988 E 185th St - Office FOR SALE


Cleveland, OH 44119- North Collinwood
$139,000 USD
440-829-4541
988 E 185th St, Cleveland, OH for Sale
$139,000 USD
Office - FOR SALE
1/30
null | Request Cap Rate

988 E 185th St
Cleveland, OH 44119
North Collinwood


HIGHLIGHTS

  • Possibility of Mixed Use
  • Parking Lot
  • Close to Highways
  • Heavy Traffic
  • Walk Out Basement

OVERVIEW

Exceptional commercial value! Maintained, 3-story office building listed at $139,000 on a heavily traveled Cleveland corridor. Featuring 1,708 SQFT above ground plus an additional 936 SQFT below grade (over 2,600 total usable SQFT), this zoned office property is an investor's dream or perfect for an owner-user looking to stop renting. Currently a long-term, owner-occupied law office. For investors, this property boasts massive cash-flow potential. With 4 separate entrances (front, back, side, and lower level), the building easily subdivides into multi-tenant office suites. Based on area market rents of $14–$18/SQFT, the estimated gross rental potential is $2,500 to $3,200+ per month ($30,000–$38,400+ annually). Factoring in conservative operating expenses, this translates to a projected 14.0% to 17.9% Cap Rate—virtually unheard of in today's market! The interior offers a welcoming lobby, private main-floor office, and full kitchen/cafeteria. The 2nd floor provides 4 private offices and a full bath, while the 3rd level features a private executive suite with tandem access. Hardwood floors are preserved under the carpet. The partially finished lower level adds value with a half bath, mechanicals, additional storage capacity, and a dedicated walk-up exit to the rear lot. Major upgrades include a Newer AC (2023), Newer Windows, Roof (2014), and a Newer Concrete Pad. The site also benefits from the City's recent Street Beautification Project with brand-new sidewalks, curbs, and street paving. The exterior features a fully fenced lot with a paved drive and parking for multiple vehicles, backing up to a wooded area. Located next to Fifth Third Bank with immediate access to all major highways. Owner is retiring. Fast occupancy—easy to show!

FOR SALE DETAILS

PRICE

$139,000 USD

PRICE/SF

$53 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Single

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY TYPE

Office

ADD'L SUBTYPES

Office/Residential

TOTAL BUILDING SIZE

-

STORIES

3

BUILDING CLASS

C

YEAR BUILT

1942

SPRINKLERS

-

PARKING SPACES

8

LAND DETAILS

LAND ACRES

0.14 AC

LAND SF

6,098 SF

ZONING

Local Retail / Mixed Use

APN/PARCEL ID

113-08-020

ASK ABOUT THIS PROPERTY

Tommy PartineXp RealtyMore Info
440-829-4541

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Tommy PartineXp RealtyMore Info
440-829-4541

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