Flex Space
For Sale
$800,000
3610-3620 Superior Ave, Cleveland, OH 44114
Two-building property with warehouse space, a former restaurant kitchen, and dedicated parking across multiple parcels.
Property Size16,560 SF
Price / SF$48.31
Days on Market11
Property Features for 3610-3620 Superior Ave
General Information
Standard status
Active
Size
16,560 SF
Building Details
Year Built
1910
Listing Agency:
HomeSmart Real Estate Momentum LLC
(216) 612-1908
Listed By:
Qionglian Jacques · License #2016001957
Source:
Theacclaimedrealty
Added: Aug 19
Changed: Aug 28
Last Checked: Aug 28 at 7:57PM
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 HomeSmart Real Estate Momentum LLC
Investment Insights
Based on property information with market context.
This multi-parcel flex property combines two buildings with additional land and parking. The 4,644-square-foot building at 3610 Superior includes an existing commercial kitchen and was previously used as a restaurant and bar. At 3620 Superior, the 16,560-square-foot, two-story building offers warehouse space, a 13-foot ceiling, and an updated metal roof; its prior use was retail. The buildings are zoned for light industrial use, while the vacant land carries two-family zoning.
The property includes a 65-space parking lot at 3432 Superior, with potential for additional parking noted in the property information. The assemblage is located in Cleveland’s Asian Town and sits on Major Bus Line No. 3. Included parcels are 102-29-011, 102-29-012, 102-29-008, and 102-29-131.
The property includes a 65-space parking lot at 3432 Superior, with potential for additional parking noted in the property information. The assemblage is located in Cleveland’s Asian Town and sits on Major Bus Line No. 3. Included parcels are 102-29-011, 102-29-012, 102-29-008, and 102-29-131.
Key Highlights
- 16,560 SF two‑story building at 3620 Superior
- 4,644 SF building with commercial kitchen at 3610 Superior
- 13‑foot ceiling and updated metal roof at 3620 Superior
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
$68,034
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
8.50%
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%
$1,360,680
$1.4M
Cap Rate 7%
$971,914
$971.9K
Cap Rate 9%
$755,933
$755.9K
Market Conditions
NOI Build-Up for 16,560 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
$101.3K $6.12/SF
− Vacancy
−$4.2K −$0.25/SF
EGI
$97.2K $5.87/SF
− OpEx
−$29.2K −$1.76/SF
NOI
$68.0K $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%
$1,360,680
Cap Rate 7%
$971,914
Cap Rate 9%
$755,933
Alternative Uses
Best Use
Retail
$2.27M
$1.99M – $2.65M
NOI $159,100 @ 7.0% cap · market cap 19.89%
Second Best
Flex RnD
$1.30M
$1.14M – $1.52M
NOI $91,063 @ 7.0% cap · market cap 11.38%
Theoretical Best
Office A
$4.04M
$3.54M – $4.71M
NOI $282,882 @ 7.0% cap · market cap 35.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,773
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44114, OH
7,622
Population
5,151
Households
1.5
Avg Household Size
32
Median Age
47%
College-Educated
85%
High-School Grad
3.0 sq mi
ZIP Area
2,541
Density / Sq Mi
$45,400
Median Household Income
$39,915
Median Earnings
$1,296
Median Rent
$112,900
Median Home Value
Market
Vacancy Rate% for Industrial in Cleveland, OH
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
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- HarvestOwl — 5320 Stanard Ave, Cleveland, OH 44103
- Ferleen's Catering — 5320 Stanard Ave, Cleveland, OH 44103
Frequently Asked Questions
What type of property is this?
Flex space - Two-building property with warehouse space, a former restaurant kitchen, and dedicated parking across multiple parcels.
Where is this flex space located?
The property is located at 3610-3620 Superior Ave Cleveland, OH.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: 16,560 SF two‑story building at 3620 Superior; 4,644 SF building with commercial kitchen at 3610 Superior; 13‑foot ceiling and updated metal roof at 3620 Superior
