Cleared Flex
For Sale
$99,900
Pending
7809 Wade Park Avenue, Cleveland, OH 44103
CommercialSale, Cleveland, OH
Property Size2,200 SF
Lot Size0.13 Acres
Days on Market165
Property Features for 7809 Wade Park Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Caroline Heckers Allotment
Elementary school district
Cleveland Municipal - 1809
Middle school district
Cleveland Municipal - 1809
High school district
Cleveland Municipal - 1809
Directions
7809 Wade Park Ave. Cleveland, OH
Standard status
Pending
APN
106-18-052
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
345 HECKER 0029 ALL
Tax Annual Amount
722
Legal Description
345 HECKER 0029 ALL
Utilities
Heating system
Forced Air
Building Details
Year built
1969
Listing Agency:
Coldwell Banker Schmidt Realty · Coldwell Banker Real Estate
(440) 327-2123
Listed By:
Adrian Frederick · License #2022005290
(216) 469-4854
Added: Mar 19
Changed: Aug 19
Last Checked: Aug 30 at 8:06PM
MLS# 5194816
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.
This 2,200-square-foot commercial building provides an adaptable flex-space configuration in Cleveland. The interior has been cleared and includes drywalled walls, allowing the next owner to configure the space around a new operating concept. The property previously served as a laundromat and is equipped with forced-air heating.
Built in 1969, the building occupies a 0.129-acre parcel at 7809 Wade Park Avenue in Cleveland, Ohio 44103. Its flexible layout can support a range of commercial configurations, including retail, office, or service-oriented use, subject to applicable requirements. The combination of an open interior, existing wall finish, and compact urban parcel creates a straightforward platform for repositioning.
Built in 1969, the building occupies a 0.129-acre parcel at 7809 Wade Park Avenue in Cleveland, Ohio 44103. Its flexible layout can support a range of commercial configurations, including retail, office, or service-oriented use, subject to applicable requirements. The combination of an open interior, existing wall finish, and compact urban parcel creates a straightforward platform for repositioning.
Key Highlights
- 2,200 SF commercial building
- Cleared interior with drywalled walls
- Previously operated as a laundromat
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$9,038
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.05%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$180,760
$180.8K
Cap Rate 7%
$129,114
$129.1K
Cap Rate 9%
$100,422
$100.4K
Market Conditions
NOI Build-Up for 2,200 SF
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.
Gross rent
$13.5K $6.12/SF
− Vacancy
−$552 −$0.25/SF
EGI
$12.9K $5.87/SF
− OpEx
−$3.9K −$1.76/SF
NOI
$9.0K $4.11/SF
Area
Cleveland, OH
Vacancy
4.10%
Lease Rate
$6.12 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$180,760
Cap Rate 7%
$129,114
Cap Rate 9%
$100,422
Alternative Uses
Best Use
Retail
$302.0K
$264.2K – $352.3K
NOI $21,137 @ 7.0% cap · market cap 21.16%
Second Best
Flex RnD
$172.8K
$151.2K – $201.6K
NOI $12,098 @ 7.0% cap · market cap 12.11%
Theoretical Best
Office A
$536.9K
$469.8K – $626.4K
NOI $37,581 @ 7.0% cap · market cap 37.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
414
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44103, OH
14,469
Population
9,479
Households
1.5
Avg Household Size
43
Median Age
12%
College-Educated
78%
High-School Grad
4.1 sq mi
ZIP Area
3,529
Density / Sq Mi
$24,219
Median Household Income
$27,495
Median Earnings
$720
Median Rent
$57,600
Median Home Value
Market
Vacancy Rate% for Industrial in Cleveland, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Drywalled interior offers an adaptable starting point for a new commercial operation.
Where is this flex space located?
The property is located at 7809 Wade Park Avenue Cleveland, OH.
What is the asking price?
The asking price for this property is $99,900.
What are key features of this property?
This property features: 2,200 SF commercial building; Cleared interior with drywalled walls; Previously operated as a laundromat
