Building Details

Building Size 17,424 SF

Listing Agency: Hoff & Leigh Fairlawn Show Phone

Listed By: Joe Zumpano · License #SAL.2015004596 Show Phone

Source: Hoffleigh

Added: Mar 9, 2022 Changed: Oct 4 Last Checked: Oct 20 at 5:08PM

Report an Issue

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 Fairlawn

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

Located at 1224 Huron Road in Cleveland, Ohio, the Starr Piano Lofts represent a mixed-use property in the Playhouse Square/Theater District. This award-winning historical renovation features nine residential units and one retail unit. The residential component includes three one-bedroom, one-bath units and six two-bedroom, two-bath units, each equipped with in-suite laundry. Three of the units offer views overlooking Playhouse Square. The property is fully leased. Additional income potential exists through storage lockers and parking. The location is one block from E 9th Street, near major sports arenas, and at the corner of the RTA Health-line. The owner covers trash removal and water/sewer expenses, while tenants are responsible for electric. The property was the recipient of the 2018 Downtown Cleveland Alliance Development Award.

Key Highlights

• Award‑winning historical renovation in the Theater District.
• Fully leased investment property with upside potential.
• Mixed‑use building featuring 9 residential units (3 one‑bedroom, 6 two‑bedroom) and 1 retail unit.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$193,197

Cap Rate

6.66%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,863,940 $3.9M

Cap Rate 7%

$2,759,957 $2.8M

Cap Rate 9%

$2,146,633 $2.1M

Is this asking price fair?

Market Conditions

NOI Build-Up for 17,424 SF

Gross rent

$365.9K $21.00/SF

− Vacancy

−$14.6K −$0.84/SF

EGI

$351.3K $20.16/SF

− OpEx

−$158.1K −$9.07/SF

NOI

$193.2K $11.09/SF

Area

Cleveland, OH

Vacancy

4.00%

Lease Rate

$21.00 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,863,940

Cap Rate 7%

$2,759,957

Cap Rate 9%

$2,146,633

Alternative Uses

Best Use

Apartment 5plus

$2.76M

$2.41M – $3.22M (±1% cap)

NOI $193,197 @ 7.0% cap · market cap 6.66%

Second Best

Mixed Use

$2.10M

$1.84M – $2.45M (±1% cap)

NOI $147,015 @ 7.0% cap · market cap 5.07%

Theoretical Best

Office A

$4.25M

$3.72M – $4.96M (±1% cap)

NOI $297,641 @ 7.0% cap · market cap 10.26%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

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

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Butcher Plumbing Service Home Appliance Store Nursing Home Tanning Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

6,082

Businesses Nearby

Explore this area Business Placement

Demographics for 44115, OH

8,985

Population

5,691

Households

1.6

Avg Household Size

27

Median Age

34%

College-Educated

86%

High-School Grad

2.1 sq mi

ZIP Area

4,279

Density / Sq Mi

$21,293

Median Household Income

$27,515

Median Earnings

$850

Median Rent

$151,300

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Similar For Sale Nearby

See more

Windward Place Apartments For Sale

18051 Lakeshore Boulevard, Cleveland, OH 44119

$1,100,000

17,727 SF

View details

Mixed-Use Apartment and Retail Building

8702 Detroit Ave, Cleveland, OH 44102

$975,000

View details

Mixed-Use Building with Storefronts

9714 Madison Ave, Cleveland, OH 44102

$500,000

16,125 SF

View details

Mixed-Use Property with Multiple Structures

4171 Rocky River Drive, Cleveland, OH 44135

Contact for pricing

17,422 SF

View details

15-Unit Apartment Building

1178 E 167TH ST, Cleveland, OH 44110

Contact for pricing

17,445 SF

View details

Three-Story Mixed-Use Building

1231 Superior Ave, Cleveland, OH 44114

Contact for pricing

17,298 SF

View details

Two-Story Mixed-Use Brick Building

5728 Broadway Ave, Cleveland, OH 44127

Contact for pricing

17,119 SF

View details

Mixed-Use Development Property

915 East 123rd Street, Cleveland, OH 44108

Contact for pricing

17,112 SF

View details

Multifamily Community on Bella Drive

18911 Bella Dr, Cleveland, OH 44119

$1,025,000

View details

28-Unit Apartment Building

2824-2826 E 130th St, Cleveland, OH 44120

$800,000

24,108 SF

View details

West Park Lofts Apartment Building

4027 Rocky River Dr, Cleveland, OH 44135

Contact for pricing

View details

Three-Story Six-Unit Apartment Building

1351 East Blvd, Cleveland, OH 44106

Contact for pricing

16,464 SF

View details

Frequently Asked Questions

What type of property is this?

Mixed-use property - Mixed-use building with residential and retail units in Cleveland.

Where is this mixed-use property located?

The property is located at 1224 Huron Road East Cleveland, OH.

What is the asking price?

The asking price for this property is $2,900,000.

What are key features of this property?

This property features: Award‑winning historical renovation in the Theater District.; Fully leased investment property with upside potential.; Mixed‑use building featuring 9 residential units (3 one‑bedroom, 6 two‑bedroom) and 1 retail unit.