Two-Unit Flex Industrial
New
For Sale
$499,500
1537 Chardon Road, Euclid, OH 44117
CommercialSale, Euclid, OH
Property Size4,200 SF
Lot Size0.24 Acres
Price / SF$118.93
Days on Market2
Property Features for 1537 Chardon Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Industrial - Light
Parking
7
Security features
Security
Subdivision
Euclid 14
Elementary school district
Euclid CSD - 1813
Middle school district
Euclid CSD - 1813
High school district
Euclid CSD - 1813
Directions
South of I-90 off St Clair Avenue
Standard status
Active
APN
646-31-004
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
14 NEXT N OF NORTH ST
Tax Annual Amount
6044
Legal Description
14 NEXT N OF NORTH ST
Utilities
Sewer type
Public Sewer
Heating system
Space Heater, Radiant
Cooling system
Central Air
Water source
Public
Building Details
Year built
1997
Number of units
2
Roof type
Elastomeric, Flat, Rubber
Listing Agency:
Keller Williams Citywide · Keller Williams Realty
(440) 892-2211
Listed By:
David M Reddy · License #2001006408
(216) 406-4746
Added: Sep 22
Last Checked: Sep 23 at 8:06AM
MLS# 5245145
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 4,200 SF flex industrial building is configured as two separate 2,100 SF units, providing adaptable space for an owner-user or multiple occupants. Suite A is primarily warehouse space with radiant overhead heating. Suite B combines approximately 850-900 SF of office area with warehouse space, a Reznor overhead heater, and A/C serving the office. Both units include remodeled bathrooms, 10-foot overhead doors, and entrances oriented toward Chardon Avenue.
The property is located at 1537 Chardon Road in Euclid, near I-90 and approximately 15 minutes from downtown Cleveland. Rear parking is available on site, with additional access to a nearby public parking area. Improvements include newer windows and an elastomeric coating scheduled for application in October over the existing EPDM roof, backed by a 10-year transferable warranty. Public water and sewer serve the property, which was built in 1997 on 0.2396 acres.
The property is located at 1537 Chardon Road in Euclid, near I-90 and approximately 15 minutes from downtown Cleveland. Rear parking is available on site, with additional access to a nearby public parking area. Improvements include newer windows and an elastomeric coating scheduled for application in October over the existing EPDM roof, backed by a 10-year transferable warranty. Public water and sewer serve the property, which was built in 1997 on 0.2396 acres.
Key Highlights
- 4,200 SF building divided into two separate 2,100 SF units
- Suite B includes approximately 850‑900 SF of office space
- Both units have remodeled bathrooms and 10‑foot overhead doors
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
$15,170
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
3.04%
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%
$303,400
$303.4K
Cap Rate 7%
$216,714
$216.7K
Cap Rate 9%
$168,556
$168.6K
Market Conditions
NOI Build-Up for 4,200 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
$24.7K $5.88/SF
− Vacancy
−$1.4K −$0.32/SF
EGI
$23.3K $5.56/SF
− OpEx
−$8.2K −$1.94/SF
NOI
$15.2K $3.61/SF
Area
Cuyahoga County, OH
Vacancy
5.50%
Lease Rate
$5.88 /SF/Yr
Expense Ratio
35.00%
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%
$303,400
Cap Rate 7%
$216,714
Cap Rate 9%
$168,556
Alternative Uses
Best Use
Warehouse
$3.37M
$2.94M – $3.93M
NOI $235,566 @ 7.0% cap · market cap 47.16%
Second Best
Industrial
$2.77M
$2.42M – $3.23M
NOI $193,995 @ 7.0% cap · market cap 38.84%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
365
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44117, OH
10,533
Population
5,320
Households
2
Avg Household Size
49
Median Age
20%
College-Educated
91%
High-School Grad
3.8 sq mi
ZIP Area
2,772
Density / Sq Mi
$41,818
Median Household Income
$35,966
Median Earnings
$877
Median Rent
$137,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Flexible industrial property with separate work areas, rear parking, and direct access to I-90 and downtown Cleveland.
Where is this flex space located?
The property is located at 1537 Chardon Road Euclid, OH.
What is the asking price?
The asking price for this property is $499,500.
What are key features of this property?
This property features: 4,200 SF building divided into two separate 2,100 SF units; Suite B includes approximately 850‑900 SF of office space; Both units have remodeled bathrooms and 10‑foot overhead doors
