Address
5455 North Marginal Rd, Cleveland, OH
Price
$ 5,990,000
Property Attributes
  • MLS#4474323
  • TypeLand
  • CountyCUYAHOGA
  • CityCleveland
  • NeighborhoodJg Bruggemans Sub
  • Zip44114
  • Style
  • Price$ 5,990,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
  • Lot Size4.28 Acres
Data Source:
MLSNow
Property Description

Shoreway Realty Group is pleased to offer a 4.288-acre, fee-simple parcel at 5475 North Marginal Road, in Cleveland, Ohio at the junction of Lake Erie and East 55th Street. The property and the project have been granted 15-year, residential tax abatement by the City of Cleveland. This is provided by Cleveland Ordinance 1376-2019 which passed City Council on December 2, 2019. This constitutes 100% tax abatement for all improvements over the tax value of the property when the project gets constructed. In addition, the project and the site have obtained a 30-year tax increment financing. Tax increment financing (“TIF”) which permits the increase in value over the current tax value to be abated for the portion of such real estate taxes that are not payable to the Cleveland Municipal School District for an additional 30 years after the completion of construction. The actual project site includes not only the 4.288-acre parcel of fee-simple land but a 0.4188 parcel of land which was part of the original East 55th Street right-of-way which has since been vacated by the City of Cleveland. The mini park will provide lakeside viewing areas. In the event a purchaser elects not to build a residential project on the site, there will be no residential tax abatement, but the TIF will apply to all commercial activities which would be conducted on the site from year 1 through year 30. The property is zoned general retail -GR.

Price History
9/18/2023 Listed $5,990,000

General Features

Additional Parcels Y/N No
Association Y/N No
Attached Garage No
Carport Y/N No
City Cleveland
County Cuyahoga
Directions Off E 55th on Marginal
Elementary School District Cleveland Municipal
Garage Y/N No
High School District Cleveland Municipal
Home Warranty Y/N No
Land Lease Y/N No
Lease Considered Y/N No
Lease Renewal Y/N No
Middle/Junior School District Cleveland Municipal
Mobilehomeremainsyn No
New Construction No
Possession Negotiable
Property Attached Y/N No
Property Sub Type Additional Commercial
Property SubType Commercial
Property Type Land
Rent Control Y/N No
Senior Community Y/N No
Sewer PublicSewer
Standard Status Active
Status Active
Street Name Marginal
Subdivision Name Jg Bruggemans Sub
Township Cleveland
View Y/N No
Waterfront Y/N No

Interior Features

Air Conditioning Y/N No
Basement (Y/N) No
Electric On Property Y/N No
Fireplace Y/N No
Heating Y/N No
Street Suffix Road

Exterior Features

Buyer Agent Compensation 2
Crops Included Y/N No
Horse Y/N No
Irrigation Water Rights Y/N No
Lot Size Acres 4.28
Lot Size Area 4.28
Lot Size Units Acres
Number of Lots 1
Open Parking Y/N No
Parking Features NoDriveway
Spa No
Water Source Public

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Land Average in 44114

Price
AVG $3.03M
$5.99M
Visits
AVG 45
19

Your Agent

Listed By
Kathleen A Bassett with Shoreway Realty Group
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