Renovated Furnished Office
For Sale
Contact for pricing
27999 Clemens Rd, Westlake, OH 44145
Updated interiors, a 2024 roof, and flexible subdivision support immediate occupancy or tailored office layouts.
Property Size11,520 SF
Price / SF$143.23
Days on Market573
Property Features for 27999 Clemens Rd
General Information
Standard status
Active
Size
11,520 SF
Property subtype
OFFICE
Additional Details
Furnished
Yes
Building Details
Year Renovated
2024
Buildings
1
Listing Agency:
Avison Young | Cleveland
(216) 272-1313
Listed By:
Don Lydon
(216) 272-1313
Source:
Moodyscre
Added: Feb 4, 2025
Changed: Aug 29
Last Checked: Aug 31 at 12:34AM
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 Avison Young | Cleveland
Investment Insights
Based on property information with market context.
This 11,520-square-foot office building at 27999 Clemens Rd in Westlake, OH, offers a furnished workspace with improvements suited to continued occupancy. Interior renovations were completed in 2018, and the roof was replaced in 2024.
The property is delivered with furniture in place and can be subdivided to accommodate separate office areas. Additional utility services support the subdivision plan, providing flexibility for configuring the building into distinct spaces. The combination of recent building improvements, existing furnishings, and adaptable layout gives users a functional office setting without requiring an unfurnished starting point.
The property is delivered with furniture in place and can be subdivided to accommodate separate office areas. Additional utility services support the subdivision plan, providing flexibility for configuring the building into distinct spaces. The combination of recent building improvements, existing furnishings, and adaptable layout gives users a functional office setting without requiring an unfurnished starting point.
Key Highlights
- 11,520‑square‑foot office building at 27999 Clemens Rd, Westlake, OH 44145
- Interior renovations completed in 2018
- New roof completed in 2024
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
$123,680
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
7.50%
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%
$2,473,600
$2.5M
Cap Rate 7%
$1,766,857
$1.8M
Cap Rate 9%
$1,374,222
$1.4M
Market Conditions
NOI Build-Up for 11,520 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
$218.4K $18.96/SF
− Vacancy
−$53.5K −$4.65/SF
EGI
$164.9K $14.31/SF
− OpEx
−$41.2K −$3.58/SF
NOI
$123.7K $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%
$2,473,600
Cap Rate 7%
$1,766,857
Cap Rate 9%
$1,374,222
Alternative Uses
Best Use
Office B
$1.77M
$1.55M – $2.06M
NOI $123,680 @ 7.0% cap · market cap 7.50%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$9.23M
$8.08M – $10.77M
NOI $646,123 @ 7.0% cap · market cap 39.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
459
Businesses Nearby
Explore this area
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
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 - Updated interiors, a 2024 roof, and flexible subdivision support immediate occupancy or tailored office layouts.
Where is this office building located?
The property is located at 27999 Clemens Rd Westlake, OH.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: 11,520‑square‑foot office building at 27999 Clemens Rd, Westlake, OH 44145; Interior renovations completed in 2018; New roof completed in 2024
