Office Condominium with Display
For Sale
$450,000
1148 Prospect Avenue E, Cleveland, OH 44115
Street-level space pairs an accessible main floor with a lower level, overhead loading access, and office-support amenities.
Property Size2,790 SF
Price / SF$161.29
Days on Market117
Property Features for 1148 Prospect Avenue E
General Information
Standard status
Active
Size
2,790 SF
Property subtype
Office
Site & Location
Neighborhood
Gateway District
Road Access
Yes
Additional Details
Floor
Ground Floor
HOA Fee
$475
Office Units
1
Property Use
Office
Taxes and HOA fees
Annual Taxes
$9,166
Amenities
exposed brick
original tile entrance
display window
overhead loading door
kitchenette
two restrooms
dual HVAC systems
ADA accessible
Building Details
Building Size
2,790 SF
Year Built
1889
Construction
brick
Listing Agency:
Life Stages Realty LLC
Listed By:
Nicolette Kuebeler · License #2022002552
(330) 322-3637
Source:
Lifestagesrealty
Added: Jul 3
Changed: Oct 27
Last Checked: Oct 27 at 4:07AM
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 Life Stages Realty LLC
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 2,790-square-foot office condominium at 1148 Prospect Avenue E includes approximately 1,800 square feet on the main level and an additional 990-square-foot lower level. Exposed brick, an original tile entry, and 12- to 14-foot ceilings shape the main-floor interior. The first floor is ADA accessible, and a ground-level overhead door supports deliveries. Building features include a 100-square-foot display window, two HVAC systems, two restrooms, and a kitchenette with refrigerator.
The Cleveland property is near Rocket Arena, Progressive Field, Playhouse Square, and East 4th Street. Built in 1889, the condominium offers separate levels for office functions and other business support needs.
The Cleveland property is near Rocket Arena, Progressive Field, Playhouse Square, and East 4th Street. Built in 1889, the condominium offers separate levels for office functions and other business support needs.
Key Highlights
- 2,790‑square‑foot office condominium
- Approximately 1,800 square feet on the main level and 990 square feet on the lower level
- 100‑square‑foot display window and ground‑level overhead loading door
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,966
Cap Rate
8.44%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
1
Office units
Yes
Paved road access
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
Frequently Asked Questions
What type of property is this?
Office unit - Street-level space pairs an accessible main floor with a lower level, overhead loading access, and office-support amenities.
Where is this office unit 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: 2,790‑square‑foot office condominium; Approximately 1,800 square feet on the main level and 990 square feet on the lower level; 100‑square‑foot display window and ground‑level overhead loading door
