Active
2831 Franklin Boulevard
Cleveland OH, 44113
$4,000,000
$111.24 per sqft
Active
35,958 sqft
Commercial
Built in 1934
This historic landmark is home to Cleveland Rocks, the largest rock climbing facility in northeast Ohio. 2831 Franklin Blvd., located in the heart of Ohio City, is being offered at an 9% cap rate. This is based on the rock climbing business having a long term NNN lease at $22,000 per month and 2/3 of the remaining 9,000 SF being leased at $19.00 SF NNN. It has been explored to develop this space for a restaurant, yoga studio and co-working space.
After a $200,000 investment to ready the 6,000 SF, the 9% cap rate is calculated as follows:
($22,000 x 12 months) + (6,000 x $19.00) = ($378,000 / .09) = ($4,000,000 + $200,000)
5012023
MLSⓇ ID
January 17, 2024
Listed
March 14, 2024
Updated
Map
2831 Franklin Boulevard
Cleveland OH, 44113
Interior Features
Fireplace
No
Cooling
Yes
Cooling Description
Central Air
Heating
Yes
Heating Description
Forced Air, Gas
Exterior/Building Features
Lot Size
0.67 Acres
Roof
Asphalt, Fiberglass
Sewer
Public Sewer
School Information
School District
Cleveland Municipal - 1809
Other Property Details
Taxes
$61,996
Tax Frequency
Annually
Days on Market
37
Association Amenities
Bike Storage
Garage
No
Parking
On Site, Outside, Paved
Parking Total
46
View
No
County
Cuyahoga
Municipality
Cleveland
Water Source
Public
Pool
No
Buyer Agency Compensation
2%
Courtesy of Keller Williams Greater Metropolitan
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