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    1192 40Th St Cleveland, OH 44114

    Sponsored
    For Sale
    $3,200,000

    79,905 SF Warehouse/Manufacturing Building

    Property size:
    79,905 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    This exceptional industrial property, located at 1192 E. 40th St, Cleveland, OH 44114, offers 79,905 square feet of space on a 1.03-acre corner lot. The building, constructed in 1900, features a mix of warehouse and office space. The warehouse comprises approximately 66,322 square feet, while the three-story office area totals 13,583 square feet, broken down into 2,397 square feet on the first floor, and 5,593 square feet each on the second and third floors. The property boasts three loading docks, two dock-high doors (8'x10' and 16'x12'), two freight elevators, and impressive 12'-16' clear ceiling heights. Additional features include a dry sprinkler system, a Vector security system, and separately metered power (8 meters) with 600 amp, 240 volt and 100 amp, 480 volt, 3-phase power. Recent upgrades include a newer furnace for the first-floor offices, newer T8 lighting, a newer roof, and newer Reznor heaters in the warehouse. The property is zoned General Industrial (GI-B3) and enjoys convenient access to downtown Cleveland and major highways, including State Route 2 and Interstates 90, 77, and 71. The asking price is $3,200,000, resulting in a price per square foot of $40.05. This is a NNN lease property. The APN is 102-14-002.

    Property Features for 1192 40Th St

    General Information

    Property type
    Distribution properties
    Square Feet
    79,905 SF
    Lot Size
    44,867 SF

    Building Details

    Year Built
    1900
    Buildings
    1
    Stories
    3

    HighLights

    • 79,905 SF total building, 66,322 SF warehouse, and 13,583 SF three‑story office space (2,397 SF on the first floor, 5,593 SF each on the second and third floors).
    • 1.03‑acre corner lot.
    • Zoned GI‑B3 (General Industrial).
    • Three loading docks, two drive‑in doors (8'x10' and 16'x12'), and two freight elevators.
    • Dry sprinkler system, 12'-16' clear ceiling heights, and Vector security system.
    • 600 amp, 240‑volt and 100 amp, 480‑volt, 3‑phase power; separately metered (8 meters).
    Property Profile Location Intelligence

    Current Use by Public Records

    BML E40th Street, ... Warehouse The 3rd Floor Club

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Building Supply Hair Salon Wholesale Shop 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
    -81.666583520987
    Latitude
    41.519114885978

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    FAQs

    What type of property is this?
    Distribution property - 79,905 SF Warehouse/Manufacturing Building
    Where is this distribution property located?
    The property is located at 1192 40Th St Cleveland, OH.
    What is the asking price?
    The asking price for this property is $3,200,000.
    What are key features of this property?
    This property features: 79,905 SF total building, 66,322 SF warehouse, and 13,583 SF three-story office space (2,397 SF on the first floor, 5,593 SF each on the second and third floors).; 1.03-acre corner lot.; Zoned GI-B3 (General Industrial).
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    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
    1192 40Th St Cleveland, OH 44114
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