Edgewater

Edgewater is a neighborhood on Cleveland’s northwest side, and is directly adjacent to Lake Erie and the City of Lakewood.

Though the grade of this area appears on the low side, this is largely due to some sizable apartment buildings catering to lower income or senior tenants (driving down both the owner-occupancy percentage and the median income considerably due to their scale); the majority of the houses and market rate apartment buildings cater to professionals, and there are even some houses worth close to (or even over) $1M in this lakefront neighborhood.

Multiple high-end developments have been pursued in the past few years, with consistent demand for these pricey properties.

Edgewater is a very stable area, and is a solid place for a residential investor to look for properties as long-term holdings. The majority of the housing stock south of Lake Avenue was built in the first few decades of the 20th century, and is a mix of single family houses, multi-family houses and apartment buildings.

The housing stock north of Lake Avenue was developed through the entire 20th century, and is predominantly higher priced owner-occupied houses that would not likely pencil out for investors looking to cash flow.