Triplex Office Building with
For Sale
$394,000
445 Griswold Rd, Elyria, OH 44035
Single-story brick triplex office is fully leased with private restrooms, individual HVAC, and an absolute NNN structure.
Property Size2,592 SF
Price / SF$152.01
Days on Market152
Property Features for 445 Griswold Rd
General Information
Standard status
Active
Size
2,592 SF
Class
C
Total Parking Spaces
18
Property subtype
Office
Zoning
B-G
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Office Units
3
Amenities
private restrooms
individual HVAC systems
front and rear entrances
security system
signage
full carpeting
central air conditioning
Building Details
Building Size
2,592 SF
Year Built
2025
Stories
1
Construction
brick
Tenancy
Multi
Listing Agency:
Trinity Commercial Realty
Listed By:
Gary C. Pescatrice · License #0000241394
(216) 402-8000
Source:
Commercialcafe
Added: May 8
Changed: Sep 22
Last Checked: Oct 5 at 3:24PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Trinity Commercial Realty
Investment Insights
Based on property information with market context.
This single-story brick triplex office building is fully occupied and offered as a stabilized investment. The property is arranged as three office units, and each unit includes private restrooms, individual HVAC systems, and front and rear entrances. Professional building systems and amenities include security system coverage, signage, full carpeting, and central air conditioning throughout the building.
Located at 445 Griswold Rd in Elyria, OH, the site is positioned for strong accessibility and visibility along Griswold Road. Convenient connections are noted to I-90, SR 57, SR 2, and I-80. The property also includes 18 shared parking spaces, with additional land identified that may support expanded parking.
Zoned B-G (Business General), the building is described as accessible with a no-steps configuration.
Located at 445 Griswold Rd in Elyria, OH, the site is positioned for strong accessibility and visibility along Griswold Road. Convenient connections are noted to I-90, SR 57, SR 2, and I-80. The property also includes 18 shared parking spaces, with additional land identified that may support expanded parking.
Zoned B-G (Business General), the building is described as accessible with a no-steps configuration.
Key Highlights
- 2,592 SF single‑story brick triplex office building with 3 units, 100% occupied
- Absolute NNN lease structure reported, designed for minimal landlord responsibilities
- Each unit includes private restrooms, individual HVAC, and front and rear entrances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$32,718
Cap Rate
8.30%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$654,360
$654.4K
Cap Rate 7%
$467,400
$467.4K
Cap Rate 9%
$363,533
$363.5K
Market Conditions
NOI Build-Up for 2,592 SF
Gross rent
$51.3K $19.80/SF
− Vacancy
−$7.7K −$2.97/SF
EGI
$43.6K $16.83/SF
− OpEx
−$10.9K −$4.21/SF
NOI
$32.7K $12.62/SF
Area
Lorain County, OH
Vacancy
15.00%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$654,360
Cap Rate 7%
$467,400
Cap Rate 9%
$363,533
Alternative Uses
Best Use
Office B
$467.4K
$409.0K – $545.3K
NOI $32,718 @ 7.0% cap · market cap 8.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$653.2K
$571.5K – $762.1K
NOI $45,723 @ 7.0% cap · market cap 11.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Office units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
187
Businesses Nearby
Explore this area
Business Placement
Demographics for 44035, OH
61,921
Population
29,637
Households
2.1
Avg Household Size
42
Median Age
17%
College-Educated
88%
High-School Grad
47.6 sq mi
ZIP Area
1,301
Density / Sq Mi
$54,362
Median Household Income
$38,493
Median Earnings
$871
Median Rent
$147,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office units - Single-story brick triplex office is fully leased with private restrooms, individual HVAC, and an absolute NNN structure.
Where is this office units located?
The property is located at 445 Griswold Rd Elyria, OH.
What is the asking price?
The asking price for this property is $394,000.
What are key features of this property?
This property features: 2,592 SF single‑story brick triplex office building with 3 units, 100% occupied; Absolute NNN lease structure reported, designed for minimal landlord responsibilities; Each unit includes private restrooms, individual HVAC, and front and rear entrances
