Office Unit with Loading
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 Market52
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
Amenities
display window
ground-level overhead loading door
two HVAC systems
two restrooms
kitchenette with refrigerator
ADA accessible
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 23 at 7:06PM
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.
This street-level office condominium at 1148 Prospect Avenue E includes approximately 2,790 square feet across two levels. The main floor offers approximately 1,800 square feet with exposed brick, original tile at the entrance, and 12-14 foot ceilings. A lower level of approximately 990 square feet adds room for offices, meetings, inventory, production, or storage. The space includes two restrooms, a kitchenette with refrigerator, two HVAC systems, a 100-square-foot display window, and a ground-level overhead loading door. The first floor is ADA accessible.
The property is positioned on Prospect Avenue in downtown Cleveland, near Rocket Arena, Progressive Field, Playhouse Square, and East 4th Street. Public water and sewer serve the property, with on-street parking available. Built in 1889, the condominium provides a flexible office setting with direct street presence and delivery access.
The property is positioned on Prospect Avenue in downtown Cleveland, near Rocket Arena, Progressive Field, Playhouse Square, and East 4th Street. Public water and sewer serve the property, with on-street parking available. Built in 1889, the condominium provides a flexible office setting with direct street presence and delivery access.
Key Highlights
- Approximately 2,790 square feet across main and lower levels
- Approximately 1,800‑square‑foot main floor plus approximately 990‑square‑foot lower level
- 12‑14 foot ceilings with exposed brick and original tile entrance
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 - Street-level office condominium with adaptable interiors, ADA access, display frontage, and downtown Cleveland positioning.
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: Approximately 2,790 square feet across main and lower levels; Approximately 1,800‑square‑foot main floor plus approximately 990‑square‑foot lower level; 12‑14 foot ceilings with exposed brick and original tile entrance
