988 185Th StCleveland, OH 44119

Property Details for 988 185Th St

Year built

1942

Construction

WOOD

Lot size

0.14 AC

Property size (Sq ft)

1,370 SF

Zone code

LR

Property type

Office buildings

APN

113-08-020

APU

11308020

Description

This vacant, three-story office building at 988 East 185th Street in Cleveland, Ohio, presents a compelling owner-user or investment opportunity. The 2,644 square foot building, constructed in 1942, is classified as Class D and sits on a large lot with a paved driveway and an extra-large fenced-in rear parking area accommodating 4 vehicles. Currently configured as office space, it features a full kitchen and bath on the main floor, three main floor offices, four offices on the second floor, and a finished attic offering additional space. Recent improvements include a new roof (installed 10 years ago), new air conditioning (2023), and a new concrete pad in the rear (2023). The building also boasts newer windows throughout. The property is zoned for local retail, expanding its potential uses. Its prime location just off I-90, minutes from Lake Erie Metroparks, University Circle, and downtown Cleveland, ensures high visibility and accessibility. The area benefits from recent city improvements, including new sidewalks, curbs, and street paving (completed November 2023), contributing to increased foot and vehicle traffic. The asking price is $170,000, translating to $64.30 per square foot. This property is ideal for a variety of uses, including but not limited to office, retail, or restaurant establishments. The building is currently vacant, allowing for immediate occupancy and customization to suit the buyer's needs.

• CAP approach

  CAP return

  Valuation

  6%

  $246,463

  6.5%

  $227,504

  7%

  $211,254

• Comparable approach

  Method

  Valuation

  Relative Method

  $128,150

  Geo Method

  $128,150

• Alternative Use

  Use

  Valuation

  Residential

  $282,105

  Hospitality

  $258,407

  Educational

  $214,991

  Medical

  $222,385

  Retail

  $334,431

Location Insight

City

Cleveland

County

Cuyahoga

State

Ohio

Latitude

41.5806

Longitude

-81.5502

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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