Creative Space with Approved
New
For Sale
Contact for pricing
1350 West 69th Street, Cleveland, OH 44102
Partially rehabilitated commercial building with flexible reuse potential and an adjacent lot approved for parking.
Property Size4,000 SF
Price / SF$128.75
Days on Market5
Property Features for 1350 West 69th Street
General Information
Standard status
Active
Size
4,000 SF
Class
B
Property subtype
Office
Investment Type
Owner/User
Additional Details
Highway Access
Yes
Building Details
Year Built
1915
Stories
2
Tenancy
Single
Listing Agency:
Cushman & Wakefield | CRESCO Real Estate
Listed By:
Conor Coakley · License #2006003669
Source:
Crexi
Added: Aug 10
Changed: Aug 14
Last Checked: Aug 14 at 3:24AM
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.
Built in 1915, this 4,000-square-foot property offers a distinctive setting for creative commercial use. The building was previously used as a church and, earlier, as an Italian social club dance hall; portions have been rehabilitated, and the property is zoned for commercial use. An adjacent lot has received City of Cleveland approval for parking, with the related site plan referenced in the property materials.
The property is positioned in Cleveland’s Gordon Square Arts District, with access to Route 2 and nearby Edgewater Park, the Gordon Square Retail District, Battery Park, Stone Madd Pub, Il Rione, and Luxe. Its existing volume, history, and partial rehabilitation provide a defined starting point for an owner-user reuse project or live-work application, subject to applicable approvals.
The property is positioned in Cleveland’s Gordon Square Arts District, with access to Route 2 and nearby Edgewater Park, the Gordon Square Retail District, Battery Park, Stone Madd Pub, Il Rione, and Luxe. Its existing volume, history, and partial rehabilitation provide a defined starting point for an owner-user reuse project or live-work application, subject to applicable approvals.
Key Highlights
- 4,000‑square‑foot building constructed in 1915
- Commercial zoning supports a range of reuse concepts
- Partially rehabilitated former church and Italian social club dance hall
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
$33,750
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
6.55%
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%
$675,000
$675.0K
Cap Rate 7%
$482,143
$482.1K
Cap Rate 9%
$375,000
$375.0K
Market Conditions
NOI Build-Up for 4,000 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
$60.0K $15.00/SF
− Vacancy
−$6.0K −$1.50/SF
EGI
$54.0K $13.50/SF
− OpEx
−$20.3K −$5.06/SF
NOI
$33.8K $8.44/SF
Area
Cleveland, OH
Vacancy
10.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
37.50%
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%
$675,000
Cap Rate 7%
$482,143
Cap Rate 9%
$375,000
Alternative Uses
Best Use
Office B
$777.6K
$680.4K – $907.2K
NOI $54,432 @ 7.0% cap · market cap 10.57%
Second Best
Mixed Use
$482.1K
$421.9K – $562.5K
NOI $33,750 @ 7.0% cap · market cap 6.55%
Theoretical Best
Office A
$976.1K
$854.1K – $1.14M
NOI $68,329 @ 7.0% cap · market cap 13.27%
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
479
Businesses Nearby
Explore this area
Business Placement
Demographics for 44102, OH
43,347
Population
22,984
Households
1.9
Avg Household Size
35
Median Age
25%
College-Educated
80%
High-School Grad
6.1 sq mi
ZIP Area
7,106
Density / Sq Mi
$40,303
Median Household Income
$34,958
Median Earnings
$911
Median Rent
$99,300
Median Home Value
Market
Vacancy Rate% for Office in Cleveland, OH
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Creative space - Partially rehabilitated commercial building with flexible reuse potential and an adjacent lot approved for parking.
Where is this creative space located?
The property is located at 1350 West 69th Street Cleveland, OH.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: 4,000‑square‑foot building constructed in 1915; Commercial zoning supports a range of reuse concepts; Partially rehabilitated former church and Italian social club dance hall
