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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2343 Superior Ave Cleveland, OH 44114

    • Auto shops
    • 2,301 SF
    • 0.29 lot acres
    For Lease
    View listing
    Last Sale
    Oct 07, 2022
    $420,000
    Value Estimations
    $355,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1880761
    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.

    Current Use by Public Records

    • dimension auto repair / Auto Repair Shop

    Property Details for 2343 Superior Ave

    Year built
    1960
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.29 lot acres
    Property size
    2,301 SF
    Zone code
    SI
    Property type
    Auto shops
    APN
    102-16-040
    APU
    10216040

    Description

    This exceptional .55-acre commercial land parcel presents a unique opportunity for development. Strategically located at the signalized intersection of Superior Avenue East and East 24th Street in Cuyahoga County, Ohio, this single-tenant site offers unparalleled visibility and accessibility. The property benefits from convenient freeway access to I-90 East (connecting to SR-2), and I-90 West (linking to I-71 and I-77), ensuring seamless transportation for both employees and customers. This location places the property within the vibrant Superior Arts District, just one block north of the Cleveland State University campus district and a mile east of Public Square. The site is available for ground lease or build-to-suit options, providing flexibility for various development projects. Furthermore, the property's location will benefit from the upcoming Cleveland Midway Superior Avenue project, a significant initiative scheduled to begin in 2025, designed to enhance safety and accessibility for pedestrians, cyclists, drivers, and public transit users along Superior Avenue from East 55th Street to Public Square. This planned infrastructure improvement will further elevate the property's value and appeal. Don't miss this chance to secure a prime commercial land parcel in a rapidly developing area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $340,000
      ML approach
      $340,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $392,000
      Market price range: $99.0k - $392k
      AI Estimate
      $342,000
      Market price range: $46.9k - $342k

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $205,000
      Current use
      OFFICE BUILDING
      $265,000
      Change: +30% Conversion: Difficult
      MEDICAL BUILDING
      $250,000
      Change: +22% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $235,000
      Change: +14% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.6756
    Latitude
    41.509
    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
    $9,322
    $48,340
    $23,730
    $72,070
    -
    $138,100
    $67,800
    $205,900

    Comparable in this City

    • Value Estimation
      $285,000
      0.04 Acres

      3025 Superior E Ave

      AUTO REPAIR, GARAGE • 0.04 Acres
      3025 Superior E Ave, Cleveland, OH 44114-4340
      View Details
    • Value Estimation
      $365,000
      2,520 SF

      1743 17th St

      AUTO REPAIR, GARAGE • 2,520 SF
      1743 17th St, Cleveland, OH 44114-3604
      View Details
    • Value Estimation
      $420,000
      2,160 SF

      3004 Payne Ave

      AUTO REPAIR, GARAGE • 2,160 SF
      3004 Payne Ave, Cleveland, OH 44114-4526
      View Details
    • Value Estimation
      $130,000
      0.15 Acres

      3515 Lakeside E Ave

      AUTO REPAIR, GARAGE • 0.15 Acres
      3515 Lakeside E Ave, Cleveland, OH 44114-3743
      View Details
    • Value Estimation
      $60,000
      3,009 SF

      2163 Hamilton Ave

      AUTO REPAIR, GARAGE • 3,009 SF
      2163 Hamilton Ave, Cleveland, OH 44114-1143
      View Details
    • Value Estimation
      $480,000
      33,000 SF

      1701 Saint Clair NE Ave

      AUTO REPAIR, GARAGE • 33,000 SF
      1701 Saint Clair NE Ave, Cleveland, OH 44114
      View Details

    Similar Nearby for Sale

    • $650,000
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      Superior Avenue Automotive/Retail Opportunity

      Auto shop/retail property with high visibility and recent upgrades.
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      Downtown Cleveland Office Building For Sale

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      Erieview Plaza Redevelopment Opportunity

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      38,935 SF

      Downtown Cleveland Retail/Office Space

      Retail/office property in Cleveland's Superior Arts District.
      2134-2168 Rockwell Ave, Cleveland, OH 44114
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    • $798,000
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      Two-Story Building with Open Floorplan

      Two-story building with open floor plan and updated roof.
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    • $625,000
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      Historic Cleveland Building Redevelopment Opportunity

      Iconic three-story brick building near Cleveland State University and Playhouse Square.
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    Similar Nearby for Lease

    • $16 SF/Yr
      21,580 SF

      Downtown Cleveland Office Building

      21-story office building in downtown Cleveland with ample parking.
      800-826 Superior Ave, Cleveland, OH 44114
      View Details
    • Contact for pricing
      3,580 SF

      Euclid Avenue Retail Space

      3,580 SF retail space in downtown Cleveland.
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      View Details
    • Contact for pricing
      3,100 SF

      Former Taco Bell Cantina Space

      3,100 SF restaurant space in downtown Cleveland for lease.
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    • $7 SF/Yr
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      Rockwell Ave Retail Space, Cleveland

      Prime Cleveland retail/office opportunity. 4,000 sq ft, flexible layout.
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      View Details
    • Contact for pricing
      1,794 SF

      Heller Building: Flex Space Available

      1,794 SF Flex Space, Cuyahoga County
      2202 Superior Ave, Cleveland, OH 44114
      View Details
    • Contact for pricing
      1,794 SF

      Retail Space in Superior Avenue

      Retail space available for lease in redeveloped building.
      2202-2230 Superior Ave E, Cleveland, OH 44114
      View Details
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    2343 Superior Ave
    Cleveland, OH 44114
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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
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