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Listed price in listed location currency (USD).
$139,000

000

MLS® 5083075

Overview

Key Facts

Type Business
Levels Commercial Sale
Size -
Garage 
Taxes $2,647
Days Active 678
Lot Size 0.1377 Acres
Approx. Age 1942
MLS® Number 5083075

Property Address: 988 E 185th St, Cleveland, OH, 44119-3046

Average square foot calculated using Size range provided by listing agent.

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 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 recent 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!
MLS® Number5083075
Laundry Level
Central VacNo
FireplaceNo
Acreage
Exterior
Garage
Approx. Age1942
BasementFull, Partially Finished, Walk Out Access
DrivewayDriveway, Parking Lot
Garage Spaces
HeatForced Air, Gas
A/CCentral Air

Extras

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