Mixed-Use Building for Sale | Cleveland, OH
Turnkey Retail + Residential Above
Marketing description
Mixed-Use Building for Sale | Retail + Residential | Cleveland, OH
11723 Lorain Avenue is a ±6,130 SF mixed-use investment property located along the Lorain Avenue retail corridor on Cleveland’s west side. The asset features ±2,262 SF of vacant, turnkey street-level retail, three (3) renovated residential apartments above, a full basement, and rear on-site parking.
The retail space offers immediate lease-up and value-add potential with strong visibility and traffic counts of ±13,084 VPD on Lorain Ave and ±22,780 VPD on W 117th St. The residential units include a 1-bedroom, 2-bedroom, and studio, all recently renovated with new appliance packages and individual mechanical systems, limiting near-term capital expenditures.
The property is surrounded by national and regional retailers including Target, Giant Eagle, Bank of America, ArchWell Health, Dunkin’, McDonald’s, Taco Bell, and Save-A-Lot, supporting both retail demand and residential tenancy. Offered individually or as part of a two-asset portfolio, this is an ideal opportunity for value-add investors, owner-users, or 1031 buyers.
Investment highlights
±6,130 SF Mixed-Use Building
±2,262 SF Turnkey Street-Level Retail
(Recently vacated, previous tenant paid $2,500/month, modified gross)
±2,200 SF Renovated Walk-Up Residential
Current Total Rent = $3,100/Month | $37,200 annually
±1,668 SF Basement
Rear On-Site Parking
Retail Lease-Up Opportunity
Neighboring retailers include Target, Giant Eagle, Bank of America, ArchWell Health, Dunkin', McDonald's, Taco Bell, Save-A-Lot, Shoppers World, Family Dollar, and others.
Stabilized Gross Annual Rent: $67,200
Residential Overview
Three (3) Renovated Walk-Up Apartments
Unit Mix:
1-Bedroom: ±700 SF
$1,100/Month
2-Bedroom: ±1,100 SF
$1,300/Month
Studio: ±400 SF
$700/Month
All Units Recently Renovated
New Full Appliance Packages
Individual Mechanical Systems
New furnaces
New A/C units
New water tanks
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