1873 55Th StCleveland, OH 44103
- Office properties
- 5,662 SF
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
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
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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