Commercial Development Site with
For Sale
Contact for pricing
2055 CLEVELAND RD, Sandusky, OH 44870
Strategically located retail and office building on a sizable site with substantial road frontage on major corridors.
Property Size13,462 SF
Lot Size5.90 Acres
Price / SF$144.85
Days on Market52
Property Features for 2055 CLEVELAND RD
General Information
Standard status
Active
Size
13,462 SF
Total Parking Spaces
50
Lot size
5.90 Acres
Property subtype
Retail, Office, Mixed Use
Zoning
Commercial (Roadside/Local Business District)
Building Details
Year Built
1957
Buildings
1
Stories
1
Units
1
Listing Agency:
Hoty Enterprises, Inc.
(419) 609-7000
Listed By:
Henry "Mac" Lehrer, CCIM
Source:
Crexi
Added: Jul 1
Changed: Aug 19
Last Checked: Aug 20 at 9:22PM
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 Hoty Enterprises, Inc.
Investment Insights
Based on property information with market context.
The property includes nearly 13,000 square feet of commercial building with shop, office, and service areas, supported by a well-sized land parcel suitable for commercial development. The existing improvements provide flexible interior space for retail-oriented operations and service functions, while the surrounding acreage supports additional development planning.
The site is positioned at the entrance to Cedar Point in Ohio’s Vacationland, with approximately 600 feet of frontage along Cleveland Road and US Route 6. It benefits from direct placement on high-visibility, major-arterial corridors and proximity to multiple regional attractions, including indoor waterpark, Cedar Point Amusement Park, and nearby shoreline access.
For buyers and operators, the combination of an existing commercial building and development-ready land supports a range of retail, hospitality, entertainment, mixed-use, and sales or service-related uses, including boat, jet ski, and auto sales concepts. The property’s frontage and existing shop, office, and service layout make it well suited for businesses seeking both functional improvements and the option to expand on-site, subject to applicable approvals.
The site is positioned at the entrance to Cedar Point in Ohio’s Vacationland, with approximately 600 feet of frontage along Cleveland Road and US Route 6. It benefits from direct placement on high-visibility, major-arterial corridors and proximity to multiple regional attractions, including indoor waterpark, Cedar Point Amusement Park, and nearby shoreline access.
For buyers and operators, the combination of an existing commercial building and development-ready land supports a range of retail, hospitality, entertainment, mixed-use, and sales or service-related uses, including boat, jet ski, and auto sales concepts. The property’s frontage and existing shop, office, and service layout make it well suited for businesses seeking both functional improvements and the option to expand on-site, subject to applicable approvals.
Key Highlights
- Nearly 13,000 SF commercial building with shop, office, and service areas
- About 5.9 acres with ~600 ft of frontage along Cleveland Rd and US Route 6
- Positioned at the entrance to Cedar Point along major high‑traffic corridors
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
$166,992
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
8.56%
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%
$3,339,840
$3.3M
Cap Rate 7%
$2,385,600
$2.4M
Cap Rate 9%
$1,855,467
$1.9M
Market Conditions
NOI Build-Up for 13,462 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
$289.2K $21.48/SF
− Vacancy
−$66.5K −$4.94/SF
EGI
$222.7K $16.54/SF
− OpEx
−$55.7K −$4.13/SF
NOI
$167.0K $12.40/SF
Area
Erie County, OH
Vacancy
23.00%
Lease Rate
$21.48 /SF/Yr
Expense Ratio
25.00%
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%
$3,339,840
Cap Rate 7%
$2,385,600
Cap Rate 9%
$1,855,467
Alternative Uses
Best Use
Retail
$3.48M
$3.05M – $4.06M
NOI $243,746 @ 7.0% cap · market cap 12.50%
Second Best
Office B
$2.39M
$2.09M – $2.78M
NOI $166,992 @ 7.0% cap · market cap 8.56%
Theoretical Best
Multifamily LT 5
$148.15M
$129.63M – $172.84M
NOI $10,370,353 @ 7.0% cap · market cap 531.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
207
Businesses Nearby
Explore this area
Business Placement
Demographics for 44870, OH
40,416
Population
19,991
Households
2
Avg Household Size
43
Median Age
25%
College-Educated
90%
High-School Grad
60.7 sq mi
ZIP Area
666
Density / Sq Mi
$58,797
Median Household Income
$36,056
Median Earnings
$863
Median Rent
$148,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Strategically located retail and office building on a sizable site with substantial road frontage on major corridors.
Where is this retail space located?
The property is located at 2055 CLEVELAND RD Sandusky, OH.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Nearly 13,000 SF commercial building with shop, office, and service areas; About 5.9 acres with ~600 ft of frontage along Cleveland Rd and US Route 6; Positioned at the entrance to Cedar Point along major high‑traffic corridors
