Automotive Shop with Two
For Sale
$199,000
9215 Madison Avenue, Cleveland, OH 44102
Madison Avenue commercial building with paved on-site access and space suited to automotive or service operations.
Property Size1,410 SF
Lot Size0.41 Acres
Price / SF$141.13
Days on Market8
Property Features for 9215 Madison Avenue
General Information
Standard status
Active
Size
1,410 SF
Lot size
0.41 Acres
Property subtype
Retail
Additional Details
Road Access
Yes
Drive-In Doors
2
Taxes and HOA fees
Annual Taxes
$4,094
Amenities
two garage bay doors
Gas
Flat, Asphalt, Pitched, Fiberglass
On Site, Outside, Paved Driveway.
Building Details
Year Built
1940
Listing Agency:
Home Equity Realty Group
(330) 952-2244
Listed By:
Roger Nair · License #2011001849
(330) 350-0016
Source:
Xome
Added: Aug 29
Changed: Sep 4
Last Checked: Sep 5 at 5:12AM
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 Home Equity Realty Group
Investment Insights
Based on property information with market context.
This Cleveland commercial property includes two garage bay doors, a paved on-site driveway, and a gas interior feature. The building was constructed in 1940 and occupies a 0.41-acre lot along Madison Avenue, providing a practical setting for automotive, contractor, service, warehouse, or other permitted commercial uses.
The real estate is offered separately from the existing business. Business assets and equipment may be available through a separate purchase, allowing the property and operating components to be considered independently.
The real estate is offered separately from the existing business. Business assets and equipment may be available through a separate purchase, allowing the property and operating components to be considered independently.
Key Highlights
- Two garage bay doors support automotive and service uses
- 0.41‑acre lot on Madison Avenue in Cleveland, OH
- Paved on‑site driveway and exterior access
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
$13,547
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
6.81%
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%
$270,940
$270.9K
Cap Rate 7%
$193,529
$193.5K
Cap Rate 9%
$150,522
$150.5K
Market Conditions
NOI Build-Up for 1,410 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
$21.2K $15.00/SF
− Vacancy
−$1.8K −$1.28/SF
EGI
$19.4K $13.73/SF
− OpEx
−$5.8K −$4.12/SF
NOI
$13.5K $9.61/SF
Area
Cleveland, OH
Vacancy
8.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$270,940
Cap Rate 7%
$193,529
Cap Rate 9%
$150,522
Alternative Uses
Best Use
Retail
$193.5K
$169.3K – $225.8K
NOI $13,547 @ 7.0% cap · market cap 6.81%
Second Best
Flex RnD
$110.8K
$96.9K – $129.2K
NOI $7,754 @ 7.0% cap · market cap 3.90%
Theoretical Best
Office A
$344.1K
$301.1K – $401.4K
NOI $24,086 @ 7.0% cap · market cap 12.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
683
Businesses Nearby
Well-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.
Similar Off Market Nearby
- West End Auto Body — 3179 W 104th St, Cleveland, OH 44111
- Alexis Auto Service And Detail — 10404 Lorain Ave, Cleveland, OH 44111
- Dionys Auto Paint — 3179 W 104th St, Cleveland, OH 44111
- Shea Automotive — 3237 W 99th St, Cleveland, OH 44102
- Luster Road Side Assistance — 3167 W 92nd St, Cleveland, OH 44102
Frequently Asked Questions
What type of property is this?
Auto shop - Madison Avenue commercial building with paved on-site access and space suited to automotive or service operations.
Where is this auto shop located?
The property is located at 9215 Madison Avenue Cleveland, OH.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Two garage bay doors support automotive and service uses; 0.41‑acre lot on Madison Avenue in Cleveland, OH; Paved on‑site driveway and exterior access
