1873 55Th StCleveland, OH 44103

Property Details for 1873 55Th St

Year built

1910

Construction

TYPE NOT SPECIFIED

Lot size

1.91 AC

Property size (Sq ft)

5,662 SF

Zone code

GR

Property type

Office buildings

APN

118-01-005

APU

11801005

Description

This exceptional investment opportunity presents a 38,000-square-foot warehouse situated on a two-acre lot in Cleveland, Ohio. Located at 1873 East 55th Street, this property boasts a prime location on a signalized corner with Hough Avenue, within the bustling East 55th Corridor, experiencing a high daily vehicle count of 27,000. The building is currently 100% occupied by a single tenant under a triple-net lease (NNN), operating successfully for over 42 years, with a potential for a lease-back arrangement. The property features one dock-high door and is zoned for light industrial use (SI), allowing for diverse operational possibilities. Its strategic location offers convenient access to public transportation, being situated on an RTA transit line and just six minutes from the Amtrak train station. The asking price is $495,000, representing a compelling 14% capitalization rate. This property presents a rare chance to acquire a well-established, income-generating asset in a thriving Midtown tech corridor. The building is part of a neighborhood extending from the Innerbelt trench to E 79th Street, and from Cedar Avenue to Payne Avenue. Available February 2024.

• CAP approach

  CAP return

  Valuation

  6%

  $1,018,593

  6.5%

  $940,240

  7%

  $873,080

• Comparable approach

  Method

  Valuation

  Relative Method

  $529,624

  Geo Method

  $529,624

• Alternative Use

  Use

  Valuation

  Residential

  $1,165,898

  Hospitality

  $1,067,956

  Educational

  $888,527

  Medical

  $919,085

  Retail

  $1,382,153

Location Insight

City

Cleveland

County

Cuyahoga

State

Ohio

Latitude

41.508

Longitude

-81.651

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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