Two-Story Retail
New
For Sale
$1,350,000
1299 W 9th Street, Cleveland, OH 44113
Brick construction, hospitality interiors on both floors, and a second-floor deck shape the property’s commercial layout.
Property Size6,566 SF
Price / SF$205.60
Days on Market3
Property Features for 1299 W 9th Street
General Information
Standard status
Active
Size
6,566 SF
Property subtype
Retail
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$21,848
Amenities
outdoor deck/patio
full basement
billboard signage rights
Building Details
Building Size
6,566 SF
Year Built
1910
Buildings
1
Stories
2
Construction
brick
Tenancy
Multi
Listing Agency:
Realty Professionals, Inc.
Listed By:
Vincent Liuzzi · License #2022002940
(216) 912-2196
Source:
Asacoxhomes
Added: Sep 22
Changed: Sep 24
Last Checked: Sep 24 at 1:58PM
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 Realty Professionals, Inc.
Investment Insights
Based on property information with market context.
This two-story brick retail building contains 6,566 SF, with hospitality space on each floor and a full basement. A deck extends from the second floor. The property was built in 1910 and is leased under two separate five-year NNN agreements. Both leases are executed, though the tenants have not yet opened for business; tenant improvements are underway. Once operating, the lease structure assigns real estate taxes, insurance, utilities, and routine maintenance to the tenants.
The building is on W 9th Street between Johnson Court and West St. Clair Avenue, near Playhouse Square and professional sports venues. Its location is also described as part of the Warehouse District entertainment corridor. Exterior walls may be leased for billboard signage.
The building is on W 9th Street between Johnson Court and West St. Clair Avenue, near Playhouse Square and professional sports venues. Its location is also described as part of the Warehouse District entertainment corridor. Exterior walls may be leased for billboard signage.
Key Highlights
- 6,566 SF in a two‑story brick building
- Two executed five‑year NNN leases; property is 100% leased, though tenants have not opened
- Hospitality space on each floor, plus a full basement
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
$63,083
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
4.67%
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%
$1,261,660
$1.3M
Cap Rate 7%
$901,186
$901.2K
Cap Rate 9%
$700,922
$700.9K
Market Conditions
NOI Build-Up for 6,566 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
$98.5K $15.00/SF
− Vacancy
−$8.4K −$1.28/SF
EGI
$90.1K $13.73/SF
− OpEx
−$27.0K −$4.12/SF
NOI
$63.1K $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%
$1,261,660
Cap Rate 7%
$901,186
Cap Rate 9%
$700,922
Alternative Uses
Best Use
Retail
$901.2K
$788.5K – $1.05M
NOI $63,083 @ 7.0% cap · market cap 4.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.60M
$1.40M – $1.87M
NOI $112,162 @ 7.0% cap · market cap 8.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,955
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 44113, OH
20,291
Population
12,554
Households
1.6
Avg Household Size
33
Median Age
54%
College-Educated
89%
High-School Grad
3.8 sq mi
ZIP Area
5,340
Density / Sq Mi
$70,140
Median Household Income
$61,204
Median Earnings
$1,374
Median Rent
$295,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Cleveland, OH
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Frequently Asked Questions
What type of property is this?
Storefront property - Brick construction, hospitality interiors on both floors, and a second-floor deck shape the property’s commercial layout.
Where is this storefront property located?
The property is located at 1299 W 9th Street Cleveland, OH.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 6,566 SF in a two‑story brick building; Two executed five‑year NNN leases; property is 100% leased, though tenants have not opened; Hospitality space on each floor, plus a full basement
