Three-Story Mixed-Use
For Sale
Contact for pricing
1231 Superior Ave, Cleveland, OH 44114
Retail and office configurations occupy three levels with a street-access freight elevator.
Property Size17,298 SF
Price / SF$112.73
Days on Market132
Property Features for 1231 Superior Ave
General Information
Standard status
Active
Size
17,298 SF
Class
A
Elevators
Yes
Property subtype
Office
Investment Type
Owner/User
Site & Location
Highway Access
Yes
Public Transit
Yes
Amenities
freight elevator
Building Details
Buildings
1
Stories
3
Building Size
17,298 SF
Listing Agency:
Cushman & Wakefield | CRESCO Real Estate
Listed By:
Austin Love · License #OH
Source:
Crexi
Added: Apr 22
Changed: Aug 31
Last Checked: Aug 31 at 4:42AM
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 Cushman & Wakefield | CRESCO Real Estate
Investment Insights
Based on property information with market context.
At 1231 Superior Ave, this three-story mixed-use property contains approximately 17,298 SF of commercial space in Downtown Cleveland. The first level is configured for retail or office use, while the second floor contains fully built-out Class A office space. The third floor is presented as white-box space with office and creative-use potential.
A freight elevator provides access from street level, and the property includes potential for rooftop activation. The building is positioned along Superior Avenue near dining, entertainment, and Playhouse Square, with nearby parking and access to highway and transit connections. Its combination of existing office improvements and adaptable upper-level space supports varied commercial occupancy plans.
A freight elevator provides access from street level, and the property includes potential for rooftop activation. The building is positioned along Superior Avenue near dining, entertainment, and Playhouse Square, with nearby parking and access to highway and transit connections. Its combination of existing office improvements and adaptable upper-level space supports varied commercial occupancy plans.
Key Highlights
- Approximately 17,298 SF across three stories
- First floor configured for retail or office use
- Fully built‑out Class A office space on the second floor
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
$166,191
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
8.52%
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%
$3,323,820
$3.3M
Cap Rate 7%
$2,374,157
$2.4M
Cap Rate 9%
$1,846,567
$1.8M
Market Conditions
NOI Build-Up for 17,298 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
$259.5K $15.00/SF
− Vacancy
−$22.1K −$1.28/SF
EGI
$237.4K $13.73/SF
− OpEx
−$71.2K −$4.12/SF
NOI
$166.2K $9.61/SF
Area
Cleveland, OH
Vacancy
8.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$3,323,820
Cap Rate 7%
$2,374,157
Cap Rate 9%
$1,846,567
Alternative Uses
Best Use
Office B
$3.36M
$2.94M – $3.92M
NOI $235,391 @ 7.0% cap · market cap 12.07%
Second Best
Retail
$2.37M
$2.08M – $2.77M
NOI $166,191 @ 7.0% cap · market cap 8.52%
Theoretical Best
Office A
$4.22M
$3.69M – $4.92M
NOI $295,489 @ 7.0% cap · market cap 15.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
6,851
Businesses Nearby
Explore this area
Business Placement
Demographics for 44114, OH
7,622
Population
5,151
Households
1.5
Avg Household Size
32
Median Age
47%
College-Educated
85%
High-School Grad
3.0 sq mi
ZIP Area
2,541
Density / Sq Mi
$45,400
Median Household Income
$39,915
Median Earnings
$1,296
Median Rent
$112,900
Median Home Value
Market
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 - Retail and office configurations occupy three levels with a street-access freight elevator.
Where is this mixed-use property located?
The property is located at 1231 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: Approximately 17,298 SF across three stories; First floor configured for retail or office use; Fully built‑out Class A office space on the second floor
