602-608 E 185th St

ClevelandCuyahogaFor Sale

Mar 2

Written By Dominic Tancredi

602-608 E 185th St, Cleveland, OH 44119 | Mixed-Use Asset | 11.4% - Proforma Cap! | Retail Property For Sale

Tal Tamir - Russell Commercial Advisory — **Tal Tamir**

216-870-8687
tal@premierclevelandinvesting.com

602-608 E 185th St

$269,900

602-608 E 185th St, Cleveland, OH 44119 | Mixed-Use Asset | 11.4% - Proforma Cap! | Retail Property For Sale

Investment Highlights

Fully Occupied Mixed-Use Asset!
Value-add upside – Commercial units renting below market, offering a clear path to increased income
Operating at a current 8%+ CAP with potential for double-digit returns

Immediate cash flow in a high-traffic corridor just outside Euclid
Proforma CAP - 11.4%
New roof being installed on the commercial building - reducing future capital expenses

Executive Summary

This 6-unit mixed-use property on East 185th Street offers a rare combination: four commercial storefronts and a residential duplex on the same lot, priced at just $45,000 per door. One commercial unit is vacant and ready for immediate lease-up, while the occupied spaces are well below market rent, creating a clear path to stabilization.
The duplex units are currently leased at $575 and $625 per month, with market rents closer to $850. The commercial spaces average $700-750 against an $800 market rate. A brand-new roof was just installed on the commercial building, eliminating a major capital expense for the next owner. With proforma numbers showing a 12%+ cap rate and over 19% cash-on-cash return, this is a straightforward value-add play in a high-traffic corridor just outside Euclid.