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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
This 6-unit mixed-use property on East 185th Street offers a rare combination: four commercial storefronts and a residential duplex on the same lot, priced at just $45,000 per door. One commercial unit is vacant and ready for immediate lease-up, while the occupied spaces are well below market rent, creating a clear path to stabilization.
The duplex units are currently leased at $575 and $625 per month, with market rents closer to $850. The commercial spaces average $700-750 against an $800 market rate. A brand-new roof was just installed on the commercial building, eliminating a major capital expense for the next owner. With proforma numbers showing a 12%+ cap rate and over 19% cash-on-cash return, this is a straightforward value-add play in a high-traffic corridor just outside Euclid.
The duplex units are currently leased at $575 and $625 per month, with market rents closer to $850. The commercial spaces average $700-750 against an $800 market rate. A brand-new roof was just installed on the commercial building, eliminating a major capital expense for the next owner. With proforma numbers showing a 12%+ cap rate and over 19% cash-on-cash return, this is a straightforward value-add play in a high-traffic corridor just outside Euclid.
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
$269,900
Price Per SF
$60.90
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 | $45,360 |
| Land Assessment | $7,490 | Total Assessment | $52,850 |
Property Taxes
Parcel Number
114-11-028
Land Assessment
$7,490
Improvements Assessment
$45,360
Total Assessment
$52,850
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