Listed by Hanna Commercial Real Estate Cleveland
$4,500,000
Central Cadillac
Details
Property Type Retail
Sub Type Auto Shop, Car dealership
Square Footage 65,000
Tenancy Single
Lease Type Net
Price per SqFt $8
Year Built 1948
Acreage 4.500
Investment Type Owner/User
Ground Lease No
One-of-a-kind Property in the Heart of Midtown/CBD
Marketing description
Hanna Commercial is pleased to exclusively present the opportunity to acquire or lease a landmark commercial property located at 2801 Carnegie Avenue in Cleveland, Ohio. The offering includes both a purchase option at $4,500,000 and a lease option at $7.25 per square foot, Net, providing flexibility for owner-users, investors, and commercial tenants alike.
The property sits on approximately 4.5 acres (Parcel No. 103-14-046) and features approximately 65,000 square feet of purpose-built automotive dealership space, representing a price per square foot of just $69/SF—an attractive basis for a building of this scale and configuration in a highly accessible urban location. The site includes over 300 existing parking spaces, 480V, 3-phase power with 600-amp service, and provides rental income from an existing tenant through September 2027, offering immediate cash flow to an acquiring investor.
Situated in Cleveland’s vibrant Campus District, the property benefits from exceptional visibility and access along one of the city’s most historically significant commercial corridors. Carnegie Avenue provides direct connectivity to I-90, I-77, and I-71, placing the site within 10 minutes of Cuyahoga County’s largest employment centers, including Downtown Cleveland, University Circle, Rockside Road, and the Health-Tech Corridor. The property is also just minutes from major regional employers and institutions including the Cleveland Clinic, University Hospitals, Case Western Reserve University, Sherwin-Williams’ global headquarters, Cleveland State University, Cuyahoga Community College’s Metro Campus, and St. Vincent Charity Medical Center, creating exceptional access to one of Northeast Ohio’s strongest employment and innovation hubs.
The building itself was purpose-built for automotive dealership use and has served as the home of Central Cadillac—Cleveland’s longest-operating Cadillac dealership, established in 1943—since relocating to this address in 1949. The structure is well-suited for a wide range of automotive, retail, service, or flex/commercial uses, with improvements including showroom space, service bays, parts storage, and substantial on-site parking—all of which translate readily to a variety of end users.
This is a rare opportunity to acquire or occupy a large-format, high-visibility commercial building with an institutional ownership history in a densely populated urban core, offered at a basis well below replacement cost.
Cleveland, Ohio is a dynamic Great Lakes city located in Cuyahoga County on the southern shore of Lake Erie, serving as the economic and cultural hub of Northeast Ohio. Known for its storied industrial heritage and remarkable reinvention, Cleveland boasts a vibrant mix of world-class healthcare institutions, professional sports franchises, renowned cultural attractions, and a growing innovation economy. The city is home to the Rock & Roll Hall of Fame, the Cleveland Museum of Art, and Playhouse Square — the largest performing arts center outside of New York City — making it a destination for visitors from across the country and around the world. With a diverse population, a highly educated workforce, and a cost of living well below the national average, Cleveland continues to attract businesses and residents drawn by its affordability, accessibility, and quality of life.
The city’s economy is anchored by major employers including the Cleveland Clinic, University Hospitals, Progressive Insurance, and KeyBank, with healthcare, manufacturing, financial services, and professional services representing the region’s largest employment sectors. The Greater Cleveland metro area is home to approximately 1.78 million residents, with the city of Cleveland proper reporting a population of approximately 365,000.
The Greater Cleveland commercial real estate market encompasses one of the largest industrial bases in the Midwest. The regional industrial market maintains a vacancy rate of approximately 4.4%, well below the national average, supported by limited new construction and strong institutional demand. Direct industrial asking rents have grown approximately 3% year-over-year, with the market showing continued resilience driven by manufacturing, logistics, and distribution activity throughout the region.
Investment highlights
- For more information, please contact the agent(s) listed.
Listing Contacts
Listed by Hanna Commercial Real Estate Cleveland
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