Historic Two-Story Bank
For Sale
Contact for pricing
15619 Waterloo Road, Cleveland, OH 44110
Historic brick bank building with on-site parking and LR zoning for retail, restaurant, office, and mixed residential use.
Property Size8,385 SF
Lot Size0.42 Acres
Price / SF$44.72
Days on Market57
Property Features for 15619 Waterloo Road
General Information
Standard status
Active
Size
8,385 SF
Lot size
0.42 Acres
Property subtype
Retail, Multifamily, Mixed Use
Zoning
LR
Additional Details
Opportunity Zone
Yes
Building Details
Year Built
1927
Buildings
1
Stories
2
Listing Agency:
Hanna Commercial Real Estate Cleveland
(617) 825-6545
Listed By:
Matthew Hales · License #SAL.2024004918
Source:
Crexi
Added: Jun 16
Changed: Aug 8
Last Checked: Aug 11 at 5:15AM
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 Hanna Commercial Real Estate Cleveland
Investment Insights
Based on property information with market context.
Built in 1927, this historic two-story brick bank building offers 5,636 SF above grade plus a 2,749 SF unfinished basement on a 0.42-acre lot with on-site parking. The structure retains classic bank-era character throughout, making it well suited for adaptive reuse that preserves its architectural identity. The property’s layout supports a variety of concept-driven uses where a distinctive, older-building feel is a benefit.
Located in the heart of the Waterloo Arts District, the building is steps from Beachland Ballroom and within a thriving cluster of galleries, restaurants, and creative tenants. It is also within walking distance to the RTA Blue/Green Line, supporting convenient access for customers and visitors.
Zoned LR for retail, restaurant, office, and mixed residential use, the property can work for operators seeking a flexible space for a restaurant concept, brewery, event venue, creative office, or gallery. It also presents potential for qualified renovation and redevelopment under programs noted as eligible, including the Federal Opportunity Zone, City of Cleveland Tax Abatement, and OH/Federal Historic Tax Credit incentives.
Located in the heart of the Waterloo Arts District, the building is steps from Beachland Ballroom and within a thriving cluster of galleries, restaurants, and creative tenants. It is also within walking distance to the RTA Blue/Green Line, supporting convenient access for customers and visitors.
Zoned LR for retail, restaurant, office, and mixed residential use, the property can work for operators seeking a flexible space for a restaurant concept, brewery, event venue, creative office, or gallery. It also presents potential for qualified renovation and redevelopment under programs noted as eligible, including the Federal Opportunity Zone, City of Cleveland Tax Abatement, and OH/Federal Historic Tax Credit incentives.
Key Highlights
- 1927 two‑story historic brick former bank building with 5,636 SF above grade
- 2,749 SF unfinished basement provides additional space for future buildout
- 0.42‑acre lot with on‑site parking
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
$34,449
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
9.19%
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%
$688,980
$689.0K
Cap Rate 7%
$492,129
$492.1K
Cap Rate 9%
$382,767
$382.8K
Market Conditions
NOI Build-Up for 8,385 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
$51.3K $6.12/SF
− Vacancy
−$2.1K −$0.25/SF
EGI
$49.2K $5.87/SF
− OpEx
−$14.8K −$1.76/SF
NOI
$34.4K $4.11/SF
Area
Cleveland, OH
Vacancy
4.10%
Lease Rate
$6.12 /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%
$688,980
Cap Rate 7%
$492,129
Cap Rate 9%
$382,767
Alternative Uses
Best Use
Specialty Retail
$1.50M
$1.32M – $1.75M
NOI $105,274 @ 7.0% cap · market cap 28.07%
Second Best
Retail
$1.15M
$1.01M – $1.34M
NOI $80,559 @ 7.0% cap · market cap 21.48%
Theoretical Best
Office A
$2.05M
$1.79M – $2.39M
NOI $143,235 @ 7.0% cap · market cap 38.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
332
Businesses Nearby
Under-served
Demand for This Use
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
Market
Vacancy Rate% for Industrial in Cleveland, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Historic brick bank building with on-site parking and LR zoning for retail, restaurant, office, and mixed residential use.
Where is this storefront property located?
The property is located at 15619 Waterloo Road Cleveland, OH.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 1927 two‑story historic brick former bank building with 5,636 SF above grade; 2,749 SF unfinished basement provides additional space for future buildout; 0.42‑acre lot with on‑site parking
