Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    I-77 & Pershing Ave Newburgh Heights, OH 44105

    Sponsored
    For Sale
    $7,100,000

    40-acre Ohio industrial site, $7.1M

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    404
    This exceptional 40-acre commercial land parcel, strategically located in Newburgh Heights, Ohio (Cuyahoga County, zip code 44105), presents a unique investment opportunity. Situated at the intersection of I-77 and Pershing Avenue in Cleveland, this GI-A3 zoned property boasts unparalleled access to major transportation arteries. The site is less than a tenth of a mile from two highway exits, providing seamless connectivity for logistics and distribution. Furthermore, the property is rail-ready, featuring existing rail access directly to the site, enhancing its suitability for various industrial uses. The site's infrastructure is robust, with significant heavy utility capacity already in place. Offering exceptional visibility with one mile of highway frontage, this location is ideal for high-impact development. The property can accommodate the construction of two 400,000 square foot buildings. For added flexibility, the site is divisible into 15-acre parcels, catering to a range of development scenarios. The asking price for this prime industrial land is $7,100,000. This presents a rare chance to acquire a large, well-located, and highly functional industrial site in a thriving Ohio market.

    Property Features for 0 I-77 & Pershing Ave

    General Information

    Property type
    Land
    Lot Size
    1,742,400 SF

    We can help!

    Listing Contact
    Tyler Gilliam
    Tyler Gilliam

    Learn more

    HighLights

    • 40+ acres available for development.
    • Two 400,000 square foot buildings are feasible.
    • Less than 0.1 mile from two highway interchanges.
    • Rail‑served site with existing rail spur.
    • High‑capacity utilities on‑site.
    • One mile of highway frontage provides excellent visibility.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Newburgh Heights
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.6572026
    Latitude
    41.4524011

    Nearby Comparable

    • $110,000
      Pending

      Well-Designed Duplex with Income Potential

      Move-in ready duplex ideal for investors or owner-occupants.
      3803 E 50Th St, Cleveland, OH 44105
      View Details
    • $175,000
      0.08 Acres

      Newburgh Heights Duplex Investment

      Tenant-occupied duplex in Newburgh Heights, ideal for immediate returns.
      3946 E 54Th St, Newburgh Heights, OH 44105
      View Details
    • New
      $220,000
      0.10 Acres

      Four-Unit Investment Property with Upside

      Solid investment property with income and redevelopment potential in Newburgh Heights.
      5295 Harvard Ave, Newburgh Heights, OH 44105
      View Details
    • $159,900
      0.11 Acres

      Newburgh Heights Duplex Investment Property

      Fully occupied duplex near downtown Cleveland with income potential.
      4017 E 54Th St, Newburgh Heights, OH 44105
      View Details
    • $69,000
      0.06 Acres

      Triplex with Storefront in Cleveland

      Value-add triplex with storefront near downtown Cleveland.
      3654 E 53Rd St, Cleveland, OH 44105
      View Details
    • $130,000
      0.09 Acres

      Updated Duplex in Cleveland, OH

      Well-maintained duplex with updated units, ideal for investors or owner-occupants.
      4099 E 56Th St, Cleveland, OH 44105
      View Details
    • New
      $95,000
      1,974 SF

      Cleveland Duplex: Income Opportunity

      Tenant-occupied duplex in Cleveland, offering steady cash flow potential.
      4101 E 57Th St, Cleveland, OH 44105
      View Details
    • $99,900
      1,440 SF

      Updated Duplex in Slavic Village

      Updated duplex with two units near shops and transportation.
      6401 Gertrude Ave, Cleveland, OH 44105
      View Details
    • $349,900
      3,772 SF

      Renovated Triplex with Income Potential

      Updated triplex with strong rental income near amenities.
      6415 Gertrude Ave, Cleveland, OH 44105
      View Details
    • $145,000
      Pending

      Well-Maintained Duplex in Cleveland, OH

      Cash-flowing duplex with recent updates and city certifications.
      3617 E 57Th St, Cleveland, OH 44105
      View Details
    • Contact for pricing
      124,123 SF

      Industrial Property in Cleveland, OH

      Two-building industrial property totaling 124,123 SF on 5.91 AC.
      6200 Harvard Ave, Cleveland, OH 44105
      View Details
    • $164,900
      0.09 Acres

      Renovated Home in Cleveland, OH

      Move-in ready, fully updated home near shopping and freeway access.
      4073 E 64Th St, Cleveland, OH 44105
      View Details

    Nearby Similar for Sale

    • $159,900
      0.11 Acres

      Newburgh Heights Duplex Investment Property

      Fully occupied duplex near downtown Cleveland with income potential.
      4017 E 54Th St, Newburgh Heights, OH 44105
      View Details
    • $175,000
      0.08 Acres

      Newburgh Heights Duplex Investment

      Tenant-occupied duplex in Newburgh Heights, ideal for immediate returns.
      3946 E 54Th St, Newburgh Heights, OH 44105
      View Details

    FAQs

    What type of property is this?
    Land - 40-acre Ohio industrial site, $7.1M
    Where is this land located?
    The property is located at I-77 & Pershing Ave Newburgh Heights, OH.
    What is the asking price?
    The asking price for this property is $7,100,000.
    What are key features of this property?
    This property features: 40+ acres available for development.; Two 400,000 square foot buildings are feasible.; Less than 0.1 mile from two highway interchanges.
    Request Owner's contact information
    I-77 & Pershing Ave Newburgh Heights, OH 44105
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    I-77 & Pershing Ave
    Newburgh Heights, OH 44105
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    I-77 & Pershing Ave Newburgh Heights, OH 44105
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Tyler Gilliam
    Tyler Gilliam
    Real Estate License ID: SAL.2020008419
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.