Mixed-Use Investment Property with
For Sale
Contact for pricing
5612 Harvard Avenue, Cleveland, OH 44105
Two-property mixed-use package includes a bar, adjacent retail/restaurant space, and two second-floor two-bedroom apartments.
Property Size5,544 SF
Price / SF$180.38
Days on Market83
Property Features for 5612 Harvard Avenue
General Information
Standard status
Active
Size
5,544 SF
Property subtype
Retail
Building Details
Year Built
1890
Listing Agency:
Russell Real Estate Services
(440) 835-8300
Listed By:
Jeannette Charara · License #OH 2019002561
Source:
Crexi
Added: May 22
Changed: Aug 8
Last Checked: Aug 9 at 2:18PM
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 Russell Real Estate Services
Investment Insights
Based on property information with market context.
This for-sale mixed-use investment package includes two properties under one ownership. The first side features a fully equipped bar with both an adult entertainment license and a liquor license included. An attached neighboring space is described as a former pizza shop and is suited for redevelopment as a restaurant, carryout, retail, or other business use. Above the commercial spaces are two second-floor two-bedroom apartments, providing additional residential rental income.
The property is located one street away from Newburgh Heights and minutes from I-77, with easy highway access noted in the remarks.
Overall, the building configuration combines ground-floor commercial space with above residential units, creating multiple potential income sources within the same property package.
The property is located one street away from Newburgh Heights and minutes from I-77, with easy highway access noted in the remarks.
Overall, the building configuration combines ground-floor commercial space with above residential units, creating multiple potential income sources within the same property package.
Key Highlights
- Mixed‑use property built in 1890 featuring two commercial spaces and two second‑floor 2‑bedroom apartments.
- Includes a fully equipped bar with an adult entertainment license and liquor license.
- Adjacent space is a former pizza shop with potential for restaurant, carryout, retail, or other business use.
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
$69,605
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
6.96%
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%
$1,392,100
$1.4M
Cap Rate 7%
$994,357
$994.4K
Cap Rate 9%
$773,389
$773.4K
Market Conditions
NOI Build-Up for 5,544 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
$99.8K $18.00/SF
− Vacancy
−$7.0K −$1.26/SF
EGI
$92.8K $16.74/SF
− OpEx
−$23.2K −$4.19/SF
NOI
$69.6K $12.56/SF
Area
Cleveland, OH
Vacancy
7.00%
Lease Rate
$18.00 /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%
$1,392,100
Cap Rate 7%
$994,357
Cap Rate 9%
$773,389
Alternative Uses
Best Use
Specialty Retail
$994.4K
$870.1K – $1.16M
NOI $69,605 @ 7.0% cap · market cap 6.96%
Second Best
Multifamily LT 5
$946.7K
$828.3K – $1.10M
NOI $66,266 @ 7.0% cap · market cap 6.63%
Theoretical Best
Office A
$1.35M
$1.18M – $1.58M
NOI $94,704 @ 7.0% cap · market cap 9.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
374
Businesses Nearby
Explore this area
Business Placement
Demographics for 44105, OH
34,100
Population
17,528
Households
1.9
Avg Household Size
38
Median Age
11%
College-Educated
83%
High-School Grad
8.9 sq mi
ZIP Area
3,831
Density / Sq Mi
$38,294
Median Household Income
$32,389
Median Earnings
$888
Median Rent
$56,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-property mixed-use package includes a bar, adjacent retail/restaurant space, and two second-floor two-bedroom apartments.
Where is this mixed-use property located?
The property is located at 5612 Harvard Avenue Cleveland, OH.
What is the asking price?
The asking price for this property is $999,999.
What are key features of this property?
This property features: Mixed‑use property built in 1890 featuring two commercial spaces and two second‑floor 2‑bedroom apartments.; Includes a fully equipped bar with an adult entertainment license and liquor license.; Adjacent space is a former pizza shop with potential for restaurant, carryout, retail, or other business use.
