Two-Story NNN
For Sale
$1,350,000
1299 W 9th Street, Cleveland, OH 44113
CommercialSale, Cleveland, OH
Property Size6,566 SF
Lot Size0.09 Acres
Price / SF$205.60
Days on Market104
Property Features for 1299 W 9th Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
Retail
Rooms
Basement
Parking features
On Street, Offsite
Patio and Porch features
Patio
Subdivision
Historic Warehouse District
Elementary school district
Cleveland Municipal - 1809
Middle school district
Cleveland Municipal - 1809
High school district
Cleveland Municipal - 1809
Directions
From I-90/I-71, take the exit toward Downtown Cleveland. Proceed into the Historic Warehouse District. The property sits on the east side of West 9th Street, between Johnson Court and West St. Clair Avenue. On-street parking and nearby commercial lots are available.
Standard status
Active
APN
101-09-013
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Sit. City of Cleveland, Cuyahoga Co., OH; pt Orig. 2-Acre Lot 25; 25 NP 183.26 N of St Clair; 30.63' x 132' irreg., 4,035 SF/0.0926 AC per survey by Donald G. Bohning & Assoc. (1/2002); PPN 101-09-013
Tax Annual Amount
21848
Legal Description
Sit. City of Cleveland, Cuyahoga Co., OH; pt Orig. 2-Acre Lot 25; 25 NP 183.26 N of St Clair; 30.63' x 132' irreg., 4,035 SF/0.0926 AC per survey by Donald G. Bohning & Assoc. (1/2002); PPN 101-09-013
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Forced Air
Cooling system
Central Air, Ductless
Water source
Public
Amenities
second-floor outdoor deck/patio
full basement
billboard signage rights
Building Details
Year built
1910
Floors in Building
2
Number of units
2
Roof type
Built-Up, Flat, Composition
Listing Agency:
Realty Professionals, Inc.
(440) 835-0272
Listed By:
Vincent Liuzzi · License #2022002940
(216) 912-2196
Added: Jun 12
Changed: Sep 22
Last Checked: Sep 23 at 9:06PM
MLS# 5242403
Copyright © 2026 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 6,566-square-foot brick commercial building contains two stories of built-out hospitality space and a full basement. The property is 100% leased through two separate five-year NNN leases, with annual escalations scheduled through 2029. Tenant improvements are being completed on both floors, and neither tenant has begun operations. A second-floor outdoor patio adds usable exterior space, while exterior wall rights may support future billboard signage. The building was constructed in 1910 and includes central air, ductless cooling, heat pump and forced-air heating, public water, and public sewer.
Located at 1299 W 9th Street in Cleveland’s Warehouse District, the property sits between Johnson Court and West St. Clair Avenue. Playhouse Square, professional sports venues, and downtown residential development are nearby. Parking is available on street and offsite.
Located at 1299 W 9th Street in Cleveland’s Warehouse District, the property sits between Johnson Court and West St. Clair Avenue. Playhouse Square, professional sports venues, and downtown residential development are nearby. Parking is available on street and offsite.
Key Highlights
- 6,566‑square‑foot, two‑story brick commercial building with a full basement
- 100% leased under two separate five‑year NNN leases
- Annual lease escalations scheduled through 2029
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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Fully leased brick commercial building with hospitality buildouts, basement storage, and a second-floor patio.
Where is this nnn 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‑square‑foot, two‑story brick commercial building with a full basement; 100% leased under two separate five‑year NNN leases; Annual lease escalations scheduled through 2029
