Industrial Property with Vacant
For Sale
Contact for pricing
2516-2530 W 3rd St, Cleveland, OH 44113
Industrial property offering a substantial vacant area for re-tenanting or owner occupancy.
Property Size16,125 SF
Price / SF$60.47
Days on Market419
Property Features for 2516-2530 W 3rd St
General Information
Standard status
Active
Size
16,125 SF
Property subtype
INDUSTRIAL
Listing Agency:
Cresco Real Estate | Cleveland
(216) 525-1487
Listed By:
Jeff Sabo
(440) 655-9874
Source:
Moodyscre
Added: Jul 8, 2025
Changed: Aug 29
Last Checked: Aug 29 at 3:20PM
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 Cresco Real Estate | Cleveland
Investment Insights
Based on property information with market context.
This industrial property at 2516-2530 W 3rd St encompasses 16,125 SF and includes 9,000 SF of vacancy. The available area can support re-tenanting or use by an owner-occupant, subject to applicable requirements.
The property is in Cleveland, near the Irishtown Bend Project, Tower City, the Riverfront, Tremont, and Ohio City. These surrounding areas are identified in the property information as undergoing continued development and neighborhood activity.
The property is in Cleveland, near the Irishtown Bend Project, Tower City, the Riverfront, Tremont, and Ohio City. These surrounding areas are identified in the property information as undergoing continued development and neighborhood activity.
Key Highlights
- 16,125 SF industrial property at 2516‑2530 W 3rd St
- 9,000 SF vacancy available for re‑tenanting or owner occupancy
- Located near the Irishtown Bend Project, Tower City, and the Riverfront
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
$66,247
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
6.79%
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%
$1,324,940
$1.3M
Cap Rate 7%
$946,386
$946.4K
Cap Rate 9%
$736,078
$736.1K
Market Conditions
NOI Build-Up for 16,125 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
$98.7K $6.12/SF
− Vacancy
−$4.0K −$0.25/SF
EGI
$94.6K $5.87/SF
− OpEx
−$28.4K −$1.76/SF
NOI
$66.2K $4.11/SF
Area
Cleveland, OH
Vacancy
4.10%
Lease Rate
$6.12 /SF/Yr
Expense Ratio
30.00%
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%
$1,324,940
Cap Rate 7%
$946,386
Cap Rate 9%
$736,078
Alternative Uses
Best Use
Industrial
$946.4K
$828.1K – $1.10M
NOI $66,247 @ 7.0% cap · market cap 6.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.94M
$3.44M – $4.59M
NOI $275,451 @ 7.0% cap · market cap 28.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
452
Businesses Nearby
Explore this area
Business Placement
Demographics for 44113, OH
20,291
Population
12,554
Households
1.6
Avg Household Size
33
Median Age
54%
College-Educated
89%
High-School Grad
3.8 sq mi
ZIP Area
5,340
Density / Sq Mi
$70,140
Median Household Income
$61,204
Median Earnings
$1,374
Median Rent
$295,400
Median Home Value
Market
Vacancy Rate% for Industrial in Cleveland, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Industrial property - Industrial property offering a substantial vacant area for re-tenanting or owner occupancy.
Where is this industrial property located?
The property is located at 2516-2530 W 3rd St Cleveland, OH.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 16,125 SF industrial property at 2516‑2530 W 3rd St; 9,000 SF vacancy available for re‑tenanting or owner occupancy; Located near the Irishtown Bend Project, Tower City, and the Riverfront
