Rhonda Albaugh
Listed By
Agency Name: Russell Real Estate Services
Agency Contact: tal@premierclevelandinvesting.com, 216-870-8687
Shown By
Agent Name: Rhonda Albaugh
Agent Phone: (330) 323-3804
Agency Title: Cutler Real Estate
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Property Description
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.
Property Features
Property Type: Commercial - Business
Cooling: None
Days on Market: 25
Heating: Forced Air
Lot Size: 0.16 Acres
Roof Type: Asphalt
Taxes: $5,454 / year
Year Built: 1927
Feature Descriptions
Parcel#: 114-11-028
Parking: Asphalt
Sewer: Public Sewer
Units: 6
Water: Public
Local Schools
School District: East Cleveland City
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608 E 185th | MLS# 5187357
This commercial property located at 608 E 185th, Cleveland, OH 44119 is currently listed for sale with an asking price of $269,900. E 185th is located within the East Cleveland City school district. Search Cleveland real estate on ralbaugh.cutlerhomes.com today.