Two-building mixed-use property
Two-building mixed-use property
Marketing description
18515 Underwood Avenue is a fully renovated mixed-use property comprising two buildings on a single parcel in Cleveland's North Collinwood neighborhood. The property totals ±4,350 GSF and is offered for sale at $315,000.
18519 Underwood is a two-story multi-tenant office building with ±2,800 GSF spread across the main floor and lower level, configured with 10 individual offices, a shared kitchen on the main floor, and a shared conference room on the lower level. Five offices are currently leased on gross terms; five remain available at published asking rates.
18515 Underwood is a separate fully renovated single-tenant building with ±1,550 GSF across the first and second floors. Most recently rented at $2,550 per month, it is currently vacant and offers flexibility for use as a residential rental, professional office, or medical/clinic operation under Residence-Office District zoning.
The property is positioned for either an owner-operator who occupies one building while collecting income from the other, or an investor seeking a turnkey cash-flowing asset with lease-up upside. Sold together with 13–15 on-site surface parking spaces.
Investment highlights
- ±4,350 total GSF across both buildings on 0.25 acres
- 18519: 10-office multi-tenant office building with 5 tenants in place on gross leases
- 18519 amenities: shared kitchen on main floor, shared conference room on lower level
- 18515: fully renovated flexible single-tenant building, currently vacant — last rented at $2,550/month
- Top-to-bottom renovation completed 2024: new HVAC (2023/2024), 200-amp electrical, plumbing, and roof
- Residence-Office District zoning supports residential, professional office, and medical/clinic uses
- Direct I-90 on-ramp within approximately one minute
- 13–15 on-site surface parking spaces (10–12 rear + 3 front)
- Owner-operator or investor structure — flexible use across both buildings
- Five additional offices available at published rates for immediate lease-up upside
- Strong area traffic counts: Neff Rd 104K+ VPD, Villaview 17K+ VPD
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