Starr Piano Lofts Investment
For Sale
$2,900,000
1224 Huron Road East, Cleveland, OH 44115
Mixed-use building with residential and retail units in Cleveland.
Property Size17,424 SF
Price / SF$166.44
Days on Market1641
Property Features for 1224 Huron Road East
General Information
Standard status
Active
Size
17,424 SF
Property subtype
Mixed Use
Building Details
Building Size
17,424 SF
Listing Agency:
Hoff & Leigh
(330) 940-9360
Listed By:
Joe Zumpano · License #SAL.2015004596
(330) 990-0847
Source:
Hoffleigh
Added: Mar 9, 2022
Changed: Sep 2
Last Checked: Sep 5 at 3:38AM
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
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.
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
$193,197
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
6.66%
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%
$3,863,940
$3.9M
Cap Rate 7%
$2,759,957
$2.8M
Cap Rate 9%
$2,146,633
$2.1M
Market Conditions
NOI Build-Up for 17,424 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
$365.9K $21.00/SF
− Vacancy
−$14.6K −$0.84/SF
EGI
$351.3K $20.16/SF
− OpEx
−$158.1K −$9.07/SF
NOI
$193.2K $11.09/SF
Area
Cleveland, OH
Vacancy
4.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
45.00%
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%
$3,863,940
Cap Rate 7%
$2,759,957
Cap Rate 9%
$2,146,633
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,082
Businesses Nearby
Explore this area
Business Placement
Demographics for 44115, OH
8,985
Population
5,691
Households
1.6
Avg Household Size
27
Median Age
34%
College-Educated
86%
High-School Grad
2.1 sq mi
ZIP Area
4,279
Density / Sq Mi
$21,293
Median Household Income
$27,515
Median Earnings
$850
Median Rent
$151,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
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 Road East 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.
