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    Contemporary Industrial Office Spaces Title is generated by Realmo AI

    18519 Underwood Ave, Cleveland, OH 44119

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    For Lease
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    Prime location near I-90, minutes from downtown Cleveland.

    Type:Office
    Added:
    Jan 25, 2026
    Days on Market:
    107
    Last Refresh:
    Mar 17 at 1:21 pm

    Property Features for 18519 Underwood Ave

    General Information

    Standard status
    Active
    Property subtype
    Office

    Building Details

    Year Built
    1900

    Spaces For Lease

    at 18519 Underwood Ave Contact us

    D4 $2 /Mo

    Size
    216 SF
    Type
    Office
    Price is in inclusive of all Utilities (Power/Water/Heat/Air Conditioning), High...
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    Contact us

    D3 $2 /Mo

    Size
    186 SF
    Type
    Office
    Price is in inclusive of all Utilities (Power/Water/Heat/Air Conditioning), High...
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    Contact us

    O3 $3 /Mo

    Size
    202 SF
    Type
    Office
    Price is in inclusive of all Utilities (Power/Water/Heat/Air Conditioning), High...
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    D1 $2 /Mo

    Size
    182 SF
    Type
    Office
    Price is in inclusive of all Utilities (Power/Water/Heat/Air Conditioning), High...
    show more
    Contact us

    O1 $3 /Mo

    Size
    186 SF
    Type
    Office
    Price is in inclusive of all Utilities (Power/Water/Heat/Air Conditioning), High...
    show more
    Contact us
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    We can help!

    Listing Contact
    Angel Chaney

    Listing agent Angel Chaney License #BRKM.2023006653

    Listing office VSD Realty LLC

    Listing date Jan 25, 2026

    Source Crexi

    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

    HighLights

    • Prime location off I‑90 at 185th Street, minutes from downtown Cleveland.
    • Contemporary industrial office spaces designed for freelancers, entrepreneurs, and small teams.
    • Provides a focused and professional environment free from home distractions.
    • Offers a network of like‑minded entrepreneurs and professionals for collaboration and inspiration.
    • Suitable for private offices or team brainstorming.
    • Located between Euclid and North Collinwood.

    Overview

    Offices@Underwood provides contemporary industrial office spaces conveniently located off I-90 at 185th Street, a short distance from downtown Cleveland. Situated between Euclid and North Collinwood, these offices are suitable for freelancers, entrepreneurs, and small teams seeking a focused environment with city convenience. The location offers a quieter, more professional setting, ideal for client meetings and enhanced productivity. The offices provide an environment for connection, collaboration, and inspiration, fostering a network of like-minded professionals. Resources and community support are available for businesses seeking growth, whether in need of a private office or a team brainstorming space. The intended use of the property is for office space.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.5490934
    Latitude
    41.5800091

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    FAQs

    What type of property is this?
    Office units - Prime location near I-90, minutes from downtown Cleveland.
    Where is this office units located?
    The property is located at 18519 Underwood Ave Cleveland, OH.
    What are key features of this property?
    This property features: Prime location off I‑90 at 185th Street, minutes from downtown Cleveland.; Contemporary industrial office spaces designed for freelancers, entrepreneurs, and small teams.; Provides a focused and professional environment free from home distractions.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Angel Chaney
    Real Estate License ID: BRKM.2023006653
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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