5728 Broadway Ave 17,119 SF 100% Leased Retail Building Cleveland, OH 44127 $599,525 CAD ($35.02 CAD/SF) 14% Cap Rate

High-yield mixed-use investment opportunity on Cleveland's Broadway corridor in the heart of Slavic Village. This 17,119 SF two-story brick building delivers $59,655 in stabilized NOI on just $12,735 in owner expenses — a 17.6% expense ratio that is virtually unmatched for a mixed-use asset in this market. Both tenants pay all utilities and maintenance, leaving the owner with a near-passive income stream backed by lease term.
The ground-floor retail tenant has executed a new 3-year lease at $5,000/month with a built-in escalation to $5,500/month in Years 2 and 3 — providing 36 months of contractual income security on 85% of the building's revenue. The upper-floor apartment tenant pays $850/month and has been in place for approximately four years despite a month-to-month arrangement, demonstrating strong de facto stability.
At the asking price, the property delivers a 14.0% stabilized cap rate (15.0%+ at Year 1 NOI), making it one of the highest-yielding income-producing assets currently available in the Cleveland market. The tenant-pays-all structure, combined with the 3-year lease and rent escalation, offers a rare combination of yield and security for investors seeking cash flow from day one.
PROPERTY HIGHLIGHTS:
Stabilized NOI: $59,655 | Year 1 NOI: $54,240
Stabilized Cap Rate: 14.0% at asking price
3-Year Retail Lease with escalation to $5,500/mo in Years 2–3
Tenants pay ALL utilities and maintenance
Owner expenses limited to taxes, insurance, and reserves ($9,000/yr)
17.6% expense ratio
17,119 SF brick building on 6,150 SF lot
Built 1910 | 2 stories + full basement (5,872 SF)
4-year apartment tenant tenure (MTM)
Zoned General Retail / Apartment
Annual taxes: $5,615 (stabilized)
LOCATION:
Situated on Broadway Avenue — the primary commercial corridor through Slavic Village — with a 77/100 walkability score and strong transit access. The neighborhood continues to see reinvestment, anchored by The Rising development and ongoing corridor improvements. Convenient access to I-77 and I-490.
Ideal for yield-focused private investors, 1031 exchange buyers, or portfolio builders seeking stabilized cash flow with minimal management responsibility.
Listed by Michael Pasadyn | Russell Commercial Advisory