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    Historic Office Building with Private Parking Title is generated by Realmo AI

    3348 St Clair Avenue NE, Cleveland, OH 44114

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    New
    For Sale
    $1,100,000

    SINGLE_FAMILY - Cleveland, OH

    Type:Office
    Property size:
    11,000 SF
    Lot size:
    0.35 Acres
    Price / SF:
    $100/SF
    Added:
    Jun 4, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 5 at 1:06 am

    Property Features for 3348 St Clair Avenue NE

    General Information

    Property type
    Residential
    Property subtype
    Office
    Rooms
    Basement
    Parking features
    Parking Lot
    Security features
    Security
    Standard status
    Active
    APN
    102-19-007
    Lot size
    0.35 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    117 SL 3 002 10219008
    Tax Annual Amount
    12000

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1880

    We can help!

    Listing Contact
    Steve Baird
    Steve Baird

    Listing agent Steve Baird License #2004004590

    Listing office Berkshire Hathaway HomeServices Professional Realty 4120 Erie Street, Mentor, OH

    Listing date Jun 4, 2026

    MLS# 5216109

    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.

    HighLights

    • Nearly 11,000 SF historic downtown Cleveland building built in 1880
    • Currently generates approximately $6,000/month in rental income
    • Additional vacant unit offers potential to increase income to approximately $7,600/month
    • Potential with further leasing and optimization to approach approximately $10,000/month
    • Private parking lot with parking provided via on‑site parking lot
    • Utilities include public water and public sewer; HVAC includes central air with natural gas forced‑air heat

    Overview

    This fully remodeled historic office building offers nearly 11,000 square feet of space in a downtown Cleveland setting. The property is presented as an income-producing asset, with existing rental occupancy and an additional vacant unit available to lease. The building includes its own private parking lot, which supports tenant and visitor convenience.

    The asset is located at 3348 St Clair Avenue NE in Cleveland, Ohio 44114, within Cuyahoga County. The offering is described as a private parking amenity for the property itself, supporting day-to-day operations and accessibility for staff and clients.

    As presented, the current rental income is approximately $6,000 per month, and leasing the vacant unit is described as an opportunity to increase income to approximately $7,600 per month. Further leasing and optimization are described as potential to approach $10,000 per month in total monthly income. The building may fit investors seeking an owner-controlled income property, as well as owner-users looking to offset occupancy costs while benefiting from private on-site parking and a remodeled historic structure.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office buildings

    Map

    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.668718
    Latitude
    41.513893

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    FAQs

    What type of property is this?
    Office building - Fully remodeled historic downtown office building with private parking lot and multiple rental opportunities.
    Where is this office building located?
    The property is located at 3348 St Clair Avenue NE Cleveland, OH.
    What is the asking price?
    The asking price for this property is $1,100,000.
    What are key features of this property?
    This property features: Nearly 11,000 SF historic downtown Cleveland building built in 1880; Currently generates approximately $6,000/month in rental income; Additional vacant unit offers potential to increase income to approximately $7,600/month
    (440) 299-7626
    We can help!
    Listing Contact
    Steve Baird
    Steve Baird
    Real Estate License ID: 2004004590
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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