Building Details

Stories 1

Construction brick

Listing Agency: Cresco Real Estate | Cleveland Show Phone

Listed By: David Leb · License #OH SAL.2015004836 Show Phone

Source: Moodyscre

Added: Jun 10 Changed: Oct 8 Last Checked: Oct 20 at 10:52PM

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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

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Investment Insights

Based on property information with market context.

This 4,749 SF single-story brick building is currently built out as office space and includes a full kitchen. The property is positioned for flexibility, with the ability to convert between office and retail-style uses under LR – Local Retail zoning, including options such as restaurant or service uses.

A key feature is the dedicated on-site parking lot along Lorain Avenue, offering 18 surface spaces plus 2 garage spaces. That dedicated parking provides a practical advantage in a dense urban corridor.

The building’s compact, single-story layout and existing interior improvements make it straightforward to reposition for a retail or service environment while retaining office functionality when needed.

Key Highlights

• Single‑story brick building with dedicated parking lot featuring 18 surface spaces plus 2 garage spaces
• 4,749 SF building currently built out as office with a full kitchen
• Flexible retail or office use; easily convertible to retail, restaurant, or service use under LR – Local Retail zoning

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$64,624

Cap Rate

8.62%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,292,480 $1.3M

Cap Rate 7%

$923,200 $923.2K

Cap Rate 9%

$718,044 $718.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,749 SF

Gross rent

$107.7K $22.68/SF

− Vacancy

−$21.5K −$4.54/SF

EGI

$86.2K $18.14/SF

− OpEx

−$21.5K −$4.54/SF

NOI

$64.6K $13.61/SF

Area

Cleveland, OH

Vacancy

20.00%

Lease Rate

$22.68 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,292,480

Cap Rate 7%

$923,200

Cap Rate 9%

$718,044

Alternative Uses

Best Use

Office B

$923.2K

$807.8K – $1.08M (±1% cap)

NOI $64,624 @ 7.0% cap · market cap 8.62%

Second Best

Retail

$651.8K

$570.3K – $760.4K (±1% cap)

NOI $45,626 @ 7.0% cap · market cap 6.08%

Theoretical Best

Office A

$1.16M

$1.01M – $1.35M (±1% cap)

NOI $81,124 @ 7.0% cap · market cap 10.82%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Contact the owner directly Get the owner's phone numbers and email

Open Analytics

Current Use

Ohio City Incorporated Charitable Organization Fodor Travel Travel Agency

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Tech Support Center Electrical Service Pet Grooming Service Accounting Firm Locksmith

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,524

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 Office in Cleveland, OH

6.9% 2019

6.6% 2020

6.6% 2021

7.6% 2022

10.8% 2023

10.6% 2024

10.9% 2025

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Frequently Asked Questions

What type of property is this?

Office building - Single-story brick building with dedicated parking, built out as office and includes a full kitchen.

Where is this office building located?

The property is located at 3308 Lorain Ave Cleveland, OH.

What is the asking price?

The asking price for this property is $750,000.

What are key features of this property?

This property features: Single‑story brick building with dedicated parking lot featuring 18 surface spaces plus 2 garage spaces; 4,749 SF building currently built out as office with a full kitchen; Flexible retail or office use; easily convertible to retail, restaurant, or service use under LR – Local Retail zoning