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    Starr Piano Lofts Investment Opportunity Title is generated by Realmo AI

    1224 Huron Rd E, Cleveland, OH 44115

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    Mixed-use building with residential and retail units in Cleveland.

    Type:Multifamily, Retail
    Property size:
    17,424 SF
    Price / SF:
    $166/SF
    Added:
    Jun 25, 2020
    Days on Market:
    2173
    Last Refresh:
    May 19 at 8:30 pm

    Property Features for 1224 Huron Rd E

    General Information

    Standard status
    Active
    Size
    17,424 SF
    Property subtype
    Multifamily, Retail

    We can help!

    Listing Contact
    Joe Zumpano

    Listing agent Joe Zumpano License #OH SAL.2015004596

    Listing office Hoff & Leigh Fairlawn

    Listing date Jun 25, 2020

    Source Crexi

    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 Hoff & Leigh Fairlawn

    HighLights

    • Award‑winning historical renovation in the Theater District.
    • Fully leased investment property with upside potential.
    • Mixed‑use building featuring 9 residential units (3 one‑bedroom, 6 two‑bedroom) and 1 retail unit.
    • Excellent location near Playhouse Square, major sports arenas, and the RTA Health‑line.
    • All residential units feature in‑suite laundry.
    • Projected NOI of $192,032 at increased market rates.

    Overview

    Located at 1224 Huron Road in Cleveland, Ohio, the Starr Piano Lofts represent a mixed-use property in the Playhouse Square/Theater District. This award-winning historical renovation features nine residential units and one retail unit. The residential component includes three one-bedroom, one-bath units and six two-bedroom, two-bath units, each equipped with in-suite laundry. Three of the units offer views overlooking Playhouse Square. The property is fully leased. Additional income potential exists through storage lockers and parking. The location is one block from E 9th Street, near major sports arenas, and at the corner of the RTA Health-line. The owner covers trash removal and water/sewer expenses, while tenants are responsible for electric. The property was the recipient of the 2018 Downtown Cleveland Alliance Development Award.

    Local 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 $365.9k $21.00
    − Vacancy −$14.6k −$0.84
    EGI $351.3k $20.16
    − OpEx −$158.1k −$9.07
    NOI $193.2k $11.09
    17,424 SF · lease $21.00/SF/yr · vacancy 4.00% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $2.76M
    $2.41M – $3.22M (±1% cap)
    NOI $193,197 @ 7.0% cap · market cap 6.66%
    Second Best
    Retail
    $2.39M
    $2.09M – $2.79M (±1% cap)
    NOI $167,401 @ 7.0% cap · market cap 5.77%
    Theoretical Best
    Office A
    $4.25M
    $3.72M – $4.96M (±1% cap)
    NOI $297,641 @ 7.0% cap · market cap 10.26%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    The Starr-Gennett Building Apartment Building O'Donnell Cleaning Window Cleaning Service Mavia Trading Clothing Store Optic Photography Photography Service

    Suggested Use

    Real Estate Agency Spa & Massage Center Restaurant Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Skin Care Clinic Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.6825906
    Latitude
    41.5001553

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use building with residential and retail units in Cleveland.
    Where is this mixed-use property located?
    The property is located at 1224 Huron Rd E Cleveland, OH.
    What is the asking price?
    The asking price for this property is $2,900,000.
    What are key features of this property?
    This property features: Award‑winning historical renovation in the Theater District.; Fully leased investment property with upside potential.; Mixed‑use building featuring 9 residential units (3 one‑bedroom, 6 two‑bedroom) and 1 retail unit.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Joe Zumpano
    Real Estate License ID: OH SAL.2015004596
    Request Owner's contact information
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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