Street-Level Commercial Condo with
For Sale
$450,000
1148 Prospect Avenue E, Cleveland, OH 44115
CommercialSale, Cleveland, OH
Property Size2,790 SF
Lot Size26.70 Acres
Price / SF$161.29
Days on Market51
Property Features for 1148 Prospect Avenue E
General Information
Property type
Commercial Sale
Property subtype
Office
Rooms
Basement
Parking features
On Street
Subdivision
Joshua E Hall Condo
Elementary school district
Cleveland Municipal - 1809
Middle school district
Cleveland Municipal - 1809
High school district
Cleveland Municipal - 1809
Directions
Just west of Playhouse Square
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
Legal Description
UNIT E VOL 162 PGS 43-45 26.7AC OL 150 JOSHUA E. HALL CONDOMINIUM 2009S/R
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 · Keller Williams Realty
(216) 839-5500
Listed By:
Bob Zimmer · License #404374
(216) 406-5729
Added: Jul 3
Changed: Aug 19
Last Checked: Aug 22 at 10:06PM
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
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
Property Profile
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 - 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
