602-608 E 185th St - Storefront Retail/Residential FOR SALE


Cleveland, OH 44119- North Collinwood
$250,000 USD
216-870-8687
602-608 E 185th St, Cleveland, OH for Sale
$250,000 USD
Storefront Retail/Residential - FOR SALE
1/47
null | Request Cap Rate

602-608 E 185th St
Cleveland, OH 44119
North Collinwood


HIGHLIGHTS

  • Fully Occupied Mixed-Use Asset!
  • Immediate cash flow in a high-traffic corridor just outside Euclid
  • Value-add upside – Commercial units renting below market, offering a clear path to increased income
  • Proforma CAP - 11.4%
  • Operating at a current 8%+ CAP with potential for double-digit returns
  • New roof being installed on the commercial building - reducing future capital expenses

OVERVIEW

This 6-unit mixed-use property on East 185th Street offers a rare combination: four commercial storefronts and a residential duplex on the same lot, priced at just $45,000 per door. One commercial unit is vacant and ready for immediate lease-up, while the occupied spaces are well below market rent, creating a clear path to stabilization. The duplex units are currently leased at $575 and $625 per month, with market rents closer to $850. The commercial spaces average $700-750 against an $800 market rate. A brand-new roof was just installed on the commercial building, eliminating a major capital expense for the next owner. With proforma numbers showing a 12%+ cap rate and over 19% cash-on-cash return, this is a straightforward value-add play in a high-traffic corridor just outside Euclid.

FOR SALE DETAILS

PRICE

$250,000 USD

PRICE/SF

$56 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Mixed-Use Asset | 11.4% - Proforma Cap!

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1927

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.16 AC

LAND SF

6,970 SF

ZONING

Commercial

APN/PARCEL ID

114-11-028

ASK ABOUT THIS PROPERTY

Tal TamirRussell Real Estate ServicesMore Info
216-870-8687

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Tal TamirRussell Real Estate ServicesMore Info
216-870-8687

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.