Auto Shop with Retail
For Sale
$199,000
2884 Scranton Rd, Cleveland, OH 44113
Recently emptied, cleaned, and painted property with on-site parking in a high-traffic Tremont area.
Property Size1,182 SF
Lot Size0.16 Acres
Price / SF$168.36
Days on Market33
Property Features for 2884 Scranton Rd
General Information
Standard status
Active
Size
1,182 SF
Lot size
0.16 Acres
Building Details
Year Built
1950
Listing Agency:
Progressive Urban Real Estate Co
(216) 619-9696
Listed By:
Elizabeth F Paskin
Source:
Theacclaimedrealty
Added: Jul 29
Changed: Aug 29
Last Checked: Aug 25 at 5:36AM
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 Progressive Urban Real Estate Co
Investment Insights
Based on property information with market context.
This auto shop includes 1182 sq. ft. of retail space on a 6900 sq. ft. parcel. The 1950 building has served as an auto mechanic shop since 1981 and is currently emptied, cleaned, and painted. The property can accommodate continued automotive use or another retail-oriented operation, including a coffee shop.
Located at 2884 Scranton Road in Cleveland’s Tremont area, the property is positioned on the city’s west side in a high-traffic setting. On-site parking is included, adding practical convenience for customers and business operations.
Located at 2884 Scranton Road in Cleveland’s Tremont area, the property is positioned on the city’s west side in a high-traffic setting. On-site parking is included, adding practical convenience for customers and business operations.
Key Highlights
- 1182 sq. ft. of retail space on a 6900 sq. ft. parcel
- Auto mechanic shop use since 1981
- Emptied, cleaned, and painted
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
$11,356
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
5.71%
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%
$227,120
$227.1K
Cap Rate 7%
$162,229
$162.2K
Cap Rate 9%
$126,178
$126.2K
Market Conditions
NOI Build-Up for 1,182 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
$17.7K $15.00/SF
− Vacancy
−$1.5K −$1.28/SF
EGI
$16.2K $13.73/SF
− OpEx
−$4.9K −$4.12/SF
NOI
$11.4K $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%
$227,120
Cap Rate 7%
$162,229
Cap Rate 9%
$126,178
Alternative Uses
Best Use
Retail
$162.2K
$142.0K – $189.3K
NOI $11,356 @ 7.0% cap · market cap 5.71%
Second Best
Industrial
$69.4K
$60.7K – $80.9K
NOI $4,856 @ 7.0% cap · market cap 2.44%
Theoretical Best
Office A
$288.4K
$252.4K – $336.5K
NOI $20,191 @ 7.0% cap · market cap 10.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
857
Businesses Nearby
Well-served
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
Market
Vacancy Rate% for Retail in Cleveland, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Auto shop - Recently emptied, cleaned, and painted property with on-site parking in a high-traffic Tremont area.
Where is this auto shop located?
The property is located at 2884 Scranton Rd Cleveland, OH.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: 1182 sq. ft. of retail space on a 6900 sq. ft. parcel; Auto mechanic shop use since 1981; Emptied, cleaned, and painted
