7501 Carnegie Ave Cleveland, OH 44103-4809

Property Details for 7501 Carnegie Ave

Year built

1900

Construction

TYPE NOT SPECIFIED

Lot size

4.69 lot acres

Property size

77,355 SF

Zone code

MMUD-3

Property type

Manufacturing properties

APN

118-15-009

APU

11815009

Description

This exceptional 138,046 square foot multi-tenant industrial complex in Cleveland, Ohio, presents a compelling investment opportunity. Situated on a 4.88-acre lot at 7501 Carnegie Ave, this Class A property boasts a 100% occupancy rate with ten credit-rated tenants, including Cleveland Kraut, Garden of Flavor, and PODS. The property features a diverse mix of flex space, refrigerated/cold storage, and warehouse areas, totaling seventeen units. Originally built in 1925 with ongoing renovations since 2012, the building includes nine loading docks, seven dock-high doors, and ceiling heights reaching 26'9". Key amenities include heavy power, a building-wide sprinkler system, shop restrooms, floor drains, and food-grade racking. The property benefits from a strategic location with easy access to major interstates, a skilled workforce, and public transportation, ideally servicing the Central Business District, Midtown, Case Western Reserve University, University Hospitals, and The Cleveland Clinic. The current NOI is $1,055,644, yielding an 8.95% cap rate. The property is zoned for general industrial use and is located in an Opportunity Zone. This stabilized investment offers significant upside potential due to increasing construction costs and decreasing supply. The asking price is $11,800,000.

Location Insight

City

Cleveland

County

Cuyahoga

State

Ohio

Longitude

-81.6362

Latitude

41.5023

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments