1224 Huron RdCleveland, OH 44115

Property Details for 1224 Huron Rd

Year built

1920

Construction

TYPE NOT SPECIFIED

Lot size

0.10 AC

Property size (Sq ft)

17,424 SF

Zone code

GR

Property type

Retail properties

Property subtype

Retail space

APN

101-37-021

APU

10137021

Description

This exceptional mixed-use property, located at 1224 Huron Road in Cleveland, Ohio's vibrant Playhouse Square Theater District, presents a rare investment opportunity. The 17,424 square foot building, known as the Starr Piano Lofts, is a fully leased, award-winning historical renovation boasting nine residential units and one retail space. The residential units comprise three one-bedroom, one-bathroom apartments and six two-bedroom, two-bathroom apartments, all featuring in-suite laundry. Three units offer stunning views overlooking Playhouse Square. The building benefits from a mix-use zoning designation, allowing for flexibility and potential future development. Currently operating at 100% occupancy, the property offers a solid investment with upside potential. Additional income streams are possible through storage lockers and parking. The building's prime location, just one block from E 9th Street and the RTA HealthLine, and its proximity to major sports arenas, ensures high demand and strong tenant occupancy. Utilities are efficiently managed with owner-paid trash removal and water/sewer, and tenant-paid electricity only. Projected net operating income (NOI) at increased market rates is $192,032, representing a 6% capitalization rate at the asking price of $3,300,000. This property is a truly unique opportunity to acquire a high-performing asset in a rapidly growing area. The asking price is $3,300,000.

• CAP approach

  CAP return

  Valuation

  6%

  $4,607,827

  6.5%

  $4,253,379

  7%

  $3,949,566

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,107,199

  Geo Method

  $4,107,199

• Alternative Use

  Use

  Valuation

  Residential

  $3,587,884

  Hospitality

  $3,286,482

  Educational

  $2,734,315

  Medical

  $2,828,352

  Retail

  $4,253,379

Location Insight

City

Cleveland

County

Cuyahoga

State

Ohio

Latitude

41.5001

Longitude

-81.6827

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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