Tremont Mixed-Use Investment
For Sale
$1,500,000
801 Literary Rd, Cleveland, OH 44113
Mixed-use building in Tremont with apartment and salon.
Property Size3,900 SF
Price / SF$384.62
Days on Market255
Property Features for 801 Literary Rd
General Information
Standard status
Active
Size
3,900 SF
Building Details
Year Built
1913
Listing Agency:
Berkshire Hathaway HomeServices Professional Realty
Listed By:
TJ House
(216) 978-5632
Source:
Theacclaimedrealty
Added: Jan 26
Changed: Sep 12
Last Checked: Oct 7 at 5:37PM
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 Berkshire Hathaway HomeServices Professional Realty
Investment Insights
Based on property information with market context.
This mixed-use building is located in Cleveland's Tremont neighborhood. The property is currently configured with a hair salon on the first floor and an apartment on the second floor. The existing HVAC system is split three ways, allowing for conversion into three distinct residential units. The main level salon features six stations, a bathroom, and a kitchen/lounge area. The rear of the salon can be transformed into a one-bedroom unit with a full kitchen, bath, and laundry. The upstairs loft-style apartment includes high ceilings, sleek finishes, 3 bedrooms, 3 baths, a kitchen, laundry room, and a living space. The third floor features a primary suite with heated bathroom floors and three private balconies with views of downtown Cleveland. The salon generates $2,892 per month, and the apartment brings in $3,914 per month, both with built-in 3% annual rent increases. A new business is scheduled to take over the downstairs space on January 1st, 2026. The full lot in back comes with the building.
Key Highlights
- High income potential: Currently generating $2,892/month from the salon and $3,914/month from the apartment, with 3% annual rent increases.
- Prime location in Cleveland's desirable Tremont neighborhood.
- Mixed‑use building offering flexibility for various investment strategies (multi‑stream income or house hacking).
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$43,243
Cap Rate
2.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$864,860
$864.9K
Cap Rate 7%
$617,757
$617.8K
Cap Rate 9%
$480,478
$480.5K
Market Conditions
NOI Build-Up for 3,900 SF
Gross rent
$81.9K $21.00/SF
− Vacancy
−$3.3K −$0.84/SF
EGI
$78.6K $20.16/SF
− OpEx
−$35.4K −$9.07/SF
NOI
$43.2K $11.09/SF
Area
Cleveland, OH
Vacancy
4.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$864,860
Cap Rate 7%
$617,757
Cap Rate 9%
$480,478
Alternative Uses
Best Use
Apartment 5plus
$617.8K
$540.5K – $720.7K
NOI $43,243 @ 7.0% cap · market cap 2.88%
Second Best
Retail
$535.3K
$468.4K – $624.5K
NOI $37,469 @ 7.0% cap · market cap 2.50%
Theoretical Best
Office A
$951.7K
$832.8K – $1.11M
NOI $66,621 @ 7.0% cap · market cap 4.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
691
Businesses Nearby
Explore this area
Business Placement
Demographics for 44113, OH
20,291
Population
12,554
Households
1.6
Avg Household Size
33
Median Age
54%
College-Educated
89%
High-School Grad
3.8 sq mi
ZIP Area
5,340
Density / Sq Mi
$70,140
Median Household Income
$61,204
Median Earnings
$1,374
Median Rent
$295,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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 - Mixed-use building in Tremont with apartment and salon.
Where is this mixed-use property located?
The property is located at 801 Literary Rd Cleveland, OH.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: High income potential: Currently generating $2,892/month from the salon and $3,914/month from the apartment, with 3% annual rent increases.; Prime location in Cleveland's desirable Tremont neighborhood.; Mixed‑use building offering flexibility for various investment strategies (multi‑stream income or house hacking).
