11809 Union AveCleveland, OH 44105

Property Details for 11809 Union Ave

Year built

1920

Construction

WOOD

Lot size

0.10 AC

Property size (Sq ft)

4,786 SF

Zone code

2F

Property type

Warehouses

APN

130-20-011

APU

13020011

Description

This exceptional mixed-use property, located at 11809 Union Avenue in Cleveland, Ohio, presents a compelling investment opportunity. The 7,200 square foot building, constructed in 1920, features six units: four renovated apartments and two vacant storefronts. Each apartment, updated within the last two years, commands monthly rent between $750 and $850, ensuring a strong current cash flow. The building boasts a newly refinished roof (2022) and each apartment includes a new furnace and hot water tank. The two storefronts have been completely gutted and are ready for renovation, offering significant upside potential. A potential conversion to residential use exists, however, any zoning changes would be the responsibility of the buyer. This property sits on a 130-20-011 APN parcel and is zoned for mixed use. The seller is highly motivated and will consider all offers, but prioritizes cash buyers and those capable of a swift closing. Commercial financing will be required for leveraged purchases. This is a rare opportunity to acquire a cash-flowing asset in a rapidly developing Cleveland neighborhood. The building is currently 75% occupied.

• CAP approach

  CAP return

  Valuation

  6%

  $2,168,300

  6.5%

  $2,001,510

  7%

  $1,858,540

• Comparable approach

  Method

  Valuation

  Relative Method

  $716,292

  Geo Method

  $716,292

• Alternative Use

  Use

  Valuation

  Retail / Commercial

  $981,698

  Mixed-Use / Specialty

  $943,002

  Hospitality / Lodging

  $646,025

  Office

  $900,740

  Institutional / Educational

  $967,762

  Residential Income

  $1,132,280

  Multifamily

  $1,553,120

  Automotive / Energy

  $829,511

  Parking / Income-Based Land

  $321,028

  Restaurant / Food Service

  $415,346

  Healthcare / Senior Housing

  $1,003,120

Location Insight

City

Cleveland

County

Cuyahoga

State

Ohio

Latitude

41.4639

Longitude

-81.6002

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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