Street-Level Downtown Office
1148 Prospect Avenue E Cleveland, OH 44115
1148 Prospect Avenue E, Cleveland, OH, 44115
$450,000
For Sale
$450,000
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 Market22
Property Features for 1148 Prospect Avenue E
General Information
- Standard status
- Active
- Size
- 2,790 SF
- Property subtype
- Office
Building Details
- Year Built
- 1889
Listing Agency
(216) 406-5729
Listed by
Keller Williams Greater Metropolitan
(216) 406-5729
Source
Xome
Added: Jun 28 Checked: Jul 18 at 3:04 am
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.
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
Location Intelligence
Current Use by Public Records
Greater Cleveland Construction
General Contractor
1148 Prospect Ave ...
Parking Lot & Garage
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FAQs
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 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: 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.
