Historic Mixed-Use Building in
For Sale
Contact for pricing
1700 Columbus Rd, Cleveland, OH
Renovated mixed-use building in Cleveland Flats, prime location.
Property Size7,266 SF
Lot Size0.12 Acres
Price / SF$123.73
Days on Market830
Property Features for 1700 Columbus Rd
General Information
Standard status
Active
Size
7,266 SF
Lot size
0.12 Acres
Property subtype
MULTIFAMILY
Listing Agency:
Hanna Commercial Real Estate | Cleveland
(216) 839-2030
Listed By:
Bob Biggar
(216) 839-2030
Source:
Moodyscre
Added: Apr 24, 2024
Changed: Jul 6
Last Checked: Jul 21 at 6:17AM
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 Hanna Commercial Real Estate | Cleveland
Investment Insights
Based on property information with market context.
This historic building, located in the Cleveland Flats, has been extensively renovated. The property has 7,266 square feet of space spread across 3 floors. Currently, the building is used for residential purposes as well as office and event space. The property is situated in a prime location, surrounded by parks and upcoming development. Additional land may be available.
Key Highlights
- Price reduced to $899,000
- Prime Location in Cleveland Flats surrounded by parks and upcoming development
- Extensively renovated inside
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $152.6k | $21.00 |
| − Vacancy | −$6.1k | −$0.84 |
| EGI | $146.5k | $20.16 |
| − OpEx | −$65.9k | −$9.07 |
| NOI | $80.6k | $11.09 |
7,266 SF · lease $21.00/SF/yr · vacancy 4.00% · expense 45.00%
Alternative Uses
Best Use
Office B
$1.41M
$1.24M – $1.65M
NOI $98,876 @ 7.0% cap · market cap 11.00%
Second Best
Apartment 5plus
$1.15M
$1.01M – $1.34M
NOI $80,565 @ 7.0% cap · market cap 8.96%
Theoretical Best
Office A
$1.77M
$1.55M – $2.07M
NOI $124,120 @ 7.0% cap · market cap 13.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,535
Businesses Nearby
Explore this area
Business Placement
Market
Properties on Market for Mixed-use properties in Cleveland
Vacancy Rate% for Office in Cleveland, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated mixed-use building in Cleveland Flats, prime location.
Where is this mixed-use property located?
The property is located at 1700 Columbus Rd Cleveland, OH.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Price reduced to $899,000; Prime Location in Cleveland Flats surrounded by parks and upcoming development; Extensively renovated inside
