Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Redevelopment Opportunity in Cleveland, Ohio Title is generated by Realmo AI

    7109 Harvard Ave, Cleveland, OH 44105

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    1.15-acre former Rite Aid available for sale or lease.

    Type:Hospitality, Land, Retail
    Property size:
    11,456 SF
    Lot size:
    1.15 Acres
    Added:
    Jan 29, 2026
    Days on Market:
    107
    Last Refresh:
    Mar 17 at 1:13 pm

    Property Features for 7109 Harvard Ave

    General Information

    Standard status
    Active
    Size
    11,456 SF
    Lot size
    1.15 Acres
    Property subtype
    Hospitality, Land, Retail

    Building Details

    Year Built
    1997

    We can help!

    Listing Contact
    Victor Kirallah
    Victor Kirallah

    Listing agent Victor Kirallah License #OH SAL.2019000850

    Listing office REAT Commercial (Pads Real Estate LLC)

    Listing date Jan 29, 2026

    Source Crexi

    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 REAT Commercial (Pads Real Estate LLC)

    HighLights

    • Freestanding 11,456 SF building on a 1.15‑acre signalized corner lot.
    • Located in a dense retail corridor with strong surrounding retailers.
    • High population density: Over 82,000 residents within a 3‑mile radius and 35,000+ daytime workers.
    • Zoning LR‑D1 allows for a wide range of retail, service, medical, or adaptive reuse.
    • Located within an Opportunity Zone, offering potential tax advantages.
    • Available for sale or lease, appealing to both users and investors.

    Overview

    Located at 7109 Harvard Ave in Cleveland, Ohio, this 1.15-acre site, formerly a Rite Aid, presents an opportunity for users or investors interested in a freestanding retail asset. The 11,456 SF building is situated on a signalized corner within a dense neighborhood retail corridor and is available for sale or lease. The location benefits from its proximity to Huntington Bank, Dave’s Market, Save-A-Lot, U.S. Bank, Little Caesars, Mr. Hero, Subway, and Roses. The zoning is LR-D1 (Local Retail Business), which supports a range of neighborhood-serving retail, service, medical, or adaptive reuse concepts. The property is located within an Opportunity Zone corridor, potentially providing tax advantages for qualifying investors. With over 82,000 residents within three miles and more than 35,000 daytime workers, the site is suitable for users seeking infill visibility and access, or for investors pursuing repositioning or long-term redevelopment strategies.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    higi Physician Western Union Bank Ahmed Babatunde Pharmacy

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.6385021
    Latitude
    41.4492333

    Nearby Similar for Sale

    • $450,000
      4,239 SF

      Turnkey Bar in Slavic Village

      Well-appointed bar with banquet hall and parking.
      3614 E 65th Street, Cleveland, OH 44105
      View Details
    • $321,911
      4,000 SF

      Turnkey Retail Building in Cleveland

      Income-producing retail building with barbershop and salon in Old Brooklyn.
      4491-4493 Pearl Road, Cleveland, OH 44109
      View Details
    • $659,000
      3,666 SF

      Updated Triplex in Gordon Square

      Updated three-unit property in Cleveland's vibrant Gordon Square neighborhood.
      6110 W Clinton Avenue, Cleveland, OH 44102
      View Details
    • $475,000
      6,000 SF

      Daycare Facility in Cleveland, OH

      Commercial building with established daycare business for sale.
      620 E 185th Street, Cleveland, OH 44119
      View Details
    • $275,000
      2,000 SF

      Retail Store with Brick Front

      2,000 SF retail store with modern amenities and parking.
      4873 Broadview Road, Cleveland, OH 44109
      View Details
    • $349,900
      1,500 SF

      Versatile Commercial Space, Cleveland

      Flexible commercial property with garage, storage, and office space.
      12703 Triskett Road, Cleveland, OH 44111
      View Details
    • $349,900
      2,775 SF

      Clifton Blvd Duplex Near Lake Erie

      Updated duplex near Edgewater Park with strong rental demand.
      10612 Clifton Boulevard, Cleveland, OH 44102
      View Details
    • $499,000
      10,000 SF

      Turnkey Entertainment Venue Opportunity

      Over 10,000 sq ft flexible space for nightlife, dining.
      3560 E 93rd Street, Cleveland, OH 44105
      View Details
    • $139,900
      3,165 SF

      Cash-Flowing Duplex Near Waterloo Arts

      Fully occupied duplex generating $1,904/month near Waterloo Arts District.
      1109 E 169TH STREET, CLEVELAND, OH 44110
      View Details
    • $245,000
      2,988 SF

      Clark-Fulton Duplex Investment Opportunity

      Updated duplex in Clark-Fulton with strong rental income.
      3404 W 49th Street, Cleveland, OH 44102
      View Details
    • $290,000
      2,904 SF

      Spacious Duplex in Cleveland, OH

      Versatile duplex with 6 bedrooms, ideal for investors or owner-occupants.
      2016 W 85th Street, Cleveland, OH 44102
      View Details
    • $264,900
      2,771 SF

      Victorian Duplex in Tremont

      Lovingly maintained duplex with income potential in Cleveland, Ohio.
      1111 Clark Avenue, Cleveland, OH 44109
      View Details

    FAQs

    What type of property is this?
    Drug store - 1.15-acre former Rite Aid available for sale or lease.
    Where is this drug store located?
    The property is located at 7109 Harvard Ave Cleveland, OH.
    What are key features of this property?
    This property features: Freestanding 11,456 SF building on a 1.15‑acre signalized corner lot.; Located in a dense retail corridor with strong surrounding retailers.; High population density: Over 82,000 residents within a 3‑mile radius and 35,000+ daytime workers.
    (216) 545-1004 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Victor Kirallah
    Victor Kirallah
    Real Estate License ID: OH SAL.2019000850
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    7109 Harvard Ave, Cleveland, OH 44105
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!