Investment/Redevelopment Opportunity, Cleveland

Retail-Commercial for Sale
Catylist Listing ID: 30477232
Property Subtypes: Car Wash, Convenience Store, Free-Standing Building, Garden Center, Restaurant, Service Station/Gas Station, Street Retail, Tavern/Bar/Nightclub, Vehicle Related, Other
Building Size (RSF): 8,062 SF
Gross Building Area: See Agent
Gross Land Area: 0.96 Acres
Sale Price: $565,000
Unit Price: $70.08 PSF
Property Use Type: Net Leased Investment (NNN), Vacant/Owner-User
Sale Terms: Cash to Seller
Cap Rate: 7.4%
Last Updated: 9/16/2020

Overview / Comments

This prime corner lot in downtown Cleveland offers unique opportunities for holding an great site with income in the short-term and redevelopment potential in the long term. The building and location present an excellent site for redevelopment as retail/restaurant, but the current tenant offers income in the meantime.

Currently, the site is home to Mullinax Automotive's Lincoln sales and automotive service center. It has been and remains a great site for automotive use, but it holds great potential for redevelopment for other uses.

This property is well-positioned on the corner of 1st Street, Inman Street and Highland Avenue in the center of town, on and near major throughfares, and close to Lee University. It offers great visibility and accessibility from all main streets. The building, constructed in 1946, offers the type of classic industrial brick and block construction with a "stair step" parapet wall, naturally creating the retro aesthetic that retailers, restaurateurs, and offices are looking for.

This area of Downtown Cleveland, with steady retail-commercial growth, is home to Bald Headed Bistro and Starbucks just across the street, Mash & Hops, Bear Brew Coffee, CBC Cleveland, Catch Bar & Grill, and more just a half-mile away, and the heart of Lee University's Campus just blocks away.

(Note: Cap rate is estimated. Lease terms available with NDA.)

Additional Details

Nearest MSA: Cleveland
County: Bradley
Tax ID/APN: 049N E 011.00 000
Zoning: MU-MIXED USE
Retail Clientele: General
Property Located Between: Keith St and Broad St
Property Visibility: Excellent
Largest Nearby Street: Keith Street
Traffic/Vehicle Count: 16,500
Highway Access: 2.7 miles to I-75 ramp
Airports: CHA
Total Number of Buildings: 1
Number of Stories: 1
Property Condition: Good
Year Built: 1946
Construction/Siding: Block
Total Parking Spaces: 70
Parking Type: Surface
Parking Description: Ample surface lot parking
Sprinklers: Wet

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,856 40,161 65,239
Median Age: 29.41 35.81 36.82
Households: 3,666 15,750 25,161

Contact

Photograph of Listing Agent

Kate Eischeid

Herman Walldorf Commercial Greater Chattanooga REALTORS® Member
Photograph of Listing Agent

Benjamin Pitts

Herman Walldorf Commercial Greater Chattanooga REALTORS® Member
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