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Salient Points
- Cleveland is a Health Care Hub with over 60 Hospitals and a big Biomedical Industry
- The Biomedical industry is a large exporter of goods adding further financial gain to the community.
- Cleveland is now home to over 600 biomedical facilities with more being added each year.
- Northeast Ohio economy has consistently grown and outpaced the national average for job growth.
- Corporate friendly tax structure
- Low cost of living
- Northeast Ohio is home to 300 foreign-owned businesses,
- The region is a hub for food processing, where major brands such as Smucker’s, Nestlé, and Pierre Foods
- 6 deep water ports, 3 class 1 railroads, 2 international airports creates low cost logistics
- 29 colleges and universities
- 2 million talented workers create a smart productive workforce.
- Cleveland low residential repossessed real estate acquisition costs are able to provide returns as high as 15 and 20% cap rates. Cleveland is a great investment location for those seeking strong cash flow.
Geographic
Cleveland Metro is the largest metropolitan area, by population, in the State of Ohio and this area (known as Greater Cleveland) has a fairly static population of around 2,900,000. Typical of the Great Lakes region, Cleveland exhibits a continental climate with four distinct seasons, which lies in the humid continental zone. Summers are hot and humid while winters are cold and snowy.
Cleveland is a beautiful city located on the southern shores of Lake Erie, in northeast Ohio…consistently ranked as one of the most livable cities in the world by the Economist… it is a worthwhile vacation destination, a great place for real estate investments, and a wonderful place to call home.
Renewal and Growth
Cleveland is undergoing major revitalization in all sectors and has accomplished significant progress. Uptown at University Circle brings additional arts and retail development to an already world class cultural district. The continuing expansions of University Hospitals, Cleveland Clinic, Cleveland State University and Case Western Reserve University, not only maintain a long-standing tradition of excellence in education and medicine, but also provide jobs and continued training for our local workforce.
All of these efforts at renewal and revitalization help to create neighborhoods and, ultimately, a city that grows and thrives. The Economist has repeatedly voted Cleveland as one of the most livable cities not only in the US, but the world. When you combine all of this with affordable housing and a cost of living that is nearly 20% lower than the national average; you’ve got a great place to invest.
Economy
Cleveland’s economy has diversified sectors that include manufacturing, financial services, healthcare, and the biomedical industry. An incredible 37% of the Fortune 500 Companies have a major presence in the area and this underpins the area’s credentials as a strong industrial centre. Furthermore, 70 percent of Fortune 500 companies have a presence in Northeast Ohio.
With stable home prices, a fantastic standard of living and a strong rental market; not to mention nearly $10 billion worth of major capital investments and a $170 billion economy, Northeast Ohio has a lot to offer.
Property
If you are looking at Cleveland property, you have probably decided already that you like the idea of a more conservative real estate market than what can be found, for example, in Florida. Unlike Florida, the market in Cleveland is still relatively depressed and high yielding bargains are available. In Cleveland, you can find value and, in addition, a real estate environment that is not flat-lined like some of the bigger industrial cities like Toledo. Whether you are looking for a single, small investment apartment in a managed community or a larger portfolio comprising multiple properties there will be something to suit in Cleveland, Ohio.
Cleveland is one of the few markets that still provide investors the opportunity to purchase single-family properties below market value AND it remains one of the strongest price-to-rent ratios in the nation.
Cleveland, Ohio continues to provide investors the opportunity to find residential cash-flow properties at deeply discounted prices. According to new data from Zillow in an article published in Washington Post recently, foreclosed properties nationally are now selling on average at fair market value, leaving very few bargains except in a few select markets — Cleveland being one of them.
The greater Cleveland region is home to the nation’s second largest performing arts district in the nation. Residents can visit seven halls of fame in Northeast Ohio – most notably the Rock and Roll Hall of Fame and the Pro Football Hall of Fame. It also features over 25 accredited colleges and universities, a workforce of 2 million and over 4 million residents.
Health Care
US News and World Report ranks the Cleveland Clinic as the nation’s No. 1 medical center for heart care and top 4 overall nationwide. Overall, Northeast Ohio hospitals rank in the top 10 of 11 specialty areas.
The region has attracted more than $1 billion in healthcare venture capital since 2003. More than 700 healthcare companies call the greater Cleveland region home.
Industry
Ohio has the only NASA research center in the northern US. NASA Glenn Research Center is the region’s connection to outer space. It’s playing a key role in the development of the nation’s next generation space program while conducting cutting edge research on advanced energy, aerospace and, through partnership with area medical institutions like the Cleveland Clinic, biomedical advancements.
With seventy-percent of Fortune 500 companies having a presence here, when it comes to corporate headquarters (HQ), northeast Ohio region ranks 4th in nation for HQ employment per capita. This is a vital consideration when looking at your exit strategy – you need a growth potential and Ohio and Cleveland in particular has just this.