Remodeled Office Space For
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3723 Pearl Rd, Cleveland, OH
Newly remodeled office space with easy highway access.
Property Size5,824 SF
Lot Size0.10 Acres
Price / SF$111.61
Days on Market435
Property Features for 3723 Pearl Rd
General Information
Standard status
Active
Size
5,824 SF
Lot size
0.10 Acres
Property subtype
OFFICE
Listing Agency:
Colliers | Cleveland
(216) 314-0687
Listed By:
Tim Breckner · License #SAL.0000438990
(216) 314-0687
Source:
Moodyscre
Added: Jun 3, 2025
Changed: Jul 10
Last Checked: Aug 11 at 1:38PM
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 Colliers | Cleveland
Investment Insights
Based on property information with market context.
This 5,824 square foot property features newly remodeled office space, including an updated kitchenette, restrooms, private offices, and secure storage. The property offers convenient access to I-71 and 176 Jennings Freeway. The City of Cleveland offers a Storefront Renovations Program (SRP) that provides financial assistance for exterior renovations, including signage. The intended use of the property is for office space.
Key Highlights
- Newly remodeled office space including updated kitchenette, restrooms, private offices and secure storage.
- Easy access to I‑71 and 176 Jennings Freeway.
- Storefront Renovations Program (SRP) via City of Cleveland. Financial assistance for exterior renovations including signage.
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
$55,954
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
8.61%
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%
$1,119,080
$1.1M
Cap Rate 7%
$799,343
$799.3K
Cap Rate 9%
$621,711
$621.7K
Market Conditions
NOI Build-Up for 5,824 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
$87.4K $15.00/SF
− Vacancy
−$7.4K −$1.28/SF
EGI
$79.9K $13.73/SF
− OpEx
−$24.0K −$4.12/SF
NOI
$56.0K $9.61/SF
Area
Cleveland, OH
Vacancy
8.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,119,080
Cap Rate 7%
$799,343
Cap Rate 9%
$621,711
Alternative Uses
Best Use
Office B
$1.13M
$990.7K – $1.32M
NOI $79,253 @ 7.0% cap · market cap 12.19%
Second Best
Retail
$799.3K
$699.4K – $932.6K
NOI $55,954 @ 7.0% cap · market cap 8.61%
Theoretical Best
Office A
$1.42M
$1.24M – $1.66M
NOI $99,487 @ 7.0% cap · market cap 15.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
801
Businesses Nearby
Explore this area
Business Placement
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 - Newly remodeled office space with easy highway access.
Where is this office units located?
The property is located at 3723 Pearl Rd Cleveland, OH.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Newly remodeled office space including updated kitchenette, restrooms, private offices and secure storage.; Easy access to I‑71 and 176 Jennings Freeway.; Storefront Renovations Program (SRP) via City of Cleveland. Financial assistance for exterior renovations including signage.
