Office Condominium With Modern
For Sale
Contact for pricing
835-835 Detroit Road, Cleveland, OH 44145
Office condominium offering open workspace, private offices, conference rooms, and break area with HOA-included services.
Property Size12,227 SF
Price / SF$149
Days on Market2437
Property Features for 835-835 Detroit Road
General Information
Standard status
Active
Size
12,227 SF
Property subtype
OFFICE
Listing Agency:
Cresco Real Estate | Cleveland
(216) 520-1200
Listed By:
Joseph V. Barna, SIOR · License #OH SAL.0000324836
(216) 525-1464
Source:
Moodyscre
Added: Feb 26, 2020
Changed: Oct 25
Last Checked: Oct 28 at 11:01AM
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 Cresco Real Estate | Cleveland
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Investment Insights
Based on property information with market context.
This vibrant office condominium includes a mix of open office space, private offices, conference rooms, and a break room. The space features modern, innovative finishes throughout. HOA fees include property maintenance, common area cleaning, landscaping, snowplowing, trash removal, and water/sewer. The property also benefits from a 20 meg fiber internet connection.
The property is located off Detroit Road with easy access to I-90 via the Columbia Road or Clague Road interchange. It is minutes from Crocker Park and several major medical destinations including University Hospital Westlake, Cleveland Clinic Westlake, and Fairview Hospital Westlake Medical Campus.
The layout is suited for day-to-day office operations, with multiple work settings supported by shared conference and break space.
The property is located off Detroit Road with easy access to I-90 via the Columbia Road or Clague Road interchange. It is minutes from Crocker Park and several major medical destinations including University Hospital Westlake, Cleveland Clinic Westlake, and Fairview Hospital Westlake Medical Campus.
The layout is suited for day-to-day office operations, with multiple work settings supported by shared conference and break space.
Key Highlights
- Office condominium with open workspace, private offices, conference rooms, and a break area
- Modern finishes throughout the space
- HOA fees include property maintenance, common area cleaning, landscaping, snowplowing, trash removal, and water/sewer
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$166,385
Cap Rate
9.07%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,327,700
$3.3M
Cap Rate 7%
$2,376,929
$2.4M
Cap Rate 9%
$1,848,722
$1.8M
Market Conditions
NOI Build-Up for 12,227 SF
Gross rent
$277.3K $22.68/SF
− Vacancy
−$55.5K −$4.54/SF
EGI
$221.8K $18.14/SF
− OpEx
−$55.5K −$4.54/SF
NOI
$166.4K $13.61/SF
Area
Cleveland, OH
Vacancy
20.00%
Lease Rate
$22.68 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,327,700
Cap Rate 7%
$2,376,929
Cap Rate 9%
$1,848,722
Alternative Uses
Best Use
Office B
$2.38M
$2.08M – $2.77M
NOI $166,385 @ 7.0% cap · market cap 9.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.98M
$2.61M – $3.48M
NOI $208,865 @ 7.0% cap · market cap 11.39%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
836
Businesses Nearby
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Business Placement
Demographics for 44145, OH
34,228
Population
15,781
Households
2.2
Avg Household Size
47
Median Age
58%
College-Educated
96%
High-School Grad
15.9 sq mi
ZIP Area
2,153
Density / Sq Mi
$110,101
Median Household Income
$63,385
Median Earnings
$1,480
Median Rent
$336,100
Median Home Value
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Market
Vacancy Rate% for Office in Cleveland, OH
Frequently Asked Questions
What type of property is this?
Office unit - Office condominium offering open workspace, private offices, conference rooms, and break area with HOA-included services.
Where is this office unit located?
The property is located at 835-835 Detroit Road Cleveland, OH.
What is the asking price?
The asking price for this property is $1,834,000.
What are key features of this property?
This property features: Office condominium with open workspace, private offices, conference rooms, and a break area; Modern finishes throughout the space; HOA fees include property maintenance, common area cleaning, landscaping, snowplowing, trash removal, and water/sewer
