Mixed-Use Property with
For Sale
Contact for pricing
28864 EUCLID AVE, Wickliffe, OH 44092
General Business zoning, gated fenced parking, active utilities, and a basement provide a flexible commercial setup.
Property Size924 SF
Price / SF$373.38
Days on Market126
Property Features for 28864 EUCLID AVE
General Information
Standard status
Active
Size
924 SF
Class
B
Property subtype
Retail, Office, Mixed Use
Zoning
General Business
Investment Type
Redevelopment
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Building Details
Year Built
1910
Buildings
1
Stories
1
Units
15
Listing Agency:
McDowell Real Estate
Listed By:
Jerry A Lesak CSD · License #2003005234
Source:
Crexi
Added: Apr 27
Changed: Aug 30
Last Checked: Aug 30 at 11:22AM
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 McDowell Real Estate
Investment Insights
Based on property information with market context.
Located on Euclid Avenue in Wickliffe, Ohio, this mixed-use property offers a 924 property size within a building constructed in 1910. The site includes a fenced parking area with a gate, one bathroom, an interior basement, and utilities that are currently on.
The General Business zoning accommodates a range of commercial configurations described for the property, including office-oriented, medical, contractor, automotive, and salon uses. The building was previously used for medical purposes and is positioned near freeways along a high-traffic corridor. Its existing layout can be adapted for office space, subject to applicable approvals and requirements.
The General Business zoning accommodates a range of commercial configurations described for the property, including office-oriented, medical, contractor, automotive, and salon uses. The building was previously used for medical purposes and is positioned near freeways along a high-traffic corridor. Its existing layout can be adapted for office space, subject to applicable approvals and requirements.
Key Highlights
- General Business zoning
- Fenced parking lot with gate
- Utilities are currently on
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
$11,703
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
3.39%
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%
$234,060
$234.1K
Cap Rate 7%
$167,186
$167.2K
Cap Rate 9%
$130,033
$130.0K
Market Conditions
NOI Build-Up for 924 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
$20.3K $21.96/SF
− Vacancy
−$4.7K −$5.07/SF
EGI
$15.6K $16.89/SF
− OpEx
−$3.9K −$4.22/SF
NOI
$11.7K $12.67/SF
Area
Lake County, OH
Vacancy
23.10%
Lease Rate
$21.96 /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%
$234,060
Cap Rate 7%
$167,186
Cap Rate 9%
$130,033
Alternative Uses
Best Use
Office B
$167.2K
$146.3K – $195.1K
NOI $11,703 @ 7.0% cap · market cap 3.39%
Second Best
Healthcare Medical
$147.2K
$128.8K – $171.7K
NOI $10,304 @ 7.0% cap · market cap 2.99%
Theoretical Best
Office A
$213.4K
$186.7K – $249.0K
NOI $14,939 @ 7.0% cap · market cap 4.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
608
Businesses Nearby
Explore this area
Business Placement
Demographics for 44092, OH
16,786
Population
8,258
Households
2
Avg Household Size
43
Median Age
28%
College-Educated
95%
High-School Grad
7.4 sq mi
ZIP Area
2,268
Density / Sq Mi
$67,907
Median Household Income
$41,236
Median Earnings
$1,059
Median Rent
$167,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - General Business zoning, gated fenced parking, active utilities, and a basement provide a flexible commercial setup.
Where is this mixed-use property located?
The property is located at 28864 EUCLID AVE Wickliffe, OH.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: General Business zoning; Fenced parking lot with gate; Utilities are currently on
