Renovated Mixed-Use
For Sale
Contact for pricing
8403 Detroit Ave, Cleveland, OH 44102
Fully renovated property combines leased apartments with occupied retail storefronts.
Property Size5,624 SF
Price / SF$140.29
Days on Market152
Property Features for 8403 Detroit Ave
General Information
Standard status
Active
Size
5,624 SF
Property subtype
Mixed Use, Multifamily, Retail
Zoning
LR
Occupancy
100%
Net Operating Income
$95,603
Building Details
Year Built
1910
Year Renovated
1923
Stories
2
Units
8
Listing Agency:
RE/MAX Above and Beyond
(216) 598-0039
Listed By:
Angela Giarikos · License #OH 2006001871
Source:
Crexi
Added: Apr 2
Changed: Aug 29
Last Checked: Aug 30 at 7:59PM
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 RE/MAX Above and Beyond
Investment Insights
Based on property information with market context.
This mixed-use building contains five residential units and three ground-floor retail storefronts within 5,624 square feet. The apartment component includes three one-bedroom units and two efficiencies, while all three commercial spaces are occupied. Residential leases extend through 2026-2027, and retail lease terms run through 2026 and 2028. The property was built in 1910 and has undergone substantial improvements, including a new roof, HVAC systems, electrical and plumbing upgrades, and renovated interior finishes. Tenants pay utilities, and the property carries a 12.1% cap rate.
Located at 8403 Detroit Ave in Cleveland’s Detroit Shoreway neighborhood, the property is minutes from Edgewater Park with access to downtown Cleveland and major highways. LR zoning supports the documented mixed-use configuration.
Located at 8403 Detroit Ave in Cleveland’s Detroit Shoreway neighborhood, the property is minutes from Edgewater Park with access to downtown Cleveland and major highways. LR zoning supports the documented mixed-use configuration.
Key Highlights
- Five residential units: three one‑bedroom apartments and two efficiency units
- Three occupied retail storefronts with leases extending through 2026 and 2028
- 5,624 SF mixed‑use building at 8403 Detroit Ave, Cleveland, OH 44102
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
$62,359
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
7.90%
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%
$1,247,180
$1.2M
Cap Rate 7%
$890,843
$890.8K
Cap Rate 9%
$692,878
$692.9K
Market Conditions
NOI Build-Up for 5,624 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
$118.1K $21.00/SF
− Vacancy
−$4.7K −$0.84/SF
EGI
$113.4K $20.16/SF
− OpEx
−$51.0K −$9.07/SF
NOI
$62.4K $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 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%
$1,247,180
Cap Rate 7%
$890,843
Cap Rate 9%
$692,878
Alternative Uses
Best Use
Apartment 5plus
$890.8K
$779.5K – $1.04M
NOI $62,359 @ 7.0% cap · market cap 7.90%
Second Best
Retail
$771.9K
$675.4K – $900.6K
NOI $54,033 @ 7.0% cap · market cap 6.85%
Theoretical Best
Office A
$1.37M
$1.20M – $1.60M
NOI $96,071 @ 7.0% cap · market cap 12.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
657
Businesses Nearby
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 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 - Fully renovated property combines leased apartments with occupied retail storefronts.
Where is this mixed-use property located?
The property is located at 8403 Detroit Ave Cleveland, OH.
What is the asking price?
The asking price for this property is $789,000.
What are key features of this property?
This property features: Five residential units: three one‑bedroom apartments and two efficiency units; Three occupied retail storefronts with leases extending through 2026 and 2028; 5,624 SF mixed‑use building at 8403 Detroit Ave, Cleveland, OH 44102
