1873 55Th StCleveland, OH 44103

  • Office properties
  • 5,662 SF
For Sale
$495,000 View listing

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 properties
Property subtype
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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 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
1873 55Th St, Cleveland, Ohio

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$12,735
$48,060
$79,450
$127,510
-
$137,300
$227,000
$364,300

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