Mixed-Use Property with Private
New
For Sale
$895,000
18215 Detroit Avenue, Lakewood, OH 44107
Retail and two renovated apartments are leased, with dedicated off-street parking serving the property.
Property Size2,628 SF
Price / SF$340.56
Days on Market1
Property Features for 18215 Detroit Avenue
General Information
Standard status
Active
Size
2,628 SF
Property subtype
Retail
Occupancy
100%
Net Operating Income
$73,127
Financials
Asking Price
$895,000
Cap Rate
8.17%
Site & Location
Highway Access
Yes
Mixed-Use Components
retail, residential
Additional Details
Tenant in Place
Yes
Building Details
Buildings
2
Tenancy
Multi
Listing Agency:
CBRE - Cleveland
Listed By:
Connor Ambrose · License #SAL.2022000617
(216) 535-4730
Source:
Cbre
Added: Oct 24
Last Checked: Oct 24 at 2:50PM
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 CBRE - Cleveland
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Investment Insights
Based on property information with market context.
The property combines a leased 1,800-square-foot retail building with a fully leased residential building containing two one-bedroom, one-bathroom apartments. Both apartments have been renovated. Residential improvements include a new HVAC system, windows, and updated electrical work in 2025; the roof and siding were replaced in 2021. The retail building received a roof seal in 2024 and a new HVAC system in 2025.
A private parking lot accommodates 6+ vehicles. Downtown Rocky River is a short walk away, and several I-90 access points lie within a 2-mile radius. Average household income within 1 mile is $124,518.
A private parking lot accommodates 6+ vehicles. Downtown Rocky River is a short walk away, and several I-90 access points lie within a 2-mile radius. Average household income within 1 mile is $124,518.
Key Highlights
- 1,800 SF leased retail building and fully leased residential space
- Two renovated apartments, each with 1 bedroom and 1 bathroom
- Private parking lot accommodates 6+ spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,221
Cap Rate
3.49%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$624,420
$624.4K
Cap Rate 7%
$446,014
$446.0K
Cap Rate 9%
$346,900
$346.9K
Market Conditions
NOI Build-Up for 2,628 SF
Gross rent
$56.8K $21.60/SF
− Vacancy
−$6.8K −$2.59/SF
EGI
$50.0K $19.01/SF
− OpEx
−$18.7K −$7.13/SF
NOI
$31.2K $11.88/SF
Area
Cuyahoga County, OH
Vacancy
12.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$624,420
Cap Rate 7%
$446,014
Cap Rate 9%
$346,900
Alternative Uses
Best Use
Mixed Use
$446.0K
$390.3K – $520.4K
NOI $31,221 @ 7.0% cap · market cap 3.49%
Second Best
Multifamily LT 5
$398.1K
$348.3K – $464.4K
NOI $27,864 @ 7.0% cap · market cap 3.11%
Theoretical Best
Warehouse
$2.11M
$1.84M – $2.46M
NOI $147,397 @ 7.0% cap · market cap 16.47%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,777
Businesses Nearby
Explore this area
Business Placement
Demographics for 44107, OH
51,109
Population
29,101
Households
1.8
Avg Household Size
36
Median Age
54%
College-Educated
95%
High-School Grad
5.4 sq mi
ZIP Area
9,465
Density / Sq Mi
$65,778
Median Household Income
$49,285
Median Earnings
$1,011
Median Rent
$241,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Retail and two renovated apartments are leased, with dedicated off-street parking serving the property.
Where is this mixed-use property located?
The property is located at 18215 Detroit Avenue Lakewood, OH.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 1,800 SF leased retail building and fully leased residential space; Two renovated apartments, each with 1 bedroom and 1 bathroom; Private parking lot accommodates 6+ spaces
