Starr Piano Lofts Investment
1224 Huron Rd E Cleveland, OH 44115
1224 Huron Rd E, Cleveland, OH, 44115
Contact for pricing
For Sale
Contact for pricing
Mixed-use building with residential and retail units in Cleveland.
Property Size17,424 SF
Price / SF$166.44
Days on Market2218
Property Features for 1224 Huron Rd E
General Information
- Standard status
- Active
- Size
- 17,424 SF
- Property subtype
- Multifamily, Retail
Listing agency
Hoff & Leigh Fairlawn
(330) 940-9360
Listed by
Joe Zumpano · License #OH SAL.2015004596
Source
Crexi
Added: Jun 25, 2020 Updated: Jul 10 at 3:44PM Checked: Jul 21 at 3:00AM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
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
NOI $193,197 @ 7.0% cap · market cap 6.66%
Second Best
Mixed Use
$2.10M
$1.84M – $2.45M
NOI $147,015 @ 7.0% cap · market cap 5.07%
Theoretical Best
Office A
$4.25M
$3.72M – $4.96M
NOI $297,641 @ 7.0% cap · market cap 10.26%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
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
Similar For Sale Nearby
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.
