2037 Lee Road
Cleveland Heights , OH 44118

  • For Sale
  • 11,640 SF
  • $525,000

Property Details:

  • Listing Type: Sale
  • Primary Use: Investment
  • Gas: Dominion
  • Sewer: City of Cleveland
  • Water: City of Cleveland
  • Parcel Number: 687-02-034
  • Zoning: Self Storage
  • Sub Market: Beachwood/Mayfield/Cleveland Hts Area

Property Description:

Self storage facility near the Cleveland Heights High School. The property is located on Lee Road between Yorkshire and Cedar. Currently 72% occupied, historic occupancy is 95%+. The building is the former post office of Cleveland Heights. The post office moved to another location on Lee Road in the 1960s. The building was purchased for the State Drug and Sundries, which occupied the building until 1984. It was then purchased and converted to Heights Mini Storage. It consists of two floors, with 135 units of various sizes ranging from 2'x3' to 8'x20', and mostly 5'x10' size. The units are either 7’or 9’ in height. We are offering the property for sale at a 9.85 cap (asking $769,000) the current NOI is $75,670. Using a 10% vacancy factor; it’s a 12.55 cap with a projected NOI of $96,429. Looking at historic NOI (around $105,000) we’re offering this investment at a 13.65 cap. The building is a historic structure (former Cleveland Heights Post Office) and Historical Tax Credits are likely available for any future renovations of the property.

More Information:

Available Spaces:

Suite Space Available Property Type Listing Type Price
11,640 Self-Storage For Sale $525,000

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