Rockside 9% CAP Irreplaceable Investment Office FOR SALE


Independence, OH
$18,350,000 USD
440-915-7902
, Independence, OH for Sale
$18,350,000 USD
Office - FOR SALE
1/28
null | 9% Cap Rate

Rockside 9% CAP Irreplaceable Investment
Independence, OH


HIGHLIGHTS

  • 93% Occupied Asset at Low $117/S.F. Sales Price: Far Below Replacement Value, High 9.00% CAP Rate & Anticipated Year-1 Cash-on-Cash Return of 12.41%
  • Affluent Corporate Trade Area: Average Household Incomes $182k Within 1 Mile, Exceeding $100k Within 3 Miles, & More Than 211k Residents in 5 miles
  • Irreplaceable Suburban Office Location: Directly Off I-77 (201k Vehicles Per Day) on Renowned Rockside Road Corporate Corridor (31K Vehicles Per Day)
  • Rent Roll Stability: All Anchor Tenants Signed to Long-Term Leases w/ Increase over Base Year Structure w/ Avg. occupancy Over 90% Over Past 10 Years
  • Dedicated Signalized, Full-Access Entrance w/ Monument Signage | Corridor Home to 800+ Businesses, Hotels, Restaurants, & Professional Service Firms
  • Exceptional Tenant Amenities: Modern Fitness Center with Showers, Conference Facilities, Outdoor Patio Areas, Electronic Tenant Directories & Vending

OVERVIEW

(CONTACT TO REQUEST FULL OFFERING MEMORANDUM) • 93% Occupied Asset at Low $117 Per Square Foot Sales Price Far Below Replacement Value, High 9.00% CAP Rate & Anticipated Year-1 Cash-on-Cash Return of 12.41% • Irreplaceable Cleveland Suburban Office Location: Directly Off I-77 on the Renowned Rockside Road Corporate Corridor, Home to Over 800 Businesses, Hotels, Restaurants, and Professional Service Firms • Future NOI Growth & Upside: Most Tenants Have Annual Rental Increases for Continual Income Growth & Remaining Upside Through Lease-Up of Vacant Units • Affluent Corporate Trade Area with Average Household Incomes Approaching $182,000 Within One Mile, Exceeding $100,000 Within Three Miles, and More Than 211,000 Residents Within a Five-Mile Radius • All Anchor Tenants Signed to Long-Term Leases with Increase over Base Year Structure with Average occupancy Over 90% Over the Last 10 Years, Demonstrating Consistent Demand/Stability • Signalized, Full-Access Entrance with Monument Signage Along Rockside Road (30,000+ VPD) Providing Excellent Visibility, Convenient Ingress/Egress, and Direct Connectivity to I-77 (201,000+ VPD), I-480 (165,000+ VPD) and the Greater Cleveland Market • Great Mix of International, National, & Regional Tenured Tenants with Consistent Renewals • Modern Tenant Amenities Including Modern Fitness Center with Showers, Conference Facilities, Outdoor Patio Areas, Electronic Tenant Directories, and On-Site Vending • Several Recent Building Upgrades with Most of Building Mechanical Systems Replaced & Brand New 10-Year Roof Warranties for Both Buildings • Centralized Northeast Ohio Location: Approximately 15 Minutes to Downtown Cleveland, 15 Minutes to Cleveland Hopkins International Airport, 30 Minutes to Akron and Within Easy Reach of Every Major Employment Center in the Cleveland MSA • Strong Employment Base: Headquarters of CBIZ (Approximately 10,000 Employees Company-Wide, Less Than 1 Mile), Heidelberg Distributing (~1,600 Company-Wide Employees, 4 Miles), Independence Excavating (~1,000 Employees, 1 Mile), GrafTech International (~1,100 Company-Wide Employees, 3 Miles), Along with More Than 300 Businesses Throughout Independence's Premier Rockside Road Office Corridor • Walkable Business Environment Surrounded by Numerous Hotels, Restaurants, Entertainment Venues, and Everyday Conveniences Within the Rockside Road Corporate Corridor • Minutes from the World-Renowned Cleveland Clinic (~10 Miles Northeast, ~1,300 Beds, 83,000 Employees System-Wide), University Hospitals (~10 Miles Northeast, 1,000+ Beds, 16,000 Employees System-Wide), and MetroHealth Systems (~7 Miles Northeast, 700+ Beds) • Close Proximity to Downtown Cleveland's Business, Entertainment, and Cultural District, Including Progressive Field, Rocket Arena, Playhouse Square, the Rock & Roll Hall of Fame, and the Cleveland Convention Center • Surrounded by Affluent and Established Cleveland Suburbs Including Independence, Brecksville, Broadview Heights, Seven Hills, and Parma, Providing a Strong Executive Housing Base and Highly Educated Workforce

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Dan CooperCooper Commercial Investment GroupMore Info
440-915-7902

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Dan CooperCooper Commercial Investment GroupMore Info
440-915-7902

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.