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    11815-11837 Lorain Ave Cleveland, OH 44111

    For Sale
    $850,000

    Iconic theater primed for mixed-use redevelopment in Cleveland.

    Property size:
    17,781 SF
    Lot size:
    1.41 Acres

    Property Features for 11815-11837 Lorain Ave

    General Information

    Size
    17,781 SF
    Lot size
    1.41 Acres

    Source: Cresco Real Estate | Cleveland Agent Eliot Kijewski, SIOR

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

    Overview

    Historic Theater Redevelopment Opportunity

    The former Variety Theatre, situated at 11815 Lorain Avenue on Cleveland's near-Westside, offers a redevelopment opportunity. The property, with its architecture and history, is suited for repositioning. Given the increasing demand for residential and entertainment spaces in Northeast Ohio, converting the theater into a venue for concerts, events, weddings, and general entertainment could address a need in the mid-market sector. The property's historic landmark status is a key advantage, along with the approval of a federal historic tax credit (HTC) award of $1.6 million, a state HTC award of $1.4 million, and the availability of completed architectural plans. These factors may save time and resources during the development process. Redeveloping the Variety Theatre into an entertainment venue represents an investment opportunity to restore a historic landmark while meeting community needs. This project has the potential to enrich Cleveland’s cultural landscape, generate returns, and preserve the legacy of an institution. The property size is 17781 square feet.
    Location Intelligence

    Current Use by Public Records

    Theaters & concert halls

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.7700468
    Latitude
    41.4613222

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    FAQs

    What type of property is this?
    Theater & concert hall - Iconic theater primed for mixed-use redevelopment in Cleveland.
    Where is this theater & concert hall located?
    The property is located at 11815-11837 Lorain Ave Cleveland, OH.
    What is the asking price?
    The asking price for this property is $850,000.
    What are key features of this property?
    This property features: - Approved federal and state historic tax credits totaling $3 million significantly reduce redevelopment costs.; - Completed architectural plans are available, saving time and resources.; - The property is a historic landmark, offering unique architectural character and appeal.
    (216) 520-1200
    Request Owner's contact information
    11815-11837 Lorain Ave Cleveland, OH 44111
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    Realmo Value Estimation

    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.

    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.

    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
    11815-11837 Lorain Ave Cleveland, OH 44111
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