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3733 Warrensville Center Road Shaker Heights, OH
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Investment Sales Advisors:
Mortgage Banking:
Cleveland Office
127 Public Square, Suite 1440 Cleveland, OH 44114
Steven Jones
Director 470.383.4349 steven.jones@berkadia.com OH License #SAL.2024004939
Mark Vogel
Senior Managing Director 216.621.9000 mark.vogel@berkadia.com
Eric Bevilacqua
Associate Director 216.621.9001 eric.bevilacqua@berkadia.com
Sam Van Dyke
Associate Director 216.367.2117 samvandyke@berkadia.com
Daniel Geuther
Managing Director 216.621.8289 daniel.geuther@berkadia.com
Rob Starrett
Managing Director 440.708.6302 rob.starrett@berkadia.com OH License #BRKA.2023000830
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2025 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
Opportunity
Berkadia is pleased to present the exclusive listing for Shaker Crossing, a 105-unit property built in 1950, situated in the charming neighborhood of Shaker Heights, Ohio.
Prime Location: Shaker Crossing is strategically located on Warrensville Center Rd, offering excellent access and proximity to major employers such as The Ahuja Medical Center and Eaton, along with three expansive, renowned open-air shopping centers (The Van Aken District, Eton, and Pinecrest). Van Aken in particular is walkable from the property, made easier by the construction of a multiuse walkway path in 2019 along Warrensville Center Road, and provides residents and locals alike with premier food, shopping, and entertainment. Shaker Crossing provides residents with access to the highly desirable Shaker Heights City School District (A- overall grade per Niche). Residents living on the east side of Warrensville Center Road (80 units) go to Mercer Elementary and those on the west side go to Lomond Elementary. All grade 6-8 students attend Shaker Heights Middle School, and 9-12 students attend Shaker Heights High School.
Attractive Assumable Debt: This investment provides an opportunity to assume existing financing at significantly better than current market rates. The loan is $7.142M and was originated in December 2021 with a 15-year term, an interest-only period remaining through December 2026, and a fixed interest rate of 3.98%. This allows for strong cash yields in today’s high interest environment.
Modernized Unit Interiors: The property boasts renovated units with desirable finishes, including engineered hardwood floors, walk-in closets, stainless steel appliances, and available secure parking garages. Featuring 1-, 2-, and 3-bedroom unit types, Shaker Crossing has floorplans to meet the needs of virtually all, from singles to families alike.
Opportunity to Continue with Proven Value-Add Strategy: The property boasts renovated units with desirable finishes, including engineered hardwood floors, walk-in closets, stainless steel appliances, and available secure parking garages. Featuring 1-, 2-, and 3-bedroom unit types, Shaker Crossing has floorplans to meet the needs of virtually all, from singles to families alike.
Strong Area Demographics: Within a 3-mile radius, 32% of the population earns $100,000 or more annually, while another 27% earns between $50,000 and $99,000 annually. Additionally, over 40% of the population in the area rents. Shaker Crossing benefits from its attractive location within the historical Cleveland submarket of Shaker Heights with a stable and consistent renter base.
Shaker Crossing presents a unique hybrid opportunity for both value-add and cash flow-seeking investors. Current ownership has successfully executed a straightforward interior renovation program that yielded strong returns on investment, and new ownership has the opportunity to continue with that strategy. Combined with the assumable debt, investors will uniquely benefit from strong current cash flow upon acquisition, while improving both the operating cash flow as well as the property’s value by completing the renovation strategy and bringing partial renovations up to the full scope.
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3733 Warrensville Center Road, Shaker Heights, OH
105
UNITS
1950
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