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

    5040 Broadway Ave Cleveland, OH 44127

    • Commercial real estate
    For Sale
    View listing
    $200,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1820955
    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

    • Cleveland Fire Station 13 / Fire Station

    Property Details for 5040 Broadway Ave

    Property type
    Commercial real estate

    Description

    This exceptional 33,976 square foot vacant lot presents a remarkable investment opportunity in Cleveland, Ohio. Strategically located at 4950 Broadway Avenue, this property boasts significant frontage on three streets: Broadway Avenue, Pershing Avenue, and Dolloff Road, offering unparalleled exposure and development potential. The asking price is $99,900, reflecting a recent price reduction on September 4th. This makes it an attractive proposition for developers or investors seeking a prime piece of land in a desirable area. The property's size and triple-street frontage provide ample flexibility for a variety of development projects, from commercial ventures to residential constructions. Its location within Cuyahoga County, Ohio, and the 44127 zip code, offers easy access to local amenities and transportation networks. The property is currently vacant, providing a clean slate for future development plans. This is a rare opportunity to acquire a substantial parcel of land in a thriving Cleveland neighborhood at a significantly reduced price. Serious inquiries are encouraged. The property's geographical coordinates are 41.4719557 latitude and -81.6569524 longitude.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.6569524
    Latitude
    41.4719557

    Comparable in this City

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      Industrial Asset in Cleveland Core

      Two-story facility with warehouse and office space on 1.02-acre lot.
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      0.08 Acres

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      Land with utilities in an inviting Cleveland neighborhood.
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      Commercial land in Cleveland's transforming Broadway-Slavic Village neighborhood.
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      Cleveland Land: Prime Residential Lot

      Build Your Dream Home in Cleveland, OH
      3225 49Th St, Cleveland, OH 44127
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    • $595,000
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      Industrial Warehouse with Outdoor Storage

      25,712 SF industrial warehouse with secure outdoor storage.
      7424 Bessemer Ave, Cleveland, OH 44127
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.06 Acres

      Development-Ready Land in Slavic Village

      Commercial land in a transforming area with renewed investor interest.
      E 49Th St, Cleveland, OH 44127
      View Details
    • $165,000
      35,083.00 Acres

      Industrial Asset in Cleveland Core

      Two-story facility with warehouse and office space on 1.02-acre lot.
      8640 Bessemer Ave, Cleveland, OH 44127
      View Details
    • Contact for pricing
      0.08 Acres

      Land in North Broadway Area

      Land with utilities in an inviting Cleveland neighborhood.
      4921 Dolloff Rd, Cleveland, OH 44127
      View Details
    • Contact for pricing
      0.06 Acres

      Development-Ready Land in Broadway-Slavic Village

      Commercial land in Cleveland's transforming Broadway-Slavic Village neighborhood.
      49 E 49Th St, Cleveland, OH 44127
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    • Contact for pricing

      Cleveland Land: Prime Residential Lot

      Build Your Dream Home in Cleveland, OH
      3225 49Th St, Cleveland, OH 44127
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    • $595,000
      25,711 SF

      Industrial Warehouse with Outdoor Storage

      25,712 SF industrial warehouse with secure outdoor storage.
      7424 Bessemer Ave, Cleveland, OH 44127
      View Details

    Similar Nearby for Lease

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      Industrial Build-to-Suit Opportunity

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    • $14 SF/Yr
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      3100 45Th St

      Coworking space • 77,629 SF
      3100 45Th St, Cleveland, OH 44127
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    • $14 SF/Yr
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      Modern Office Space on Broadway

      Renovated office space with modern finishes and ample parking.
      5601 Broadway Ave, Cleveland, OH 44127
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    5040 Broadway Ave
    Cleveland, OH 44127
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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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