Flex Space with Warehouse and
For Sale
$1,000,000
2140-2150 Saint Clair Ave NE, Cleveland, OH 44114
Renovated commercial facility combines modern offices with first-floor warehouse space.
Property Size15,344 SF
Price / SF$65.17
Days on Market46
Property Features for 2140-2150 Saint Clair Ave NE
General Information
Standard status
Active
Size
15,344 SF
Class
C
Total Parking Spaces
5
Property subtype
industrial
Zoning
Semi-Industry
Warehouse & Industrial
Clear Height
13.7 ft
Warehouse Space
11,054 SF
Office Build-Out
4,290 SF
Drive-In Doors
2
Additional Details
Opportunity Zone
Yes
Highway Access
Yes
Building Details
Year Built
1947
Year Renovated
2012
Buildings
1
Stories
2
Building Size
15,344 SF
Listing Agency:
Cleveland
(216) 861-7171
Listed By:
Kristy (Hull) Peters · License #SAL.2006005319
Source:
Property.jll
Added: Jul 16
Changed: Aug 30
Last Checked: Aug 30 at 1:00PM
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 Cleveland
Investment Insights
Based on property information with market context.
This Cleveland flex property contains 15,344 SF arranged for office and warehouse use. The second floor provides 4,290 SF of modern built-out office space, while the first floor includes 11,054 SF of warehouse area. Two drive-in doors support loading access, and the building offers a 13'8" ceiling height.
Constructed in 1947 and renovated by the current owner in 2012, the property is zoned Semi-Industry and situated in an Opportunity Zone. Five dedicated parking spaces are available, with additional street parking nearby. The site also provides access to I-90 and I-77.
Constructed in 1947 and renovated by the current owner in 2012, the property is zoned Semi-Industry and situated in an Opportunity Zone. Five dedicated parking spaces are available, with additional street parking nearby. The site also provides access to I-90 and I-77.
Key Highlights
- 15,344 SF flex property with office and warehouse components
- 4,290 SF of second‑floor modern built‑out office space
- 11,054 SF of first‑floor warehouse 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
$84,377
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
8.44%
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%
$1,687,540
$1.7M
Cap Rate 7%
$1,205,386
$1.2M
Cap Rate 9%
$937,522
$937.5K
Market Conditions
NOI Build-Up for 15,344 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
$138.1K $9.00/SF
− Vacancy
−$8.3K −$0.54/SF
EGI
$129.8K $8.46/SF
− OpEx
−$45.4K −$2.96/SF
NOI
$84.4K $5.50/SF
Area
Cleveland, OH
Vacancy
6.00%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
35.00%
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%
$1,687,540
Cap Rate 7%
$1,205,386
Cap Rate 9%
$937,522
Alternative Uses
Best Use
Office B
$2.98M
$2.61M – $3.48M
NOI $208,801 @ 7.0% cap · market cap 20.88%
Second Best
Flex RnD
$1.21M
$1.05M – $1.41M
NOI $84,377 @ 7.0% cap · market cap 8.44%
Theoretical Best
Office A
$3.74M
$3.28M – $4.37M
NOI $262,110 @ 7.0% cap · market cap 26.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
13 ft
Clear height
2
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,981
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44114, OH
7,622
Population
5,151
Households
1.5
Avg Household Size
32
Median Age
47%
College-Educated
85%
High-School Grad
3.0 sq mi
ZIP Area
2,541
Density / Sq Mi
$45,400
Median Household Income
$39,915
Median Earnings
$1,296
Median Rent
$112,900
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?
Flex space - Renovated commercial facility combines modern offices with first-floor warehouse space.
Where is this flex space located?
The property is located at 2140-2150 Saint Clair Ave NE Cleveland, OH.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 15,344 SF flex property with office and warehouse components; 4,290 SF of second‑floor modern built‑out office space; 11,054 SF of first‑floor warehouse area
