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    21 Prospect Ave E Cleveland, OH 44115
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    Property profile & analytics

    21 Prospect Ave E, Cleveland, OH 44115

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    • Parking lots & garages
    • 295,482 SF
    • 0.32 lot acres
    For Lease
    $4,370,000
    View Listing →
    Retail Space Downtown Cleveland Gateway For Lease
    $4,370,000

    Retail Space Downtown Cleveland Gateway

    Retail space available at the gateway to downtown Cleveland.

    21 Prospect Ave E, Cleveland, OH 44115
    View Listing
    Property ID
    US66-1739452
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • JACK SWAG SHOP / Clothing Store

    Property Details for 21 Prospect Ave E

    Year built
    1964
    Construction
    CONCRETE
    Lot size
    0.32 lot acres
    Zone code
    GR
    Property type
    Parking lots & garages
    APN
    101-26-051
    APU
    10126051

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Feb 2, 2022 — May Garage Property LLC — Deed · related $550k · Credit Suisse Ag Cayman Islands Branch
    Jul 16, 2020 — May Garage Property LLC — Deed · related $95M · Vivi Lendco LLC
    Jan 24, 2020 — May Garage Property LLC — Deed · related $100M · Vici Lendco LLC
    Oct 12, 2017 $16,250,000 May Garage Property LLC Rainbow Garage LLC Grant Deed $10.2M · Us Bank NA 2014-ubs2 (ce)
    Jan 24, 2014 $3,000,000 Rainbow Garage LLC Euclid Of Cleveland LLC Quit Claim Deed · related $10.2M · German American Cap
    Dec 13, 2013 — Euclid Of Cleveland LLC Imperial Euclid C LLC Quit Claim Deed · related —
    Jun 25, 2012 — Euclid Of Cleveland LLC Imperial Euclid C LLC Quit Claim Deed · related —
    Jan 31, 2007 $11,000,000 Euclid Of Cleveland LLC 180 Euclid Avenue LLC Grant Deed · related $13M · Nrfc Wa Holdings II LLC
    Dec 20, 2002 — Lower Euclid Avenue LLC Cleveland City (oh) Quit Claim Deed · related —
    Dec 16, 2002 — Lower Euclid Avenue LLC 180 Euclid Avenue LLC Quit Claim Deed · related —
    Apr 25, 2000 $88,600 180 Euclid Avenue LLC May Department Stores Trustees Deed —
    — — May Garage Property LLC — Deed Of Trust · related $100M · Vici Lendco LLC
    — — May Garage Property LLC — Loan Modification · related $95M · Vivi Lendco LLC

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.6919
    Latitude
    41.4982
    CBSA code
    17460
    CBSA name
    CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $482,847
    $666,820
    $3,969,810
    $4,636,630
    -
    $1,905,200
    $11,342,300
    $13,247,500

    Comparable in this City

    • Value Estimation
      $1,925,000
      93,824 SF

      Prospect Ave

      PARKING GARAGE, PARKING STRUCTURE
      Prospect Ave, Cleveland, OH 44115
      View Details
    • Value Estimation
      $14,495,000
      611,200 SF

      650 Huron E Rd

      PARKING GARAGE, PARKING STRUCTURE
      650 Huron E Rd, Cleveland, OH 44115-1117
      View Details
    • Value Estimation by Request
      7,479 SF

      1600 Euclid Ave

      PARKING GARAGE, PARKING STRUCTURE
      1600 Euclid Ave, Cleveland, OH 44115-2121
      View Details
    • Value Estimation by Request
      0.25 Acres

      1200 Bolivar Rd

      PARKING LOT
      1200 Bolivar Rd, Cleveland, OH 44115
      View Details
    • Value Estimation by Request
      4,095 SF

      2005 Prospect E Ave

      PARKING LOT
      2005 Prospect E Ave, Cleveland, OH 44115
      View Details
    • Value Estimation by Request
      3,286 SF

      2007 Prospect E Ave

      PARKING LOT
      2007 Prospect E Ave, Cleveland, OH 44115
      View Details

    Similar Nearby for Sale

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      15,000 SF

      Campus District Corner Property

      Two-story building with basement and dedicated parking in Campus District.
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      12,918 SF

      Mixed-Use Building with Parking Lot

      Mixed-use building with parking in downtown Cleveland near stadiums.
      310 Prospect Ave E, Cleveland, OH 44115
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      Downtown Cleveland Retail Land Available

      1.12 acres of retail land in Downtown Cleveland.
      2177 E 9Th St, Cleveland, OH 44115
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      Downtown Cleveland Retail Complex

      220,000 SF commercial and retail complex in Downtown Cleveland.
      3615 Euclid Ave, Cleveland, OH 44115
      View Details
    • New
      $675,000
      0.30 Acres

      Mixed-Use Building: Redevelopment Opportunity

      23-unit mixed-use building with redevelopment potential in prime location.
      3226 Euclid Ave, Cleveland, OH 44115
      View Details
    • Contact for pricing

      Mixed-Use Building Redevelopment Opportunity

      23-unit mixed-use building with redevelopment potential in prime location.
      3226 Euclid Ave, Cleveland, OH 44115
      View Details

    Similar Nearby for Lease

    • $23 SF/Yr
      69,079 SF

      Downtown Cleveland Office Space Available

      Class A office building with attached parking garage.
      1350 Euclid Ave, Cleveland, OH 44115
      View Details
    • Contact for pricing

      Retail Space Downtown Cleveland Gateway

      Retail space available at the gateway to downtown Cleveland.
      21 Prospect Ave E, Cleveland, OH 44115
      View Details
    • Contact for pricing
      27,056 SF

      Flagship Restaurant Space Available

      High-profile restaurant space near Progressive Field and Rocket Mortgage Fieldhouse.
      800-850 Prospect Ave, Cleveland, OH 44115
      View Details
    • Contact for pricing
      1,265,477 SF

      Downtown Cleveland Retail Space

      Prime Cleveland retail, multiple spaces available
      200 Public Sq, Cleveland, OH 44115
      View Details
    • Contact for pricing

      Former Hilton Ballroom with Kitchen

      Adaptable space for events, retail, office, or entertainment.
      900 Carnegie Ave, Cleveland, OH 44115
      View Details
    • Contact for pricing
      2,000 SF

      Freestanding Building with Individual Kitchens

      17,600 sq ft building with thirty individual kitchens.
      1990 E 40Th St, Cleveland, OH 44115
      View Details
    View Listing
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    Cleveland, OH 44115
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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.

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