Ambassador Lanes 1500 Superior Ave 96,095 SF 100% Leased Retail Building Cleveland, OH 44114 $2,242,350 CAD ($23.33 CAD/SF) 2% Cap Rate

1500 Superior Avenue presents a unique 96,095 SF redevelopment opportunity located in Downtown Cleveland’s emerging Playhouse Square / Avenue District corridor. Originally constructed circa 1920, the building was expanded in 1957–1958 with the addition of a 36-lane bowling alley, creating the former “Ambassador Lanes.” To accommodate the bowling alley’s large open layout, longspan bowstring trusses were installed, creating a dramatic column-free third floor with approximately 15-foot ceiling heights and architectural character reminiscent of the interior structure of a Zeppelin airship.
The property is currently configured as follows:
• First Floor: Leased to Brinks for secure vehicle parking
• Second Floor: Former parking deck (currently closed pending structural reinforcement)
• Third Floor: Vacant former bowling alley with large open floor plate and free-span construction
The building provides a rare opportunity for an investor or owner-user to control up to approximately 140 indoor parking spaces while utilizing the expansive top floor as a blank canvas for redevelopment.
Multiple redevelopment concepts may be feasible, including self-storage conversion, event or exhibition space, creative office, fitness-oriented use, or owner-occupant headquarters with integrated parking. Alternatively, the property’s approximately 30,000 SF footprint and dual access from Superior Avenue and Payne Avenue make it a strong candidate for future demolition and new residential or mixed-use development.
The property is located within walking distance of Playhouse Square (the second-largest performing arts district in the United States), Cleveland State University (~18,000 students), Hofbräuhaus Cleveland, and new residential developments in the Avenue District. It also sits near the planned Superior Midway pedestrian and bikeway corridor and the recently acquired Greyhound Station redevelopment site owned by Playhouse Square, both expected to enhance connectivity and neighborhood activity over time.
Less than one mile from I-90 with convenient access to I-71, I-77, SR-2, and I-490, the property offers strong accessibility to the Downtown Cleveland CBD and surrounding districts.