residents, businesses, and patrons varying in economic and cultural backgrounds, driving lower crime rates, prideful community engagement, and more arts and performances from local and A-list celebrities each year. Whether is residential or commercial investing that interests you, Northeast Shores Development Corporation provides resources to help you get your feet wet, including financial incentives. Check it out http://northeastshores.org/invest/finding-properties/
Broadway/Slavic Village one of the city’s oldest neighborhoods located on the southeast side. By 2007, Slavic Village had the highest rate of foreclosed homes in the nation during the housing market collapse. Foreclosure hit as high as 70% in portions of the neighborhood. With 1,200 vacant and distressed homes, the community became labeled “ground zero” for the nation’s housing crisis, according to placenow.org, (Practitioners Leveraging Assets for Community Enhancement). Today, the Cleveland Neighborhood Progress has partnered with Slavic Village Development (SVD), Forest City, and RIK Enterprises to rehab and pipeline homes for sale. What’s in it for you? Homes are acquired at a low cost and rehabbed under SVRP’s supervision ensuring compliance. Price points for the rehab start around $62K and have risen to an average of $72k within 2 years of activity. Another interesting puzzle piece here is the NIB program, also known as the “Neighbors Invest in Broadway” program. NIB began in 2011 by the SVD, support their work in rehabilitating the houses, putting them back on the market, and keeping renovation costs low. NIB is still looking to identify potential buyers and landlords, and home purchases can be made without bank loans. New developments, paired with lower rent, new and innovative schools … Slavic Village is sure to attract new families and new money.
With all this retail, office, and residential property up for grabs visit www.livecleveland.org for more research and info regarding Cleveland’s neighborhoods and culture. Visit www.monumentmgt.com/vacanies for a list of our current rental properties! Happy Shopping!!