Freestanding Building Near Downtown
2831 Prospect Ave E Cleveland, OH
For Sale
Contact for pricing
5,000 SF building ideal for retail, office, or light industrial.
Property Size5,000 SF
Lot Size0.28 Acres
Price / SF$135
Days on Market334
Property Features for 2831 Prospect Ave E
General Information
- Standard status
- Active
- Size
- 5,000 SF
- Lot size
- 0.28 Acres
- Property subtype
- OFFICE
Listing Agency:
Passov Real Estate Group
(440) 752-8624
Listed By:
Hanna Trolli
(440) 752-8624
Source:
Moodyscre
Added: Aug 28, 2025
Changed: Jul 6
Last Checked: Jul 21 at 8:09AM
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 Passov Real Estate Group
Investment Insights
Based on property information with market context.
This is a freestanding building offering approximately 5,000 square feet of space, situated on a lot of approximately 0.283 acres. The property is zoned for Light Industry and features gated on-site parking. The interior layout is flexible. The location provides proximity to Downtown Cleveland, major hospitals, Cleveland State University, and highways. It is ideal for retail, office, or light industrial use.
Key Highlights
- ±5,000 SF freestanding building on ±0.283 acres
- Zoned for Light Industry
- Gated on‑site parking is available
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $75.0k | $15.00 |
| − Vacancy | −$6.4k | −$1.28 |
| EGI | $68.6k | $13.73 |
| − OpEx | −$20.6k | −$4.12 |
| NOI | $48.0k | $9.61 |
5,000 SF · lease $15.00/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Office B
$972.0K
$850.5K – $1.13M
NOI $68,040 @ 7.0% cap · market cap 10.08%
Second Best
Retail
$686.3K
$600.5K – $800.6K
NOI $48,038 @ 7.0% cap · market cap 7.12%
Theoretical Best
Office A
$1.22M
$1.07M – $1.42M
NOI $85,411 @ 7.0% cap · market cap 12.65%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Kidney Foundation of Ohio, ...
Charitable Organization
Epilepsy Association
Charitable Organization
FAQs
What type of property is this?
Office building - 5,000 SF building ideal for retail, office, or light industrial.
Where is this office building located?
The property is located at 2831 Prospect Ave E Cleveland, OH.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: ±5,000 SF freestanding building on ±0.283 acres; Zoned for Light Industry; Gated on‑site parking is available
