Industrial Crane Building on
For Sale
Contact for pricing
2424 Mulberry St, Cleveland, OH
16,510 SF industrial building with crane for lease.
Property Size16,509 SF
Lot Size0.38 Acres
Price / SF$149.98
Days on Market1892
Property Features for 2424 Mulberry St
General Information
Standard status
Active
Size
16,509 SF
Lot size
0.38 Acres
Property subtype
INDUSTRIAL
Listing Agency:
Newmark | Cleveland
(216) 453-3001
Listed By:
Terry Coyne, SIOR, CCIM
Source:
Moodyscre
Added: Jun 14, 2021
Changed: Jul 10
Last Checked: Aug 17 at 6:04AM
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 Newmark | Cleveland
Investment Insights
Based on property information with market context.
This industrial crane building offers 16,510 square feet of space on a 0.38-acre lot. Constructed in 1921, the building features a 10-ton crane that spans its entire length. It includes four drive-in doors, each measuring 10 feet wide by 14 feet high. The ceiling height ranges from 12 to 16 feet. The property is equipped with a wet sprinkler system and has 800 amp, 480 volt, 3-phase power. There are 10 parking spaces available, which translates to approximately 0.61 spaces per 1,000 square feet. The property is located on the Flats West Bank.
Key Highlights
- 16,510 SF industrial building on .38 acres in the Flats West Bank
- 10‑ton crane that spans the entire building
- 4 drive‑in doors: 10’ W X 14’ H
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
$82,359
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
3.33%
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%
$1,647,180
$1.6M
Cap Rate 7%
$1,176,557
$1.2M
Cap Rate 9%
$915,100
$915.1K
Market Conditions
NOI Build-Up for 16,509 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
$101.0K $6.12/SF
− Vacancy
−$4.1K −$0.25/SF
EGI
$96.9K $5.87/SF
− OpEx
−$14.5K −$0.88/SF
NOI
$82.4K $4.99/SF
Area
Cleveland, OH
Vacancy
4.10%
Lease Rate
$6.12 /SF/Yr
Expense Ratio
15.00%
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%
$1,647,180
Cap Rate 7%
$1,176,557
Cap Rate 9%
$915,100
Alternative Uses
Best Use
Warehouse
$1.18M
$1.03M – $1.37M
NOI $82,359 @ 7.0% cap · market cap 3.33%
Second Best
Industrial
$968.9K
$847.8K – $1.13M
NOI $67,825 @ 7.0% cap · market cap 2.74%
Theoretical Best
Office A
$4.03M
$3.53M – $4.70M
NOI $282,011 @ 7.0% cap · market cap 11.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
268
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial in Cleveland, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Manufacturing property - 16,510 SF industrial building with crane for lease.
Where is this manufacturing property located?
The property is located at 2424 Mulberry St Cleveland, OH.
What is the asking price?
The asking price for this property is $2,476,000.
What are key features of this property?
This property features: 16,510 SF industrial building on .38 acres in the Flats West Bank; 10‑ton crane that spans the entire building; 4 drive‑in doors: 10’ W X 14’ H
