1873 55th St Cleveland, OH 44103-3641

This exceptional investment opportunity presents a 38,000-square-foot warehouse situated on a two-acre lot in Cleveland, Ohio. Located at 1873 East 55th Street, this property boasts a prime location on a signalized corner with Hough Avenue, within the bustling East 55th Corridor, experiencing a high daily vehicle count of 27,000. The building is currently 100% occupied by a single tenant under a triple-net lease (NNN), operating successfully for over 42 years, with a potential for a lease-back arrangement. The property features one dock-high door and is zoned for light industrial use (SI), allowing for diverse operational possibilities. Its strategic location offers convenient access to public transportation, being situated on an RTA transit line and just six minutes from the Amtrak train station. The asking price is $495,000, representing a compelling 14% capitalization rate. This property presents a rare chance to acquire a well-established, income-generating asset in a thriving Midtown tech corridor. The building is part of a neighborhood extending from the Innerbelt trench to E 79th Street, and from Cedar Avenue to Payne Avenue. Available February 2024.