Downtown Cleveland Class A
For Sale
Contact for pricing
1215 Superior Ave, Cleveland, OH
Class A office space in downtown Cleveland with various layouts.
Property Size7,143 SF
Lot Size0.54 Acres
Price / SF$272.99
Days on Market272
Property Features for 1215 Superior Ave
General Information
Standard status
Active
Size
7,143 SF
Lot size
0.54 Acres
Property subtype
OFFICE
Properties For Sale
at 1215 Superior Ave Contact us- Floor
- 1
- Size
- 3,797 SF
- Type
- OFFICE
- Availability
- AVAILABLE, Now
- Sublease
- No
1215 Superior Ave
- Lease Rates $14-17/SF
- Beautiful Class A office in Downtown Cleveland with new...
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- Floor
- 2
- Size
- 5,380 SF
- Type
- OFFICE
- Availability
- AVAILABLE, Now
- Sublease
- No
1215 Superior Ave
- Lease Rates $14-17/SF
- Beautiful Class A office in Downtown Cleveland with new...
show more
Contact us
- Floor
- 2
- Size
- 8,094 SF
- Type
- OFFICE
- Availability
- AVAILABLE, Now
- Sublease
- No
1215 Superior Ave
- Lease Rates $14-17/SF
- Beautiful Class A office in Downtown Cleveland with new...
show more
Contact us
- Floor
- 3
- Size
- 23,789 SF
- Type
- OFFICE
- Availability
- AVAILABLE, Now
- Sublease
- No
1215 Superior Ave
- Lease Rates $14-17/SF
- Beautiful Class A office in Downtown Cleveland with new...
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Contact us
- Floor
- 4
- Size
- 22,347 SF
- Type
- OFFICE
- Availability
- AVAILABLE, Now
- Sublease
- No
1215 Superior Ave
- Lease Rates $14-17/SF
- Beautiful Class A office in Downtown Cleveland with new...
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Contact us
- Floor
- 5
- Size
- 10,618 SF
- Type
- OFFICE
- Availability
- AVAILABLE, Now
- Sublease
- No
1215 Superior Ave
- Lease Rates $14-17/SF
- Beautiful Class A office in Downtown Cleveland with new...
show more
Contact us
- Floor
- Mezz
- Size
- 7,143 SF
- Type
- OFFICE
- Availability
- AVAILABLE, Now
- Sublease
- No
1215 Superior Ave
- Lease Rates $14-17/SF
- Beautiful Class A office in Downtown Cleveland with new...
show more
Contact us
Show more
Listing Agency:
Cresco Real Estate | Cleveland
(216) 525-1485
Listed By:
Alex Valletto
Source:
Moodyscre
Added: Nov 24, 2025
Changed: Aug 13
Last Checked: Aug 23 at 10:42AM
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 Cresco Real Estate | Cleveland
Investment Insights
Based on property information with market context.
This Class A office space is located in Downtown Cleveland. Lease rates range from $14 to $17 per square foot. A wide variety of layouts and sizes are available, ranging from 3,797 square feet to 77,371 square feet. The restructured ownership is willing to invest in significant tenant improvements to accommodate needs. Turn-key build out opportunities are available. Attached garage parking is available. The property includes a new conference center and tenant lounge, offering a competitive option for Class A office space.
Key Highlights
- Class A office space in Downtown Cleveland.
- New conference center and tenant lounge.
- Restructured ownership willing to invest in significant tenant improvements.
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
$97,202
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
4.98%
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%
$1,944,040
$1.9M
Cap Rate 7%
$1,388,600
$1.4M
Cap Rate 9%
$1,080,022
$1.1M
Market Conditions
NOI Build-Up for 7,143 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
$162.0K $22.68/SF
− Vacancy
−$32.4K −$4.54/SF
EGI
$129.6K $18.14/SF
− OpEx
−$32.4K −$4.54/SF
NOI
$97.2K $13.61/SF
Area
Cleveland, OH
Vacancy
20.00%
Lease Rate
$22.68 /SF/Yr
Expense Ratio
25.00%
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%
$1,944,040
Cap Rate 7%
$1,388,600
Cap Rate 9%
$1,080,022
Alternative Uses
Best Use
Office B
$1.39M
$1.22M – $1.62M
NOI $97,202 @ 7.0% cap · market cap 4.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.74M
$1.53M – $2.03M
NOI $122,018 @ 7.0% cap · market cap 6.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,888
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 - Class A office space in downtown Cleveland with various layouts.
Where is this office units located?
The property is located at 1215 Superior Ave Cleveland, OH.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Class A office space in Downtown Cleveland.; New conference center and tenant lounge.; Restructured ownership willing to invest in significant tenant improvements.
