Street-Level Downtown Office
For Sale
$450,000
1148 Prospect Avenue, Cleveland, OH 44115
Street-level office condominium with exposed brick, original tile entry, two HVAC systems, and a ground-level overhead loading door.
Property Size2,790 SF
Price / SF$161.29
Days on Market60
Property Features for 1148 Prospect Avenue
General Information
Standard status
Active
Size
2,790 SF
Property subtype
Office
Warehouse & Industrial
Clear Height
14 ft
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$9,166
Amenities
Central Air
3
Parking.
No Parking, On Street.
Building Details
Year Built
1889
Listing Agency:
(216) 406-5729
Listed By:
Keller Williams Greater Metropolitan
(216) 406-5729
Source:
Xome
Added: Jun 14
Changed: Aug 8
Last Checked: Aug 12 at 3:26AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Greater Metropolitan
Investment Insights
Based on property information with market context.
This street-level commercial condominium offers approximately 2,790 square feet across a main level and a lower level. The main floor includes exposed brick, an original tile entrance, and 12–14 foot ceilings, creating an open interior environment. A prominent display window provides visibility from the street. The additional lower level adds flexible space for offices, conference rooms, storage, or client support.
The first floor is ADA accessible and includes a convenient ground-level overhead loading door for deliveries and operations. Interior features include two restrooms and a kitchenette with a refrigerator. The unit is served by two HVAC systems, including a heat pump and a gas-fired system.
The monthly condominium fee of $475 covers building insurance, water, exterior lighting, common area maintenance, exterior window washing, and exterior building maintenance.
The first floor is ADA accessible and includes a convenient ground-level overhead loading door for deliveries and operations. Interior features include two restrooms and a kitchenette with a refrigerator. The unit is served by two HVAC systems, including a heat pump and a gas-fired system.
The monthly condominium fee of $475 covers building insurance, water, exterior lighting, common area maintenance, exterior window washing, and exterior building maintenance.
Key Highlights
- Street‑level commercial condominium in downtown Cleveland with approx. 2,790 SF total (approx. 1,800 SF main level + approx. 990 SF lower level).
- Main level includes exposed brick, original tile entrance, and 12–14 ft ceilings; versatile for retail, offices, galleries, design, wellness, or creative use.
- First floor is ADA accessible and features a ground‑level overhead loading door for deliveries and operations.
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
$37,966
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
8.44%
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%
$759,320
$759.3K
Cap Rate 7%
$542,371
$542.4K
Cap Rate 9%
$421,844
$421.8K
Market Conditions
NOI Build-Up for 2,790 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
$63.3K $22.68/SF
− Vacancy
−$12.7K −$4.54/SF
EGI
$50.6K $18.14/SF
− OpEx
−$12.7K −$4.54/SF
NOI
$38.0K $13.61/SF
Area
Cleveland, OH
Vacancy
20.00%
Lease Rate
$22.68 /SF/Yr
Expense Ratio
25.00%
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%
$759,320
Cap Rate 7%
$542,371
Cap Rate 9%
$421,844
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 authorities.
Property Analytics
Current Use
Lease Details
14 ft
Clear height
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
6,082
Businesses Nearby
Explore this area
Business Placement
Demographics for 44115, OH
8,985
Population
5,691
Households
1.6
Avg Household Size
27
Median Age
34%
College-Educated
86%
High-School Grad
2.1 sq mi
ZIP Area
4,279
Density / Sq Mi
$21,293
Median Household Income
$27,515
Median Earnings
$850
Median Rent
$151,300
Median Home Value
Market
Vacancy Rate% for Office in Cleveland, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Street-level office condominium with exposed brick, original tile entry, two HVAC systems, and a ground-level overhead loading door.
Where is this office units located?
The property is located at 1148 Prospect Avenue 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: Street‑level commercial condominium in downtown Cleveland with approx. 2,790 SF total (approx. 1,800 SF main level + approx. 990 SF lower level).; Main level includes exposed brick, original tile entrance, and 12–14 ft ceilings; versatile for retail, offices, galleries, design, wellness, or creative use.; First floor is ADA accessible and features a ground‑level overhead loading door for deliveries and operations.
