Live-Work Loft With Rooftop
For Sale
$299,500
1667 E 40th Street, Cleveland, OH 44103
Flexible condo space supports office, residential, or combined live-work use.
Property Size2,890 SF
Price / SF$103.63
Days on Market309
Property Features for 1667 E 40th Street
General Information
Standard status
Active
Size
2,890 SF
Total Parking Spaces
1
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$10,285
Amenities
rooftop deck
gated off-street parking
secured entry
Central Air
3
Flat, Rubber
Parking.
1 Parking Spaces. Guest Parking, Off Street, Assigned Parking Space, On Site.
Building Details
Year Built
1908
Listing Agency:
VSD Realty, LLC.
(216) 406-1772
Listed By:
Victor Duqum
(216) 406-1772
Source:
Xome
Added: Oct 26, 2025
Changed: Aug 30
Last Checked: Aug 30 at 3:55AM
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 VSD Realty, LLC.
Investment Insights
Based on property information with market context.
This 2,890-square-foot live-work condominium at 1667 E 40th Street offers a professional layout with six private office rooms, a kitchen with granite counters, a full studio apartment, and two half baths. The adjacent studio includes a full bathroom and space designated for a laundry area. Central air is installed, and the unit has been fully painted.
A rooftop deck provides views of the Cleveland skyline. The property includes one assigned parking space within a gated off-street lot, along with additional visitor parking. Building entry is controlled by key fob or access code. The association handles water, sewer, exterior maintenance, and common-area upkeep. Built in 1908, the property is approved for residential occupancy, combined living and working, or fully commercial use.
A rooftop deck provides views of the Cleveland skyline. The property includes one assigned parking space within a gated off-street lot, along with additional visitor parking. Building entry is controlled by key fob or access code. The association handles water, sewer, exterior maintenance, and common-area upkeep. Built in 1908, the property is approved for residential occupancy, combined living and working, or fully commercial use.
Key Highlights
- 2,890 SF live‑work condominium with six private office rooms
- Rooftop deck with views of the Cleveland skyline
- Adjacent studio apartment with full bath and laundry area
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
$24,384
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
8.14%
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%
$487,680
$487.7K
Cap Rate 7%
$348,343
$348.3K
Cap Rate 9%
$270,933
$270.9K
Market Conditions
NOI Build-Up for 2,890 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
$43.4K $15.00/SF
− Vacancy
−$4.3K −$1.50/SF
EGI
$39.0K $13.50/SF
− OpEx
−$14.6K −$5.06/SF
NOI
$24.4K $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%
$487,680
Cap Rate 7%
$348,343
Cap Rate 9%
$270,933
Alternative Uses
Best Use
Office B
$561.8K
$491.6K – $655.5K
NOI $39,327 @ 7.0% cap · market cap 13.13%
Second Best
Mixed Use
$348.3K
$304.8K – $406.4K
NOI $24,384 @ 7.0% cap · market cap 8.14%
Theoretical Best
Office A
$705.3K
$617.1K – $822.8K
NOI $49,368 @ 7.0% cap · market cap 16.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,572
Businesses Nearby
Explore this area
Business Placement
Demographics for 44103, OH
14,469
Population
9,479
Households
1.5
Avg Household Size
43
Median Age
12%
College-Educated
78%
High-School Grad
4.1 sq mi
ZIP Area
3,529
Density / Sq Mi
$24,219
Median Household Income
$27,495
Median Earnings
$720
Median Rent
$57,600
Median Home Value
Market
Vacancy Rate% for Office in Cleveland, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Flexible condo space supports office, residential, or combined live-work use.
Where is this live-work space located?
The property is located at 1667 E 40th Street Cleveland, OH.
What is the asking price?
The asking price for this property is $299,500.
What are key features of this property?
This property features: 2,890 SF live‑work condominium with six private office rooms; Rooftop deck with views of the Cleveland skyline; Adjacent studio apartment with full bath and laundry area
