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Two-building mixed-use property

$315,000

18515 Underwood Ave, Cleveland, OH 44119

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Last Updated: 05/01/2026

5,668 sqft

Building Size

0.2526 acres

Lot Area

Details:
Building Size:    5,668 sqft
Lot Area:    0.2526 acres
Occupancy:    50%
Class:    C
Units:    10
Year Built:    1930
Floors:    1
Highlights:
  • ±4,350 total GSF across both buildings on 0.25 acres
  • 18519: 10-office multi-tenant office building with 5 tenants in place on gross leases
  • 18519 amenities: shared kitchen on main floor, shared conference room on lower level
  • 18515: fully renovated flexible single-tenant building, currently vacant — last rented at $2,550/month
  • Top-to-bottom renovation completed 2024: new HVAC (2023/2024), 200-amp electrical, plumbing, and roof
  • Residence-Office District zoning supports residential, professional office, and medical/clinic uses
  • Direct I-90 on-ramp within approximately one minute
  • 13–15 on-site surface parking spaces (10–12 rear + 3 front)
  • Owner-operator or investor structure — flexible use across both buildings
  • Five additional offices available at published rates for immediate lease-up upside
  • Strong area traffic counts: Neff Rd 104K+ VPD, Villaview 17K+ VPD
Description:

18515 Underwood Avenue is a fully renovated mixed-use property comprising two buildings on a single parcel in Cleveland's North Collinwood neighborhood. The property totals ±4,350 GSF and is offered for sale at $315,000.

18519 Underwood is a two-story multi-tenant office building with ±2,800 GSF spread across the main floor and lower level, configured with 10 individual offices, a shared kitchen on the main floor, and a shared conference room on the lower level. Five offices are currently leased on gross terms; five remain available at published asking rates.

18515 Underwood is a separate fully renovated single-tenant building with ±1,550 GSF across the first and second floors. Most recently rented at $2,550 per month, it is currently vacant and offers flexibility for use as a residential rental, professional office, or medical/clinic operation under Residence-Office District zoning.

The property is positioned for either an owner-operator who occupies one building while collecting income from the other, or an investor seeking a turnkey cash-flowing asset with lease-up upside. Sold together with 13–15 on-site surface parking spaces.


Located in Cleveland's North Collinwood neighborhood on the city's east side, 18515 Underwood Avenue offers direct access to Interstate 90 within approximately one minute — providing a quick connection to downtown Cleveland (approximately 9–10 miles west) as well as the eastern suburbs of Euclid, Willowick, and beyond. The property sits steps from Lakeshore Boulevard, the primary east-west arterial along Cleveland's lakefront, and within a short drive of major arterials including Neff Road (104,112 VPD) and Villaview Road (17,215 VPD). North Collinwood is an established residential and commercial corridor combining single-family housing, professional office, and small commercial uses, supported by ongoing investment along the Lakeshore corridor and proximity to Cleveland's core. Cleveland Lakefront Station is a 16-minute drive; Cleveland-Hopkins International Airport is approximately 35 minutes.

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