Property Description

Rare opportunity to own a fully leased, income-producing brick commercial building in the heart of Cleveland's historic Warehouse District entertainment corridor. This two-story building (6,566 SF) offers built-out hospitality space on each floor, plus a full basement, and is 100% leased under two separate five-year NNN leases generating $156,000 in combined Year 1 contracted rent, with built-in annual escalations to $165,600 by Year 5 (2029). Both leases are executed; neither tenant has opened for business yet - ownership is completing tenant improvements on both floors ahead of a planned simultaneous grand opening. Under the NNN structure, tenants are responsible for real estate taxes, insurance, utilities, and routine maintenance once operating, creating a low-management income profile for a new owner. The building features a second-floor outdoor deck/patio, a full basement offering storage or future buildout potential, and the landlord retains rights to lease exterior walls for billboard signage. Located between Johnson Court and West St. Clair Avenue, steps from Playhouse Square (the nation's second-largest performing arts center), professional sports venues, and a growing downtown residential base. Submarket vacancy is exceptionally tight (about 1.2% within a half-mile), with average asking retail rents near $21/SF NNN, reflecting strong, supply-constrained demand. Built in 1910 and well maintained, the building blends historic brick character with contracted lease income, an attractive offering for 1031 exchange buyers or long-term investors. Lease documents available upon request to qualified buyers.

Property Features

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