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    1224 Huron Rd Cleveland, OH 44115

    For Sale
    $3,300,000

    Award-winning Playhouse Square investment.

    Property size:
    17,424 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    361
    This exceptional mixed-use property, located at 1224 Huron Road in Cleveland, Ohio's vibrant Playhouse Square Theater District, presents a rare investment opportunity. The 17,424 square foot building, known as the Starr Piano Lofts, is a fully leased, award-winning historical renovation boasting nine residential units and one retail space. The residential units comprise three one-bedroom, one-bathroom apartments and six two-bedroom, two-bathroom apartments, all featuring in-suite laundry. Three units offer stunning views overlooking Playhouse Square. The building benefits from a mix-use zoning designation, allowing for flexibility and potential future development. Currently operating at 100% occupancy, the property offers a solid investment with upside potential. Additional income streams are possible through storage lockers and parking. The building's prime location, just one block from E 9th Street and the RTA HealthLine, and its proximity to major sports arenas, ensures high demand and strong tenant occupancy. Utilities are efficiently managed with owner-paid trash removal and water/sewer, and tenant-paid electricity only. Projected net operating income (NOI) at increased market rates is $192,032, representing a 6% capitalization rate at the asking price of $3,300,000. This property is a truly unique opportunity to acquire a high-performing asset in a rapidly growing area. The asking price is $3,300,000.

    Property Features for 1224 Huron Rd

    General Information

    Property type
    Multifamily properties
    Square Feet
    17,424 SF

    HighLights

    • Exceptional mixed‑use investment opportunity in Cleveland's Playhouse Square Theater District.
    • 17,424 SF fully leased building with nine residential units and one retail space.
    • Award‑winning historical renovation with a mix of one- and two‑bedroom apartments, all with in‑suite laundry.
    • 100% occupancy, offering strong cash flow and upside potential through increased rents and additional income streams.
    • Prime location near E 9th Street and RTA HealthLine, with projected NOI of $192,032 and a 6% cap rate at $3,300,000 asking price.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The Starr-Gennett Building Apartment Building O'Donnell Cleaning Commercial Cleaning Service Mavia Trading Clothing Store Optic Photography Photography Service

    Suggested Use

    Realty agency Spa & Massage Restaurant Hair Salon Dental Office Nail Salon Clothing Store Food Market Grocery Store Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.6826651
    Latitude
    41.5000836

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    FAQs

    What type of property is this?
    Multifamily property - Award-winning Playhouse Square investment.
    Where is this multifamily property located?
    The property is located at 1224 Huron Rd Cleveland, OH.
    What is the asking price?
    The asking price for this property is $3,300,000.
    What are key features of this property?
    This property features: Exceptional mixed-use investment opportunity in Cleveland's Playhouse Square Theater District.; 17,424 SF fully leased building with nine residential units and one retail space.; Award-winning historical renovation with a mix of one- and two-bedroom apartments, all with in-suite laundry.
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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
    1224 Huron Rd Cleveland, OH 44115
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