Cleveland Clinic Flex Space For
For Sale
$599,000
8117 Carnegie Avenue, Cleveland, OH 44102
Retail/warehouse flex space near Cleveland Clinic main campus.
Property Size9,537 SF
Price / SF$62.81
Days on Market162
Property Features for 8117 Carnegie Avenue
General Information
Standard status
Active
Size
9,537 SF
Property subtype
7/23/2026
Building Details
Building Size
9,537 SF
Year Built
2026
Listed By:
Eliot Kijewski
(216) 525-1487
Source:
Cushmanwakefield
Added: Mar 26
Changed: Sep 3
Last Checked: Sep 1 at 1:51AM
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 Eliot Kijewski
Investment Insights
Based on property information with market context.
This high-profile building on Carnegie Avenue is available for sale for the first time, having been occupied by the seller for over 30 years. The property offers an opportunity to own retail and warehouse flex space near the Cleveland Clinic Main Campus, which is currently experiencing rapid growth with over 1 million square feet under construction on Carnegie Avenue. The property is located on the corner of 82nd and Carnegie, directly across the street from Vienna Distributing. The property has a size of 9537 square feet.
Key Highlights
- Steps away from Cleveland Clinic Main Campus, offering high visibility.
- Located on Carnegie Avenue, an area experiencing rapid growth with over 1 million square feet under construction.
- Retail / warehouse flex space provides versatile usage options.
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
$52,444
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
8.76%
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%
$1,048,880
$1.0M
Cap Rate 7%
$749,200
$749.2K
Cap Rate 9%
$582,711
$582.7K
Market Conditions
NOI Build-Up for 9,537 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
$85.8K $9.00/SF
− Vacancy
−$5.1K −$0.54/SF
EGI
$80.7K $8.46/SF
− OpEx
−$28.2K −$2.96/SF
NOI
$52.4K $5.50/SF
Area
Cleveland, OH
Vacancy
6.00%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
35.00%
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%
$1,048,880
Cap Rate 7%
$749,200
Cap Rate 9%
$582,711
Alternative Uses
Best Use
Flex RnD
$749.2K
$655.6K – $874.1K
NOI $52,444 @ 7.0% cap · market cap 8.76%
Second Best
Industrial
$559.7K
$489.8K – $653.0K
NOI $39,181 @ 7.0% cap · market cap 6.54%
Theoretical Best
Office A
$2.33M
$2.04M – $2.72M
NOI $162,913 @ 7.0% cap · market cap 27.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,978
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44102, OH
43,347
Population
22,984
Households
1.9
Avg Household Size
35
Median Age
25%
College-Educated
80%
High-School Grad
6.1 sq mi
ZIP Area
7,106
Density / Sq Mi
$40,303
Median Household Income
$34,958
Median Earnings
$911
Median Rent
$99,300
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?
Flex space - Retail/warehouse flex space near Cleveland Clinic main campus.
Where is this flex space located?
The property is located at 8117 Carnegie Avenue Cleveland, OH.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Steps away from Cleveland Clinic Main Campus, offering high visibility.; Located on Carnegie Avenue, an area experiencing rapid growth with over 1 million square feet under construction.; Retail / warehouse flex space provides versatile usage options.
