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    2630 Payne Ave Cleveland, OH 44114

    Sponsored
    For Sale
    $1,900,000

    Cleveland Industrial Building, Redevelopment Opportunity

    Property size:
    65,188 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 65,188-square-foot flex space industrial building at 2630 Payne Avenue in Cleveland, Ohio, presents a compelling redevelopment opportunity. Priced at $1,900,000 ($29.15/sq ft), this four-story property boasts 16-foot ceiling heights, passenger and freight elevators, and ample on-site parking. Situated in a high-growth area adjacent to the Cleveland State University campus, this location benefits from the university's master plan, projecting 20,000 students by 2024. The property's high visibility and immediate access to I-90 enhance its appeal. Built in 1921, this historic brick warehouse is located within an Opportunity Zone and may qualify for Historic Preservation and/or New Market Tax Credits. The property includes an additional land/lot and an adjacent parcel at 1764 E 27th Street, expanding its potential. Ideal for residential or mixed-use conversion, this asset offers significant upside for investors seeking a prime location in a rapidly developing area. The property's size, features, and strategic location combine to create a unique investment opportunity with substantial long-term growth potential.

    Property Features for 2630 Payne Ave

    General Information

    Property type
    Flex space
    Square Feet
    65,188 SF

    HighLights

    • Campus District location.
    • High visibility from I‑90.
    • Growth area near Cleveland State University's master plan area.
    • Four‑story building with 16‑foot ceiling heights.
    • Passenger and freight elevators.
    • On‑site parking and additional land parcel included.
    Property Profile Location Intelligence

    Current Use by Public Records

    Twin Lanes Pro-Shop Bowling Supply Shop Ohio Wholesale Business ... Furniture Wholesaler

    Suggested Use

    Realty agency Restaurant Spa & Massage Building Supply Dental Office Wholesale Shop Hair Salon Law Firm Auto Repair Shop Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.6701912
    Latitude
    41.5071514

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    FAQs

    What type of property is this?
    Flex space - Cleveland Industrial Building, Redevelopment Opportunity
    Where is this flex space located?
    The property is located at 2630 Payne Ave Cleveland, OH.
    What is the asking price?
    The asking price for this property is $1,900,000.
    What are key features of this property?
    This property features: Campus District location.; High visibility from I-90.; Growth area near Cleveland State University's master plan area.
    Request Owner's contact information
    2630 Payne Ave Cleveland, OH 44114
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2630 Payne Ave Cleveland, OH 44114
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