Retail Opportunity Near Cleveland
8514 Carnegie Ave Cleveland, OH
For Sale
Contact for pricing
Retail property for sale near the Cleveland Clinic main campus.
Property Size8,750 SF
Lot Size0.47 Acres
Price / SF$182.86
Days on Market668
Property Features for 8514 Carnegie Ave
General Information
Standard status
Active
Size
8,750 SF
Lot size
0.47 Acres
Property subtype
RETAIL
Listing Agency:
Hoff & Leigh
(330) 990-0847
Listed By:
Joe Zumpano · License #SAL.2015004596
(330) 990-0847
Source:
Moodyscre
Added: Oct 1, 2024
Changed: Jul 6
Last Checked: Jul 21 at 6:53AM
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 Hoff & Leigh
Investment Insights
Based on property information with market context.
This property presents a rare opportunity for ownership near the Cleveland Clinic Main Campus. The location is across from the future site of the new 1 million-square-foot Neurological Institute, situated amongst the Clinic’s billion-dollar investments on the main campus. The site spans 0.61 acres and features frontage on Carnegie Avenue. The property offers 8,750 square feet of retail space.
Key Highlights
- Rare opportunity to own property at Cleveland Clinic Main Campus.
- Located across from the future 1 million SF Neurological Institute.
- Situated amongst the Clinic’s billion‑dollar investments.
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $131.3k | $15.00 |
| − Vacancy | −$11.2k | −$1.28 |
| EGI | $120.1k | $13.73 |
| − OpEx | −$36.0k | −$4.12 |
| NOI | $84.1k | $9.61 |
8,750 SF · lease $15.00/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.20M
$1.05M – $1.40M
NOI $84,066 @ 7.0% cap · market cap 5.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.14M
$1.87M – $2.49M
NOI $149,470 @ 7.0% cap · market cap 9.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Retail space - Retail property for sale near the Cleveland Clinic main campus.
Where is this retail space located?
The property is located at 8514 Carnegie Ave Cleveland, OH.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Rare opportunity to own property at Cleveland Clinic Main Campus.; Located across from the future 1 million SF Neurological Institute.; Situated amongst the Clinic’s billion‑dollar investments.
