Vacant Four-Unit Mixed-Use
For Sale
$225,000
4439 State Road, Cleveland, OH 44109
Four vacant residential and commercial spaces include apartments, a storefront, and warehouse/storage area.
Property Size3,744 SF
Price / SF$60.10
Days on Market21
Property Features for 4439 State Road
General Information
Standard status
Active
Size
3,744 SF
Property subtype
Mixed Use
Property Condition
Severity
Repairs Needed
Evidence
primarily cosmetic
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 4BR, 1 x 2BR
Multifamily Units
2
Additional Details
Asking Price
$225,000
Taxes and HOA fees
Annual Taxes
$5,073
Amenities
Central Air
3
Flat
Parking.
4 Parking Spaces. Driveway, Off Street.
Building Details
Year Built
1890
Stories
2
Listing Agency:
KW Commercial
(440) 670-2300
Listed By:
Keller Williams Living · License #20190005940
(440) 670-2300
Source:
Xome
Added: Aug 10
Changed: Aug 29
Last Checked: Aug 24 at 3:01AM
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 KW Commercial
Investment Insights
Based on property information with market context.
This vacant mixed-use property contains four distinct income-producing spaces within 3,744 square feet: an upstairs four-bedroom apartment, a two-bedroom apartment, a street-level storefront, and warehouse/storage space. The storefront measures approximately 700 SF and includes a kitchenette, half bath, and basement access. The upper apartment has in-suite laundry and separate gas and electric service, while the warehouse includes running water and electricity.
Existing improvements include a roof under 10 years old, hot water tanks under 5 years old, vinyl replacement windows, and a newer Trane furnace. A private drive provides rear parking, and an additional storage shed is located on the property. The building was constructed in 1890 and is fully vacant, allowing for leasing and cosmetic improvement plans to be implemented by the new owner.
The property is located in Cleveland’s Old Brooklyn neighborhood near the Pearl Road corridor, MetroHealth Medical Center, Downtown Cleveland, I-71, I-480, Cleveland Metroparks Zoo, and the Towpath Trail.
Existing improvements include a roof under 10 years old, hot water tanks under 5 years old, vinyl replacement windows, and a newer Trane furnace. A private drive provides rear parking, and an additional storage shed is located on the property. The building was constructed in 1890 and is fully vacant, allowing for leasing and cosmetic improvement plans to be implemented by the new owner.
The property is located in Cleveland’s Old Brooklyn neighborhood near the Pearl Road corridor, MetroHealth Medical Center, Downtown Cleveland, I-71, I-480, Cleveland Metroparks Zoo, and the Towpath Trail.
Key Highlights
- Four vacant spaces: a 4‑bedroom apartment, 2‑bedroom apartment, storefront, and warehouse/storage area
- 3,744 square feet in a building constructed in 1890
- Street‑level storefront with approximately 700 SF, kitchenette, half bath, and basement access
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
$18,678
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
8.30%
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%
$373,560
$373.6K
Cap Rate 7%
$266,829
$266.8K
Cap Rate 9%
$207,533
$207.5K
Market Conditions
NOI Build-Up for 3,744 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
$22.9K $6.12/SF
− Vacancy
−$939 −$0.25/SF
EGI
$22.0K $5.87/SF
− OpEx
−$3.3K −$0.88/SF
NOI
$18.7K $4.99/SF
Area
Cleveland, OH
Vacancy
4.10%
Lease Rate
$6.12 /SF/Yr
Expense Ratio
15.00%
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%
$373,560
Cap Rate 7%
$266,829
Cap Rate 9%
$207,533
Alternative Uses
Best Use
Apartment 5plus
$593.0K
$518.9K – $691.9K
NOI $41,513 @ 7.0% cap · market cap 18.45%
Second Best
Retail
$513.9K
$449.6K – $599.5K
NOI $35,970 @ 7.0% cap · market cap 15.99%
Theoretical Best
Office A
$913.7K
$799.5K – $1.07M
NOI $63,956 @ 7.0% cap · market cap 28.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
812
Businesses Nearby
Explore this area
Business Placement
Demographics for 44109, OH
39,121
Population
19,588
Households
2
Avg Household Size
36
Median Age
17%
College-Educated
81%
High-School Grad
7.1 sq mi
ZIP Area
5,510
Density / Sq Mi
$43,130
Median Household Income
$34,050
Median Earnings
$861
Median Rent
$112,700
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.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Four vacant residential and commercial spaces include apartments, a storefront, and warehouse/storage area.
Where is this mixed-use property located?
The property is located at 4439 State Road Cleveland, OH.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Four vacant spaces: a 4‑bedroom apartment, 2‑bedroom apartment, storefront, and warehouse/storage area; 3,744 square feet in a building constructed in 1890; Street‑level storefront with approximately 700 SF, kitchenette, half bath, and basement access
