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

    1148 Prospect Ave E Cleveland, OH 44115

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

    Award-winning, updated office/retail condo near CBD and Playhouse Square.

    Property size:
    3,381 SF
    Lot size:
    0.09 Acres

    Property Features for 1148 Prospect Ave E

    General Information

    Size
    3,381 SF
    Lot size
    0.09 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

    Updated Office/Retail Condo For Sale

    Located at 1148 Prospect Avenue E in Cleveland, Ohio, this property offers an opportunity for businesses seeking an updated office or retail condo. The property is situated on Prospect Avenue, providing convenient access to the Central Business District, Campus District, and Playhouse Square. The property features a floor-to-ceiling front window on Prospect Avenue, exposed brick, a fireplace, and an open stairwell leading to additional usable lower-level space. The floor plan is designed for functionality. Ample street parking is available. The property has a total size of 3,381 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Greater Cleveland Construction General Contractor 1148 Prospect Ave ... Parking Lot & Garage

    Suggested Use

    Real Estate Agency Spa & Massage Center Restaurant Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Skin Care Clinic Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.6826094
    Latitude
    41.4992511

    Nearby Similar for Sale

    • $385,000
      1,500 SF

      Cleveland Commercial Flex Space For Sale

      Versatile commercial space with warehouse and office components in Cleveland.
      12703 Triskett Rd, Cleveland, OH 44111
      View Details
    • $699,900
      2,206 SF

      Tremont Mixed-Use Investment Opportunity

      Versatile Tremont property for live, work, and investment.
      2280 W 10Th St, Cleveland, OH 44113
      View Details
    • $425,000
      1,440 SF

      Established Cleveland Convenience Store Opportunity

      Established convenience store with real estate and expansion potential for sale.
      15315 Bartlett Ave, Cleveland, OH 44120
      View Details
    • $254,000
      0.24 Acres

      Two Cleveland Commercial Properties For Sale

      Two commercial properties with established business, equipment, and expansion potential.
      15753 Puritas Ave, Cleveland, OH 44135
      View Details
    • $430,000
      0.15 Acres

      West Park Office Building Investment

      1929 brick office building in Cleveland's West Park neighborhood.
      16903 Fischer Rd, Cleveland, OH 44107
      View Details
    • $174,900
      2,238 SF

      Cash-Flowing Duplex Near Downtown Cleveland

      Turnkey, fully occupied duplex in Cleveland's Slovenian Village neighborhood.
      1100 E 74Th St, Cleveland, OH 44103
      View Details
    • $109,900
      1,620 SF

      Turnkey Duplex in Cleveland

      Renovated duplex near Cleveland Clinic, ideal for investors.
      2912 E 102Nd St, Cleveland, OH 44104
      View Details
    • $300,000
      0.34 Acres

      Versatile Cleveland Commercial Flex Space

      Adaptable commercial flex space near Opportunity Corridor in Cleveland.
      10210 Woodland Ave, Cleveland, OH 44104
      View Details
    • $60,000
      0.12 Acres

      Versatile Cleveland Commercial Property

      Spacious property with potential for retail, office, or live/work conversion.
      16219 Saint Clair Ave, Cleveland, OH 44110
      View Details
    • New
      $115,000
      Pending

      Renovated Multifamily Home in Cleveland

      Two renovated units, income potential, convenient location, parking, and storage.
      14106 Sylvia Ave, Cleveland, OH 44110
      View Details
    • New
      $399,900
      2,156 SF

      Renovated Duplex in Gordon Square

      Fully renovated duplex in Cleveland's desirable Gordon Square Arts District.
      1330 W 67Th St, Cleveland, OH 44102
      View Details
    • New
      $375,000
      Pending

      Renovated Duplex in Cleveland, OH

      Updated duplex with separate basements and fenced backyard in Cleveland.
      11002 Parkhurst Dr, Cleveland, OH 44111
      View Details

    FAQs

    What type of property is this?
    Office units - Award-winning, updated office/retail condo near CBD and Playhouse Square.
    Where is this office units located?
    The property is located at 1148 Prospect Ave 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: - Award-winning, completely updated office/retail condo.; - Rare availability for sale or lease.; - Located minutes from CBD, Campus District, and Playhouse Square.
    (330) 940-9360 Call to check price and availability
    Request Owner's contact information
    1148 Prospect Ave E 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.
    1148 Prospect Ave E
    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
    1148 Prospect Ave E 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!