Storefront Building with
New
For Sale
Contact for pricing
2817 Lorain Ave, Cleveland, OH 44113
A multi-level layout can accommodate retail, coffee shop, or bakery uses.
Property Size2,688 SF
Price / SF$351.56
Days on Market5
Property Features for 2817 Lorain Ave
General Information
Standard status
Active
Size
2,688 SF
Property subtype
RETAIL
Site & Location
Corner Location
Yes
Traffic Count
18,000 vehicles/day
Road Access
Yes
Additional Details
Asking Price
$945,000
Building Details
Buildings
1
Stories
2
Listing Agency:
CBRE | Cleveland
(216) 687-1800
Listed By:
Joseph Khouri · License #2008000837
(216) 658-6120
Source:
Moodyscre
Added: Sep 29
Changed: Oct 1
Last Checked: Oct 2 at 11:15PM
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 CBRE | Cleveland
Investment Insights
Based on property information with market context.
This 2,688-square-foot storefront has two stories and a basement, with a multi-level configuration suited to retail, coffee shop, or bakery use. The property is expected to be delivered vacant at sale.
The building sits at the signalized intersection of Lorain Avenue and West 28th Street in Ohio City. West Side Market, Intro, St. Ignatius, and Town Hall are within walking distance. The intersection sees traffic counts exceeding 18,000 vehicles per day.
The surrounding area has 17,091 residents within a one-mile radius and annual population growth of 2.07%.
The building sits at the signalized intersection of Lorain Avenue and West 28th Street in Ohio City. West Side Market, Intro, St. Ignatius, and Town Hall are within walking distance. The intersection sees traffic counts exceeding 18,000 vehicles per day.
The surrounding area has 17,091 residents within a one-mile radius and annual population growth of 2.07%.
Key Highlights
- 2,688‑square‑foot storefront with two stories and a basement
- Sale delivery planned in vacant condition
- At the signalized Lorain Avenue and West 28th Street intersection
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
$33,748
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
3.57%
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%
$674,960
$675.0K
Cap Rate 7%
$482,114
$482.1K
Cap Rate 9%
$374,978
$375.0K
Market Conditions
NOI Build-Up for 2,688 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
$48.4K $18.00/SF
− Vacancy
−$3.4K −$1.26/SF
EGI
$45.0K $16.74/SF
− OpEx
−$11.2K −$4.19/SF
NOI
$33.7K $12.56/SF
Area
Cleveland, OH
Vacancy
7.00%
Lease Rate
$18.00 /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%
$674,960
Cap Rate 7%
$482,114
Cap Rate 9%
$374,978
Alternative Uses
Best Use
Specialty Retail
$482.1K
$421.9K – $562.5K
NOI $33,748 @ 7.0% cap · market cap 3.57%
Second Best
Retail
$368.9K
$322.8K – $430.4K
NOI $25,825 @ 7.0% cap · market cap 2.73%
Theoretical Best
Office A
$656.0K
$574.0K – $765.3K
NOI $45,917 @ 7.0% cap · market cap 4.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
18,000 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,777
Businesses Nearby
Balanced
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Cleveland, OH
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Frequently Asked Questions
What type of property is this?
Storefront property - A multi-level layout can accommodate retail, coffee shop, or bakery uses.
Where is this storefront property located?
The property is located at 2817 Lorain Ave Cleveland, OH.
What is the asking price?
The asking price for this property is $945,000.
What are key features of this property?
This property features: 2,688‑square‑foot storefront with two stories and a basement; Sale delivery planned in vacant condition; At the signalized Lorain Avenue and West 28th Street intersection
