Freestanding Retail Building For
11011 Lorain Avenue Cleveland, OH 44111
For Sale
$915,000
Freestanding 10,346 SF building with long-term tenant in place.
Property Size10,346 SF
Lot Size0.69 Acres
Price / SF$88.44
Days on Market122
Property Features for 11011 Lorain Avenue
General Information
- Standard status
- Active
- Size
- 10,346 SF
- Lot size
- 0.69 Acres
- Property subtype
- Retail
Listing Agency:
CBRE - Cleveland
(216) 658-6120
Listed By:
Joseph Khouri · License #SAL.2015001299
(216) 658-6120
Source:
Cbre
Added: Mar 25
Changed: Jul 6
Last Checked: Jul 24 at 5:10AM
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 CBRE - Cleveland
Investment Insights
Based on property information with market context.
This 10,346 square foot freestanding building is available for sale. The property has a long-term operating history since 1991. The current lease expires January 31, 2030, with two additional 5-year options, each including $5,000 rent increases. The lease is structured as a NNN lease, with the tenant responsible for all maintenance, including structure, roof, and HVAC repair or replacement. The property has been occupied since 1991, first by Murray's Auto and then by O'Reilly since 2010. A Phase 1 and Phase 2 environmental report was completed in 2026. The property is located across from West Town Square shopping center and minutes from Target, Giant Eagle, and Home Depot. The surrounding area has a dense market with a population of 164,126 people within a 3-mile radius and a daytime population of 131,593. The location benefits from high traffic counts of 12,719 vehicles per day.
Key Highlights
- Long‑term NNN lease with O'Reilly (expires January 31, 2030) and two 5‑year options with rent increases.
- Strong tenant performance: Top 9% of O'Reilly stores in Ohio.
- Stable income stream: $63,000 annual rent with built‑in increases.
Financial Insights For Industrial
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 | $58.4k | $5.64 |
| − Vacancy | −$1.5k | −$0.15 |
| EGI | $56.8k | $5.49 |
| − OpEx | −$17.1k | −$1.65 |
| NOI | $39.8k | $3.85 |
10,346 SF · lease $5.64/SF/yr · vacancy 2.60% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.42M
$1.24M – $1.66M
NOI $99,399 @ 7.0% cap · market cap 10.86%
Second Best
Industrial
$568.3K
$497.3K – $663.1K
NOI $39,784 @ 7.0% cap · market cap 4.35%
Theoretical Best
Office A
$1.95M
$1.70M – $2.27M
NOI $136,362 @ 7.0% cap · market cap 14.90%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
O'Reilly Auto Parts
Auto Parts Store
Similar Off Market Nearby
- U-Haul Neighborhood Dealer — 11705 Berea Rd, Cleveland, OH 44111
- Tool & Truck Rental Center at The Home Depot — 11901 Berea Rd, Cleveland, OH 44111
- U-Haul Neighborhood Dealer — 11600 Berea Rd, Cleveland, OH 44102
FAQs
What type of property is this?
Automotive property - Freestanding 10,346 SF building with long-term tenant in place.
Where is this automotive property located?
The property is located at 11011 Lorain Avenue Cleveland, OH.
What is the asking price?
The asking price for this property is $915,000.
What are key features of this property?
This property features: Long‑term NNN lease with O'Reilly (expires January 31, 2030) and two 5‑year options with rent increases.; Strong tenant performance: **Top 9% of O'Reilly stores in Ohio.**; Stable income stream: **$63,000 annual rent with built‑in increases.**
