Commercial Real Estate for Sale at 4435 State Road in Cleveland, OH for $175,000

4435 State Road | Cleveland

Located in the highly desirable Old Brooklyn neighborhood, this two-unit mixed-use property offers strong cash flow with tenants paying all utilities, including water, sewer, and trash. The upper residential unit features a studio and a 2 bedrooms, one full bath, full attic access, and new flooring throughout, and was recently rented at $950 a month and will be vacant at closing. The lower commercial unit includes a half bath and private access to the basement and is occupied at $700 per month on a month-to-month lease by a long-term tenant of approximately two years who uses the space for music practice and storage and would like to remain. Market rents for both units exceed $1,200 per month, providing clear upside. Owner expenses are minimal with approximately $95 per month in insurance and $260 per month in taxes, and the property is currently self-managed. The roof is approximately four years old, the hot water tank was replaced in 2023, and the electric was updated about two years ago. Conveniently located near MetroHealth Hospital, Cleveland Zoo, Ridge Park Square, and major commuter routes, this property is easy to rent and produces a current cap rate over 8 percent with a pro forma cap rate exceeding 10 percent after factoring in maintenance and management. MLSNow 5185011 Directions to property: 170B for I-71 S toward Columbus, Continue onto I-71 S, Take exit 245 for US-42/W 25th St toward Pearl Road. Use the right 2 lanes to turn right onto US-42 S, Slight left onto State Road, Destination will be on the left.