Street-Level Commercial Condo with
1148 Prospect Avenue E Cleveland, OH 44115
1148 Prospect Avenue E, Cleveland, OH, 44115
$450,000
For Sale
$450,000
SINGLE_FAMILY - Cleveland, OH
Property Size2,790 SF
Lot Size26.70 Acres
Price / SF$161.29
Days on Market19
Property Features for 1148 Prospect Avenue E
General Information
- Property type
- Residential
- Property subtype
- Office
- Rooms
- Basement
- Parking features
- On Street
- Standard status
- Active
- APN
- 101-37-305
- Lot size
- 26.70 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- UNIT E VOL 162 PGS 43-45 26.7AC OL 150 JOSHUA E. HALL CONDOMINIUM 2009S/R
- Tax Annual Amount
- 9166
Utilities
- Sewer type
- Public Sewer
- Heating system
- Forced Air
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1889
Listing agency
Keller Williams Greater Metropolitan
(216) 839-5500
Listed by
Bob Zimmer · License #404374
(216) 406-5729
Added: Jul 3 Updated: Jul 6 at 4:14PM Checked: Jul 21 at 10:06AM
MLS# 5223243
Copyright © 2026 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Unit E is a street-level commercial condominium offering flexible space across a main level and a lower level. The main floor includes exposed brick, an original tile entrance, and 12–14 foot ceilings, supporting open areas for retail, professional offices, galleries, design studios, wellness services, or creative workspaces. An additional lower level provides space suited to offices, conference rooms, inventory, production, storage, or client support. A prominent 100-square-foot display window provides visibility along Prospect Avenue.
The first floor is ADA accessible, and operations are supported by a convenient ground-level overhead loading door. Interior amenities include two HVAC systems (a heat pump and a gas-fired unit), two restrooms, and a kitchenette with a refrigerator.
Located in downtown Cleveland, the property is described as steps from Rocket Arena, Progressive Field, Playhouse Square, and East 4th Street. The monthly condominium fee of $475 includes building insurance, water, exterior lighting, common area maintenance, exterior window washing, and exterior building maintenance.
The first floor is ADA accessible, and operations are supported by a convenient ground-level overhead loading door. Interior amenities include two HVAC systems (a heat pump and a gas-fired unit), two restrooms, and a kitchenette with a refrigerator.
Located in downtown Cleveland, the property is described as steps from Rocket Arena, Progressive Field, Playhouse Square, and East 4th Street. The monthly condominium fee of $475 includes building insurance, water, exterior lighting, common area maintenance, exterior window washing, and exterior building maintenance.
Key Highlights
- Approx. 2,790 SF street‑level commercial condominium in Downtown Cleveland (Unit E), with main level approx. 1,800 SF plus lower level approx. 990 SF
- 12–14 ft ceilings on the main level with exposed brick and original tile entrance
- 100 SF display window along Prospect Avenue; ADA accessible first floor plus ground‑level overhead loading door
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $63.3k | $22.68 |
| − Vacancy | −$12.7k | −$4.54 |
| EGI | $50.6k | $18.14 |
| − OpEx | −$12.7k | −$4.54 |
| NOI | $38.0k | $13.61 |
2,790 SF · lease $22.68/SF/yr · vacancy 20.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$542.4K
$474.6K – $632.8K
NOI $37,966 @ 7.0% cap · market cap 8.44%
Second Best
Retail
$382.9K
$335.1K – $446.8K
NOI $26,805 @ 7.0% cap · market cap 5.96%
Theoretical Best
Office A
$680.8K
$595.7K – $794.3K
NOI $47,659 @ 7.0% cap · market cap 10.59%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Greater Cleveland Construction
General Contractor
1148 Prospect Ave ...
Parking Lot & Garage
Similar For Sale Nearby
FAQs
What type of property is this?
Office units - ADA-accessible street-level commercial condo with display window, exposed brick, over two levels, and an overhead loading door.
Where is this office units located?
The property is located at 1148 Prospect Avenue E Cleveland, OH.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Approx. 2,790 SF street‑level commercial condominium in Downtown Cleveland (Unit E), with main level approx. 1,800 SF plus lower level approx. 990 SF; 12–14 ft ceilings on the main level with exposed brick and original tile entrance; 100 SF display window along Prospect Avenue; ADA accessible first floor plus ground‑level overhead loading door
