Freestanding Brick Mixed-Use
For Sale
$240,000
15602 Waterloo, Cleveland, OH 44110
Full basement and an included parking lot add functional flexibility to this commercial property.
Property Size2,276 SF
Price / SF$105.45
Days on Market66
Property Features for 15602 Waterloo
General Information
Standard status
Active
Size
2,276 SF
Additional Details
Highway Access
Yes
Amenities
full basement
parking lot
Building Details
Year Built
1920
Buildings
1
Construction
brick
Listing Agency:
Keller Williams Greater Metropolitan
Listed By:
Bob Zimmer · License #404374
(216) 406-5729
Source:
Theacclaimedrealty
Added: Aug 11
Changed: Oct 4
Last Checked: Oct 15 at 12:12AM
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 Keller Williams Greater Metropolitan
Investment Insights
Based on property information with market context.
This freestanding brick commercial building offers a flexible mixed-use configuration with a full basement for additional space. The property includes an on-site parking lot and dates to 1920. Its layout may accommodate office, gallery, or local retail uses, subject to applicable requirements.
Located in Cleveland’s Waterloo Arts District, the property provides access to I90 and places a standalone commercial building within an established arts-oriented district. The combination of brick construction, basement space, and dedicated parking supports a range of potential business formats.
Located in Cleveland’s Waterloo Arts District, the property provides access to I90 and places a standalone commercial building within an established arts-oriented district. The combination of brick construction, basement space, and dedicated parking supports a range of potential business formats.
Key Highlights
- Freestanding brick building dating to 1920
- Full basement provides additional usable space
- Included parking lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,867
Cap Rate
9.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$437,340
$437.3K
Cap Rate 7%
$312,386
$312.4K
Cap Rate 9%
$242,967
$243.0K
Market Conditions
NOI Build-Up for 2,276 SF
Gross rent
$34.1K $15.00/SF
− Vacancy
−$2.9K −$1.28/SF
EGI
$31.2K $13.73/SF
− OpEx
−$9.4K −$4.12/SF
NOI
$21.9K $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 Rate 5%
$437,340
Cap Rate 7%
$312,386
Cap Rate 9%
$242,967
Alternative Uses
Best Use
Office B
$442.5K
$387.2K – $516.2K
NOI $30,972 @ 7.0% cap · market cap 12.91%
Second Best
Retail
$312.4K
$273.3K – $364.5K
NOI $21,867 @ 7.0% cap · market cap 9.11%
Theoretical Best
Office A
$555.4K
$486.0K – $648.0K
NOI $38,879 @ 7.0% cap · market cap 16.20%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
332
Businesses Nearby
Explore this area
Business Placement
Demographics for 44110, OH
17,617
Population
11,140
Households
1.6
Avg Household Size
40
Median Age
13%
College-Educated
84%
High-School Grad
4.1 sq mi
ZIP Area
4,297
Density / Sq Mi
$30,973
Median Household Income
$28,263
Median Earnings
$821
Median Rent
$62,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Cleveland, OH
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Full basement and an included parking lot add functional flexibility to this commercial property.
Where is this mixed-use property located?
The property is located at 15602 Waterloo Cleveland, OH.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: Freestanding brick building dating to 1920; Full basement provides additional usable space; Included parking lot
