3 Building Office/Warehouse In The Flats 1720-1736 Columbus Rd 27,094 SF Vacant Office Building Online Auction Sale Cleveland, OH 44113
INVESTMENT HIGHLIGHTS
- Owner/user or development opportunity consisting of three existing office/warehouse buildings on two parcels with opportunity zone tax credits.
- New ownership can continue to run the properties as-is, or alternatively move forward with approved plans for apartments and retail.
- Situated in an Opportunity Zone, offering buyers the potential eligibility for historic tax credits.
- Perfectly located between Detroit Avenue and Carnegie Avenue with quick access to Cleveland Memorial Shoreway, I-90, I-490 and OH-10.
- One minute from Bedrock’s $3.5 billion Cuyahoga Riverfront Master Plan with Cleveland Cavaliers and Cleveland Clinic Global Peak Performance Center
- Adjacent to Tremont, a trendy neighborhood dotted with breweries, galleries, coffee shops, dining, entertainment, and night life spots.
EXECUTIVE SUMMARY
CBRE is pleased to present qualified investors a rare opportunity to acquire a permit ready mixed-use redevelopment opportunity in the legendary district, The Flats, with direct access to Downtown Cleveland and the adjacent neighborhoods of Ohio City and Tremont. This opportunity consists of three existing buildings totaling 27,094 square feet all originally built in 1852. 1720 Columbus Road is a 9,582-square-foot unfinished warehouse spanning three stories. The property was renovated in 2015 and sits on 0.15 acres. 1730 Columbus Road is a 5,418-square-foot, two-story building. The property consists of a first-floor open garage space with an unfinished second floor. The property is situated on a total of 0.40 acres. Finally, 1736 Columbus Road is a 6,676-square-foot asset renovated in 2015 consisting of a completely renovated office space including a new sprinkler system, electrical, and flooring with an opportunity for a rooftop deck. The properties come equipped with 10 controlled parking spaces at the rear of the building and approximately 10 public parking spaces in front of the assets. The approved plans for this project include an additional 20,000 square feet of new residential space on top of the existing structures, totaling 45 apartments, and a top-floor amenity deck with amazing views of the city skyline and Cuyahoga River. This property is in an Opportunity Zone, and there is potential eligibility for historic tax credits. This development opportunity comes with completed construction drawings and is ready for a construction permit at the City of Cleveland. Buyers can also continue to run the property as-is and utilize the on-site office and warehousing features.
This property is positioned within one of the most explosive development areas in the state of Ohio. Just within a half-mile of this proposed development is an additional 1,500+ apartment units recently either completed or under construction, with the major development Thunderbird across the Cuyahoga River with over 600 units under construction. Accessibility is a breeze with major roadways I-90, I-490 and OH 10 are all within a quick distance, allowing for access to the entire Cleveland metro.
Property tours are available by appointment only. Please contact the listing broker to schedule.
This property is positioned within one of the most explosive development areas in the state of Ohio. Just within a half-mile of this proposed development is an additional 1,500+ apartment units recently either completed or under construction, with the major development Thunderbird across the Cuyahoga River with over 600 units under construction. Accessibility is a breeze with major roadways I-90, I-490 and OH 10 are all within a quick distance, allowing for access to the entire Cleveland metro.
Property tours are available by appointment only. Please contact the listing broker to schedule.
OFFERING MEMORANDUM Click Here to Access
DATA ROOM Click Here to Access
- Offering Memorandum
- Operating and Financials
- Development Materials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
- Miscellaneous
MARKET ANALYTICS Click Here to Access
$99,999
Asset Value
$99,999
12 Month Sales Volume
12 Month Sales Volume
Total
Lowest
Highest
Transactions
999
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-
Sales Volume
$99,999
$99,999
$99,999
Properties Sold
999
-
-
Transacted SF
999
999
999
Average SF
999
999
999
9.9%
Market Cap Rate
9.9%
Market Sale Price/SF Change (YOY)
12 Month Sales Price
Average
Lowest
Highest
Market
Cap Rate
9.9%
9.9%
9.9%
9.9%
Sale Price/SF
$99,999
$99,999
$99,999
$99,999
Sale Price
$99,999
$99,999
-
-
Sale vs Asking Price
-9.9%
-9.9%
-9.9%
-
% Leased at Sale
9.9%
9.9%
9.9%
-
Market Sale Price per SF
Cleveland - OH USA
Market Cap Rate
Cleveland - OH USA
Market Sale Price per SF by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per SF Distribution
Market Cap Rate Distribution
PROPERTY FACTS
Sale Type
Investment
Sale Condition
Auction Sale
Type of Ownership
Fee Simple
Property Type
Office
Property Subtype
Office/Residential
Building Size
27,094 SF
Building Class
C
Year Built/Renovated
1852/2015
Percent Leased
Vacant
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
9,031 SF
Building FAR
1.13
Lot Size
0.55 AC
Opportunity Zone
Yes
Zoning
GI - Expansive Overlay Zoning District - Zoning For Multi Family In Place
Walk Score®
Very Walkable (78)
Transit Score®
Excellent Transit (76)
Bike Score®
Very Bikeable (83)
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
17,516
93,869
241,702
2020 Population
15,309
94,517
248,829
2029 Population
17,637
92,076
236,018
2024-2029 Projected Population Growth
0.7%
-1.9%
-2.4%
Daytime Employees
57,513
134,594
319,348
Total Businesses
3,491
10,842
21,292
Average Household Income
$94,653
$60,553
$56,596
Median Household Income
$69,417
$38,227
$38,376
Total Consumer Spending
$257.8M
$920M
$2.3B
Median Age
33.3
33.8
36.1
2024 Households
10,192
44,182
112,203
Percent College Degree or Above
25%
15%
13%
Average Home Value
$373,835
$204,973
$164,441
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $213,605 | |
| Land Assessment | $182,565 | Total Assessment | $396,170 |
ABOUT THE SELLER
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SALE ADVISOR
SALE ADVISOR
Joseph Khouri, Senior Vice President - Transaction & Advisory
(216) 658-6120
Contact
Joseph Khouri joined CBRE in April of 2013, specializing in retail, development, and investment properties with the Transaction and Advisory Services group in the Cleveland, Ohio office. Joseph has ascended as one of the leaders at CBRE Cleveland, by helping expand the retail group since joining, building the team, growing the business footprint and putting clients first.
His unique depth of knowledge and experience originated in real estate development in 2002, where he held the position as Director of Leasing for nearly 11 years with a national developer based in Westlake, Ohio. Prior to full time brokerage, Joseph was responsible for overseeing 3+ million sq. ft. portfolio of retail, office, land, and light industrial space throughout ten states, marketing properties, negotiating lease transactions and handling acquisitions and dispositions in house.
Joseph’s reputation and tireless work ethic has enabled him to establish and maintain strong relationships with his clients. Mr. Khouri has routinely maintained the top retail producer ranking at CBRE NE Ohio for several years along with achieving Top 3, and Top 5 overall producer ranking respectively. Delivering best in class service, and converting that into best case results for his clients.
His unique depth of knowledge and experience originated in real estate development in 2002, where he held the position as Director of Leasing for nearly 11 years with a national developer based in Westlake, Ohio. Prior to full time brokerage, Joseph was responsible for overseeing 3+ million sq. ft. portfolio of retail, office, land, and light industrial space throughout ten states, marketing properties, negotiating lease transactions and handling acquisitions and dispositions in house.
Joseph’s reputation and tireless work ethic has enabled him to establish and maintain strong relationships with his clients. Mr. Khouri has routinely maintained the top retail producer ranking at CBRE NE Ohio for several years along with achieving Top 3, and Top 5 overall producer ranking respectively. Delivering best in class service, and converting that into best case results for his clients.
ABOUT THE AUCTION PLATFORM
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
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AUCTION CONTACT
Pace Zambito
Contact
Auctioneer License:
Ten-X Commercial, LLC Samantha Corbat RE Brkr REC.2019003563; Ohio Department of Agriculture- Auctioneer Program: Ten-X Commercial, Inc. (Ten-X, Inc.) Auctioneer Corporation 2022000147 Samantha Corbat Auctioneer 2023000126
