988 E 185th StreetCleveland, OH 44119

Property Description

Exceptional commercial value! Meticulously 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 phenomenal 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 large private executive suite with tandem access. Hardwood floors are preserved under the carpet. The partially finished lower level adds incredible value with a half bath, mechanicals, huge storage capacity, and a dedicated walk-up exit to the rear lot.Major recent upgrades include a New 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 10-12 vehicles, backing up to woods. Located next to Fifth Third Bank with immediate access to all major highways. Owner is retiring. Fast occupancy?easy to show!

Property Features

Local Schools