Light Industrial Multi-Building
For Sale
$2,000,000
Pending
11910 Harvard Avenue Cleveland, Cleveland, OH 44105
Multi-building light industrial property with office space, multiple drive-in doors, and overhead cranes.
Property Size26,928 SF
Days on Market53
Property Features for 11910 Harvard Avenue Cleveland
General Information
Standard status
Pending
Size
26,928 SF
Additional Details
Drive-In Doors
10
Taxes and HOA fees
Annual Taxes
$9,880
Amenities
true
Public
3
Assessor
26928
5
Building Details
Building Size
26,928 SF
Year Built
1942
Buildings
5
Listing Agency:
(330) 590-5379
Listed By:
Markie Smith
(330) 590-5379
Source:
Akroncantonhomesonline
Added: Jul 10
Changed: Aug 17
Last Checked: Aug 14 at 7:30AM
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 Markie Smith
Investment Insights
Based on property information with market context.
This light industrial-zoned property includes five buildings: four connected structures plus a stand-alone office and two office areas within the complex. The total space is 26,928 square feet, including 2,049 square feet of office. One stand-alone office has been fully renovated and is move-in ready, and the front office downstairs has also been remodeled. One office area is zoned for a car lot, and there are 10 drive-in doors providing access across the spaces. One of the buildings includes two overhead cranes suitable for industrial or manufacturing operations.
Multiple tenants currently occupy different areas of the property, and there are no active leases. The site also includes generous outdoor area currently used for truck parking, and a side lot that may be divided for additional vehicle or trailer storage. The owner reports additional income opportunities through leasing both office spaces and monetizing the outdoor area.
The owner has completed updates including a complete tear-off and replacement of the main warehouse roof with new materials. The property also includes two on-site cell towers, which may provide additional value.
Multiple tenants currently occupy different areas of the property, and there are no active leases. The site also includes generous outdoor area currently used for truck parking, and a side lot that may be divided for additional vehicle or trailer storage. The owner reports additional income opportunities through leasing both office spaces and monetizing the outdoor area.
The owner has completed updates including a complete tear-off and replacement of the main warehouse roof with new materials. The property also includes two on-site cell towers, which may provide additional value.
Key Highlights
- Light industrial‑zoned, multi‑building site with 26,928 sq ft total across 5 buildings (4 connected + 1 stand‑alone office)
- Includes 2,049 sq ft of office space, with the stand‑alone office fully renovated and front office downstairs remodeled
- Industrial features include 10 drive‑in doors and two overhead cranes
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
$148,077
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
7.40%
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%
$2,961,540
$3.0M
Cap Rate 7%
$2,115,386
$2.1M
Cap Rate 9%
$1,645,300
$1.6M
Market Conditions
NOI Build-Up for 26,928 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
$242.4K $9.00/SF
− Vacancy
−$14.5K −$0.54/SF
EGI
$227.8K $8.46/SF
− OpEx
−$79.7K −$2.96/SF
NOI
$148.1K $5.50/SF
Area
Cleveland, OH
Vacancy
6.00%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
35.00%
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%
$2,961,540
Cap Rate 7%
$2,115,386
Cap Rate 9%
$1,645,300
Alternative Uses
Best Use
Flex RnD
$2.12M
$1.85M – $2.47M
NOI $148,077 @ 7.0% cap · market cap 7.40%
Second Best
Industrial
$1.58M
$1.38M – $1.84M
NOI $110,630 @ 7.0% cap · market cap 5.53%
Theoretical Best
Office A
$6.57M
$5.75M – $7.67M
NOI $459,991 @ 7.0% cap · market cap 23.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Drive-in doors
Location Intelligence
Trade Area within ½ mile
356
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44105, OH
34,100
Population
17,528
Households
1.9
Avg Household Size
38
Median Age
11%
College-Educated
83%
High-School Grad
8.9 sq mi
ZIP Area
3,831
Density / Sq Mi
$38,294
Median Household Income
$32,389
Median Earnings
$888
Median Rent
$56,400
Median Home Value
Market
Vacancy Rate% for Industrial in Cleveland, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Multi-building light industrial property with office space, multiple drive-in doors, and overhead cranes.
Where is this flex space located?
The property is located at 11910 Harvard Avenue Cleveland Cleveland, OH.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Light industrial‑zoned, multi‑building site with 26,928 sq ft total across 5 buildings (4 connected + 1 stand‑alone office); Includes 2,049 sq ft of office space, with the stand‑alone office fully renovated and front office downstairs remodeled; Industrial features include 10 drive‑in doors and two overhead cranes
