1906 40Th St Cleveland, OH 44103

Property Details for 1906 40Th St

Year built

1956

Lot size

1.34 lot acres

Property size

41,230 SF

Property type

Office space

Property subtype

Flex space

APN

102-40-011

Description

This exceptional 41,230-square-foot single-tenant office building, located at 1906 E. 40th Street in Cleveland's Midtown neighborhood, presents a compelling investment opportunity. Currently 100% occupied by the University of Cleveland Preparatory School under a NNN lease with 1.7 years remaining (expiring 07/31/2026), this property boasts a strong 8.00% cap rate and a substantial net operating income (NOI) of $259,784. The lease includes 2-3 year options with a 6-month notice period and features 2.00% annual rent increases. Built in 1956 and renovated in 2005 (office area), the building features 11'-14' ceilings and sits on a 1.344-acre lot with 21 parking spaces. The property is zoned for General Commercial use and benefits from its prominent corner location, providing excellent visibility. Situated conveniently between Cleveland's central business district and nearby industrial suburbs, it offers easy access to I-90 and other major thoroughfares. The building is in outstanding condition, with updated building systems, and is located within an Opportunity Zone, indicating potential for future appreciation. The substantial investment in surrounding buildings and blocks along Chester & Perkins Avenues further enhances the property's value and long-term prospects. This property is ideal for an owner-user seeking a well-located, established space or a developer looking to capitalize on the strong rental income and future redevelopment potential. The remaining lease term provides ample time to plan for future uses.

Location Insight

City

Cleveland

County

Cuyahoga

State

Ohio

Longitude

-81.658671745977

Latitude

41.50550149742