18515-18519 Underwood Ave 4,350 SF 64% Leased Office Building Cleveland, OH 44119 $315,000 ($72.41/SF)

This offering includes two fully renovated buildings on a single parcel in Cleveland’s North Collinwood neighborhood, providing a rare mix of income potential and owner-occupancy flexibility. The property features a ±2,800 SF, two-story office building with ten individual offices, five of which are currently leased, generating in-place income with immediate lease-up upside. A second ±1,550 SF building, formerly residential, has been completely renovated and is ready for use as professional office space, a medical clinic, or converted back to residential living.
Comprehensive renovations across both structures include new HVAC systems (2023–2024), electrical upgrades, plumbing, interior and exterior finishes, and roof improvements. The location offers direct access to I-90 within one minute, ensuring seamless connectivity to downtown Cleveland, University Circle, and surrounding suburbs. Investors can capitalize on stabilized tenancy and additional leasing potential, while owner-operators can occupy one building and benefit from supplemental rental income.
18519 Underwood is a fully renovated two-story multi-tenant office building offering ten individual offices across two leasable floors. The main floor anchors the building with
six offices and a shared kitchen serving all tenants. The lower level adds four offices and a shared conference room available for tenant use — a notable amenity that small business tenants typically cannot justify leasing on their own. All mechanicals were replaced in 2023, including HVAC, full 200-amp electrical service, and plumbing. Five offices are leased on gross terms; five remain available at published asking rates — providing immediate lease-up upside.
18515 Underwood is a fully renovated single-tenant building delivered move-in ready. The first floor offers a flexible layout — living/dining area, two bedrooms, full bath, kitchen, and foyer — well-suited as an owner-occupied residence, a residential rental, or a commercial rental for office, medical, or clinic use under Residence-Office District zoning. The second floor is a single open ±690 SF room offering ample space for office expansion, bedroom, storage, or additional living area. Comprehensive renovation included new exterior siding and paint, full interior repaint, new flooring throughout, new kitchen counters, new exterior steel door, and updated electrical and plumbing fixtures. HVAC was replaced in 2024. Most recently rented at $2,550 / month — providing a real-world reference for income upside.