Retail Space with
For Sale
$1,999,000
475 E 185th, Cleveland, OH 44119
Freestanding retail facility with dual-road access, substantial parking, cold storage, and a drive-through window.
Property Size14,826 SF
Days on Market534
Property Features for 475 E 185th
General Information
Standard status
Active
Size
14,826 SF
Property subtype
Commercial
Financials
Cap Rate
12%
Gross Income
$288,000
Site & Location
Corner Location
Yes
Drive-Thru
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$82,533
Amenities
Womens and Mens Restrooms
Freezers and cold storage
Security System
Security Doors
Delivery Door
Building Details
Building Size
14,826 SF
Year Built
2007
Tenancy
Single
Listing Agency:
Keller Williams Chervenic Realty
(330) 240-5970
Listed By:
Vonda Palcisco · License #2008000156
(330) 240-5970
Source:
Carolgoffrealestate
Added: Mar 15, 2025
Changed: Aug 29
Last Checked: Aug 25 at 9:12AM
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 Keller Williams Chervenic Realty
Investment Insights
Based on property information with market context.
Built in 2007, this 14,826-square-foot retail property includes separate women’s and men’s restrooms, freezers, cold storage, a security system, security doors, and a delivery door. The building also has compliant drive-through lanes and a service window, supporting a range of retail operations.
The property occupies a high-traffic corner along a main road across from a hospital, with ingress and egress from two principal roads. A large parking lot serves the building. The property is leased to Euclid Public Library under a one-year term with an option to renew; the owner is responsible for large replacement costs. The stated capitalization rate is 12%.
The property occupies a high-traffic corner along a main road across from a hospital, with ingress and egress from two principal roads. A large parking lot serves the building. The property is leased to Euclid Public Library under a one-year term with an option to renew; the owner is responsible for large replacement costs. The stated capitalization rate is 12%.
Key Highlights
- 14,826 SF retail building constructed in 2007
- Corner property with access from two main roads
- Positioned across from a hospital on a main road
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
$142,441
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
7.13%
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%
$2,848,820
$2.8M
Cap Rate 7%
$2,034,871
$2.0M
Cap Rate 9%
$1,582,678
$1.6M
Market Conditions
NOI Build-Up for 14,826 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
$222.4K $15.00/SF
− Vacancy
−$18.9K −$1.28/SF
EGI
$203.5K $13.73/SF
− OpEx
−$61.0K −$4.12/SF
NOI
$142.4K $9.61/SF
Area
Cleveland, OH
Vacancy
8.50%
Lease Rate
$15.00 /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%
$2,848,820
Cap Rate 7%
$2,034,871
Cap Rate 9%
$1,582,678
Alternative Uses
Best Use
Retail
$2.03M
$1.78M – $2.37M
NOI $142,441 @ 7.0% cap · market cap 7.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.62M
$3.17M – $4.22M
NOI $253,261 @ 7.0% cap · market cap 12.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
830
Businesses Nearby
Explore this area
Business Placement
Demographics for 44119, OH
12,134
Population
6,941
Households
1.7
Avg Household Size
44
Median Age
19%
College-Educated
94%
High-School Grad
2.2 sq mi
ZIP Area
5,515
Density / Sq Mi
$48,268
Median Household Income
$36,556
Median Earnings
$927
Median Rent
$109,700
Median Home Value
Market
Vacancy Rate% for Retail in Cleveland, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Freestanding retail facility with dual-road access, substantial parking, cold storage, and a drive-through window.
Where is this retail space located?
The property is located at 475 E 185th Cleveland, OH.
What is the asking price?
The asking price for this property is $1,999,000.
What are key features of this property?
This property features: 14,826 SF retail building constructed in 2007; Corner property with access from two main roads; Positioned across from a hospital on a main road
