Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    3950 Prospect Ave Cleveland, OH 44115

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    8,000 SF flex space in excellent Midtown location.

    Property size:
    8,000 SF
    Lot size:
    0.47 Acres

    Property Features for 3950 Prospect Ave

    General Information

    Size
    8,000 SF
    Lot size
    0.47 Acres

    We can help!

    Listing Contact
    Joe Zumpano
    Joe Zumpano
    Source: Moodyscre

    Listing Agency: Hoff & Leigh Listing Agent: Joe Zumpano

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Midtown Flex Space Available

    This 8,000 square foot flex space is located in Midtown, at the corner of Prospect Avenue and 40th Street. The property features one overhead door and a freight elevator.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Mocina Coffee Grocery & Convenience Store C.A.S.T.L.E. High School College Castle Community School High School Great Lakes Fitness ... Gym & Fitness Center

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Any Place Catering LLC, Chennai Caters, Sizzle Sauce & Spice, Revel and Elite Catering, Tacontento

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.6580064
    Latitude
    41.5019

    Nearby Similar for Lease

    • New
      $12 SF/Yr
      7,841 SF

      Historic Building Office/Retail Space

      Charming, versatile space in a historic building, ideal for various businesses.
      2082 W 65 Plc, Cleveland, OH 44102
      View Details
    • $1,400 /Mo
      5,741 SF

      Cleveland Landmark Building Storefronts

      High-visibility storefronts in a landmark building with private parking.
      9815 Lorain Ave, Cleveland, OH 44102
      View Details
    • $3,380 /Mo
      5,833 SF

      Restaurant Space on Lorain Avenue

      Turnkey restaurant space in high-traffic Cleveland location.
      9918 Lorain Ave, Cleveland, OH 44144
      View Details
    • $1,750 /Mo
      9,148 SF

      Cleveland Office Space For Rent

      Open layout office space near downtown Cleveland.
      3800 E Lakeside Ave, Cleveland, OH 44114
      View Details
    • $1,300 /Mo
      9,148 SF

      Versatile Cleveland Live/Work Space

      First-floor space ideal for commercial or residential use.
      3849 Lakeside Ave, Cleveland, OH 44114
      View Details
    • $1,875 /Mo
      3,049 SF

      Renovated Office Space in Cleveland

      Newly renovated office space with parking in Gordon Square.
      5808 Detroit Ave, Cleveland, OH 44102
      View Details
    • $1,600 /Mo
      9,148 SF

      Flexible Commercial Space in Cleveland

      1,600 sq ft commercial space for rent in Cleveland.
      3849 E Lakeside Ave, Cleveland, OH 44114
      View Details
    • $4,500 /Mo
      17,224 SF

      Turn-Key Restaurant Opportunity in Cleveland

      City-approved restaurant space with fully equipped commercial kitchen.
      6140 Broadway Ave, Cleveland, OH 44127
      View Details
    • $3,000 /Mo
      11,326 SF

      Cleveland Commercial Space with Car Lifts

      5,000 sq ft commercial space with car lifts.
      15542 Saint Clair Ave, Cleveland, OH 44110
      View Details
    • $1,800 /Mo
      7,235 SF

      Professional Office Space Available

      1,500 SF office space suitable for various professional uses.
      3101 W 25Th St, Cleveland, OH 44109
      View Details
    • $2,000 /Mo
      14,985 SF

      Cleveland Commercial Property For Rent

      High-traffic location ideal for automotive sales and service.
      638 E 152Nd St, Cleveland, OH 44110
      View Details
    • $2,500 /Mo
      15,825 SF

      Office Space in Parma, OH

      Office space for rent with attached garage and parking.
      5325 Ridge Rd, Cleveland, OH 44129
      View Details

    FAQs

    What type of property is this?
    Flex space - 8,000 SF flex space in excellent Midtown location.
    Where is this flex space located?
    The property is located at 3950 Prospect Ave Cleveland, OH.
    What is the lease rate?
    The lease rate is $4 SF/Yr.
    What are key features of this property?
    This property features: - Excellent Midtown Location; - Corner Lot; - Freight Elevator
    (330) 940-9360 Call to check price and availability
    Request Owner's contact information
    3950 Prospect Ave Cleveland, OH 44115
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3950 Prospect Ave
    Cleveland, OH 44115
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3950 Prospect Ave Cleveland, OH 44115
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Joe Zumpano
    Joe Zumpano
    Real Estate License ID: SAL.2015004596
    (330) 940-9360 (330) 990-0847
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!