11815-11837 Lorain Avenue — Sale in Cleveland, OH

  • Price: $850K
  • Listing type: For sale
  • Asset type: Retail Business
  • Location: Cleveland, OH 44111

Description

The former Variety Theatre, located at 11815 Lorain Avenue on the near-Westside of Cleveland, presents an exciting opportunity for a mixed-use redevelopment. With its iconic architecture and rich history, the theater is primed for repositioning. As demand for both residential and entertainment spaces continue to grow in Northeast Ohio, transforming the theater into a venue for concerts, events, weddings, and entertainment could fill a critical gap in the mid-market sector. A key advantage of this project is the property — s status as a historic landmark, as well as the approval of a federal historic tax credit (HTC) award ($1.6 million), a state HTC award ($1.4 million), and the availability of completed architectural plans. These factors save time and resources, streamlining the development process. Redeveloping the Variety Theatre into an entertainment venue offers a compelling investment opportunity to restore a historic landmark while meeting the community — s evolving needs. This project holds the potential to enrich Cleveland — s cultural landscape, generate returns, and preserve the legacy of a cherished institution.

Market Context

This retail in Cleveland, OH is listed for sale at $850,000. It has been on the market for 239 days. Compare it against other retail listings for sale in Cleveland, OH — view the full market.

As of Q1 2026, the Cleveland retail market showed a 4.4% vacancy rate, average asking rents near $16.16/SF/yr, and cap rates around 8.7%.

Tight vacancy keeps competition for quality space elevated.

Retail market FAQ

What is the typical cap rate for retail in Cleveland?
About 8.7% as of Q1 2026.
Is the Cleveland retail market tightening or softening?
Vacancy is around 4.4% (Q1 2026).

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