Office Building with Solar
For Sale
Contact for pricing
3-4 Hemisphere Way, Bedford, OH 44146
2008-built office building with two distinct units, supported by an on-site solar array and ample parking.
Property Size18,961 SF
Price / SF$131.85
Days on Market460
Property Features for 3-4 Hemisphere Way
General Information
Standard status
Active
Size
18,961 SF
Property subtype
OFFICE
Additional Details
Highway Access
Yes
Office Units
2
Amenities
solar array
Building Details
Year Built
2008
Buildings
1
Building Size
18,961 SF
Listing Agency:
Lee & Associates | Cleveland
(216) 920-7777
Listed By:
Jeremy Steiger, SIOR
Source:
Moodyscre
Added: May 7, 2025
Changed: Jul 31
Last Checked: Aug 9 at 9:41AM
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 Lee & Associates | Cleveland
Investment Insights
Based on property information with market context.
This 2008-built office building totals 18,961 SF and is configured with two distinct units designed for flexible office use. The property includes a substantial on-site solar array that produces the vast majority of the energy consumed on the premises, helping support building operations. Ample parking is available for day-to-day tenant and visitor access.
The building is located in Bedford, approximately a 12-minute drive from the I-271 Chagrin Boulevard exit, placing it within reach of the broader regional commercial corridor.
The combination of a modern 18,961 SF office layout, two separate units, and on-site solar support makes this a practical option for tenants or owners looking for an office building in a managed, established Bedford market.
The building is located in Bedford, approximately a 12-minute drive from the I-271 Chagrin Boulevard exit, placing it within reach of the broader regional commercial corridor.
The combination of a modern 18,961 SF office layout, two separate units, and on-site solar support makes this a practical option for tenants or owners looking for an office building in a managed, established Bedford market.
Key Highlights
- 18,961 SF office building built in 2008
- Two distinct units for flexible office configurations
- Substantial on‑site solar array produces the vast majority of energy consumed
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
$203,567
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
8.14%
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%
$4,071,340
$4.1M
Cap Rate 7%
$2,908,100
$2.9M
Cap Rate 9%
$2,261,856
$2.3M
Market Conditions
NOI Build-Up for 18,961 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
$359.5K $18.96/SF
− Vacancy
−$88.1K −$4.65/SF
EGI
$271.4K $14.31/SF
− OpEx
−$67.9K −$3.58/SF
NOI
$203.6K $10.74/SF
Area
Cuyahoga County, OH
Vacancy
24.50%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
25.00%
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%
$4,071,340
Cap Rate 7%
$2,908,100
Cap Rate 9%
$2,261,856
Alternative Uses
Best Use
Office B
$2.91M
$2.54M – $3.39M
NOI $203,567 @ 7.0% cap · market cap 8.14%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$15.19M
$13.29M – $17.72M
NOI $1,063,466 @ 7.0% cap · market cap 42.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
234
Businesses Nearby
Explore this area
Business Placement
Demographics for 44146, OH
29,778
Population
15,270
Households
2
Avg Household Size
46
Median Age
23%
College-Educated
92%
High-School Grad
20.0 sq mi
ZIP Area
1,489
Density / Sq Mi
$53,049
Median Household Income
$40,808
Median Earnings
$1,000
Median Rent
$141,800
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 - 2008-built office building with two distinct units, supported by an on-site solar array and ample parking.
Where is this office building located?
The property is located at 3-4 Hemisphere Way Bedford, OH.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 18,961 SF office building built in 2008; Two distinct units for flexible office configurations; Substantial on‑site solar array produces the vast majority of energy consumed
