Renovated Medical Office
For Sale
$3,500,000
32875 Solon Road, Solon, OH 44139
CommercialSale, Solon, OH
Property Size13,480 SF
Lot Size1.18 Acres
Price / SF$259.64
Days on Market39
Property Features for 32875 Solon Road
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Office
Parking
64
Subdivision
Solon 02
Elementary school district
Solon CSD - 1828
Middle school district
Solon CSD - 1828
High school district
Solon CSD - 1828
Directions
On Solon Rd between Bainbridge Rd and Aurora Rd.
Standard status
Active
APN
952-18-007
Lot size
1.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
38455
HOA Fee
$10,812 Annually
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1978
Listing Agency:
Century 21 Homestar · Century 21 Real Estate
(440) 449-9100
Listed By:
Linas K Muliolis · License #2004001836
(216) 387-3204
Added: Jul 24
Changed: Aug 19
Last Checked: Aug 31 at 1:06PM
MLS# 5231291
Copyright © 2026 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 13,480-square-foot, single-story Class B office building was renovated in 2010 and occupies 1.1829 acres. Approximately 8,197 square feet is available for an owner-user following the departure of KW, while Apex Dermatology remains in the building. Existing improvements include roughly 14 private offices, a large conference and training room, reception, an open workstation area, kitchen, copy room, and multiple storage rooms. The layout can support medical, professional, or corporate occupancy, with shell and structural capacity for a future second-floor buildout.
The property has 170 feet of frontage on Solon Rd, monument signage, 66 parking spaces, 25 bath fixtures, package HVAC, public water, and public sewer. Solon Rd, Bainbridge Rd, and Aurora Rd provide direct area access, with combined traffic of 37,339 VPD. US-422 is less than 1 mile north and connects to I-271 and I-480. Cleveland Hopkins Airport is 21 miles west, and Downtown Cleveland is 18 miles northwest.
The property has 170 feet of frontage on Solon Rd, monument signage, 66 parking spaces, 25 bath fixtures, package HVAC, public water, and public sewer. Solon Rd, Bainbridge Rd, and Aurora Rd provide direct area access, with combined traffic of 37,339 VPD. US-422 is less than 1 mile north and connects to I-271 and I-480. Cleveland Hopkins Airport is 21 miles west, and Downtown Cleveland is 18 miles northwest.
Key Highlights
- 13,480 SF single‑story Class B office building renovated in 2010
- Approximately 8,197 SF available for owner occupancy
- Apex Dermatology has occupied the property since 2013
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$148,617
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.25%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,972,340
$3.0M
Cap Rate 7%
$2,123,100
$2.1M
Cap Rate 9%
$1,651,300
$1.7M
Market Conditions
NOI Build-Up for 13,480 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$283.1K $21.00/SF
− Vacancy
−$35.4K −$2.63/SF
EGI
$247.7K $18.38/SF
− OpEx
−$99.1K −$7.35/SF
NOI
$148.6K $11.03/SF
Area
Cuyahoga County, OH
Vacancy
12.50%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,972,340
Cap Rate 7%
$2,123,100
Cap Rate 9%
$1,651,300
Alternative Uses
Best Use
Healthcare Medical
$2.12M
$1.86M – $2.48M
NOI $148,617 @ 7.0% cap · market cap 4.25%
Second Best
Office B
$2.07M
$1.81M – $2.41M
NOI $144,723 @ 7.0% cap · market cap 4.13%
Theoretical Best
Warehouse
$10.80M
$9.45M – $12.60M
NOI $756,053 @ 7.0% cap · market cap 21.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,358
Businesses Nearby
Explore this area
Business Placement
Demographics for 44139, OH
25,331
Population
9,347
Households
2.7
Avg Household Size
44
Median Age
63%
College-Educated
95%
High-School Grad
22.9 sq mi
ZIP Area
1,106
Density / Sq Mi
$134,924
Median Household Income
$73,281
Median Earnings
$1,468
Median Rent
$373,800
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Single-story office property offers existing medical improvements, owner-occupancy space, and rental income from an established tenant.
Where is this office building located?
The property is located at 32875 Solon Road Solon, OH.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 13,480 SF single‑story Class B office building renovated in 2010; Approximately 8,197 SF available for owner occupancy; Apex Dermatology has occupied the property since 2013
