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602-608 E 185th St
Cleveland, OH 44119
Mixed-Use Asset | 11.4% - Proforma Cap! · Retail Property For Sale
INVESTMENT HIGHLIGHTS
- Fully Occupied Mixed-Use Asset!
- Value-add upside – Commercial units renting below market, offering a clear path to increased income
- Operating at a current 8%+ CAP with potential for double-digit returns
- Immediate cash flow in a high-traffic corridor just outside Euclid
- Proforma CAP - 11.4%
- New roof being installed on the commercial building - reducing future capital expenses
EXECUTIVE SUMMARY
Incredible opportunity to acquire a fully occupied mixed-use property on East 185th Street in Cleveland, Ohio, just outside of Euclid. This cash-flowing asset features four commercial storefronts and a duplex on the same lot, with all units currently leased. The commercial spaces are slightly under market rent, each averaging $750/month, offering immediate upside on renewals. The duplex consists of two one-bedroom, one-bath units—one leased at $625/month through 11/30/2025, and the other at $575/month through 7/31/2026. A brand-new roof is being installed on the commercial building, reducing future capital expenditures for the new owner. Based on current financials, the property is operating at an 8%+ cap rate, with a clear path to double-digit returns through modest rent increases. This is a rare, low-maintenance, income-producing asset in a high-visibility location ideal for any investor seeking strong in-place cash flow with value-add potential.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
4,432 SF
Building Class
C
Year Built/Renovated
1927/2015
Price
$396,669 CAD
Price Per SF
$89.50 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.64
Lot Size
0.16 AC
Opportunity Zone
Yes
Zoning
Commercial
Frontage
70’ on 185Th St
PROPERTY TAXES
| Parcel Number | 114-11-028 | Improvements Assessment | $62,497 CAD |
| Land Assessment | $10,320 CAD | Total Assessment | $72,817 CAD |
PROPERTY TAXES
Parcel Number
114-11-028
Land Assessment
$10,320 CAD
Improvements Assessment
$62,497 CAD
Total Assessment
$72,817 CAD
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