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4435 State Rd 1,992 SF 100% Leased Retail Building Cleveland, OH 44109 $175,000 ($87.85/SF)
Executive Summary
Located in the highly desirable Old Brooklyn neighborhood, this two-unit mixed-use property offers strong cash flow with tenants paying all utilities including water, sewer, and trash. The upper residential unit features three bedrooms, one full bath, full attic access, and new flooring throughout, and was recently leased at $950 per month but the tenant is leaving by March 1. We have a tenant already interested in the space that could be placed (he's friends with the lower tenant) . The lower commercial unit includes a half bath and private access to the basement and is occupied at $700 per month on a month-to-month lease by a long-term tenant of approximately two years who uses the space for music practice and storage and would like to remain. Market rents for both units exceed $1,200 per month, providing clear upside. Owner expenses are minimal with approximately $95 per month in insurance and $260 per month in taxes, and the property is currently self-managed. The roof is approximately four years old, the hot water tank was replaced in 2023, and the electric was updated about two years ago. Conveniently located near MetroHealth Hospital, Cleveland Zoo, Ridge Park Square, and major commuter routes, this property is easy to rent and produces a current cap rate over 8 percent with a pro forma cap rate exceeding 10 percent!
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$20,100
|
$10.09
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$20,100
|
$10.09
|
| Net Operating Income |
-
|
-
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $20,100 |
| Annual Per SF | $10.09 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $20,100 |
| Annual Per SF | $10.09 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
1,992 SF
Building Class
C
Year Built
1900
Price
$175,000
Price Per SF
$87.85
Percent Leased
100%
Building Height
2 Stories
Building FAR
0.42
Lot Size
0.11 AC
Zoning
LR
Parking
6 Spaces (3.01 Spaces per 1,000 SF Leased)
Frontage
Walk Score®
Very Walkable (81)
Nearby Major Retailers
Property Taxes
| Parcel Number | 011-03-014 | Improvements Assessment | $24,675 (2024) |
| Land Assessment | $5,600 (2024) | Total Assessment | $30,275 (2024) |
Property Taxes
Parcel Number
011-03-014
Land Assessment
$5,600 (2024)
Improvements Assessment
$24,675 (2024)
Total Assessment
$30,275 (2024)
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4435 State Rd
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