NNN Medical Office
1480 Center Rd, Avon, OH 44011
For Sale
Contact for pricing
Fully occupied by two healthcare tenants under triple-net leases with corporate lease backing.
Property Size13,802 SF
Price / SF$421.39
Days on Market33
Property Features for 1480 Center Rd
General Information
Standard status
Size
Property subtype
Occupancy
Site & Location
Highway Access
Road Access
Additional Details
Cap Rate
Tenant in Place
Property Use
Medical Specialty
Building Details
Building Size
Tenancy
Owner Occupied
Listing Agency:
Goodman Real Estate Services Group LLC
Listed By:
Kyle Hartung · License #SAL.2003016343
(216) 390-0032
Source:
Crexi
Added: Oct 8
Changed: Nov 8
Last Checked: Nov 8 at 4:31PM
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 Goodman Real Estate Services Group LLC
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Investment Insights
Based on property information with market context.
The 13,802-square-foot medical office property is fully leased to University Hospitals, occupying 10,007 square feet, and Heartland Dental, with 3,795 square feet. Both leases are triple-net, with tenants reimbursing common-area maintenance, property taxes and insurance, and covering their own HVAC costs. University Hospitals extended its lease for seven years, followed by a seven-year option; scheduled increases apply in years six and seven and annually during the option period. Heartland Dental’s lease runs through 2031 and includes annual CPI increases. The property is offered at a 7% cap rate.
The site is at the signalized Chester Road and State Route 83 intersection in Avon, with reported traffic exceeding 50,000 vehicles per day and nearby access to Interstate 90. Surrounding commercial uses include retail, office headquarters and medical properties.
The site is at the signalized Chester Road and State Route 83 intersection in Avon, with reported traffic exceeding 50,000 vehicles per day and nearby access to Interstate 90. Surrounding commercial uses include retail, office headquarters and medical properties.
Key Highlights
- 13,802‑square‑foot medical office asset, fully leased to two healthcare tenants
- University Hospitals occupies 10,007 square feet; Heartland Dental occupies 3,795 square feet
- Both leases are triple‑net; tenants pay CAM, real estate taxes, insurance and their own HVAC costs
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$174,216
Cap Rate
3.00%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,484,320
$3.5M
Cap Rate 7%
$2,488,800
$2.5M
Cap Rate 9%
$1,935,733
$1.9M
Market Conditions
NOI Build-Up for 13,802 SF
Gross rent
$273.3K $19.80/SF
− Vacancy
−$41.0K −$2.97/SF
EGI
$232.3K $16.83/SF
− OpEx
−$58.1K −$4.21/SF
NOI
$174.2K $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%
$3,484,320
Cap Rate 7%
$2,488,800
Cap Rate 9%
$1,935,733
Alternative Uses
Best Use
Office B
$2.49M
$2.18M – $2.90M
NOI $174,216 @ 7.0% cap · market cap 3.00%
Second Best
Healthcare Medical
$2.38M
$2.08M – $2.77M
NOI $166,397 @ 7.0% cap · market cap 2.86%
Theoretical Best
Office A
$3.48M
$3.04M – $4.06M
NOI $243,467 @ 7.0% cap · market cap 4.19%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
570
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 44011, OH
24,847
Population
9,782
Households
2.5
Avg Household Size
41
Median Age
59%
College-Educated
98%
High-School Grad
20.8 sq mi
ZIP Area
1,195
Density / Sq Mi
$126,618
Median Household Income
$67,143
Median Earnings
$1,446
Median Rent
$377,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Properties on Market for Medical Office Space in Lorain County
Vacancy Rate% for Office in Midwest region
Similar Off Market Nearby
- Petco Vaccination Clinic — 35860 Chester Rd, Avon, OH 44011, United States
Frequently Asked Questions
What type of property is this?
Medical Office Space - Fully occupied by two healthcare tenants under triple-net leases with corporate lease backing.
Where is this medical office space located?
The property is located at 1480 Center Rd Avon, OH.
What is the asking price?
The asking price for this property is $5,816,000.
What are key features of this property?
This property features: 13,802‑square‑foot medical office asset, fully leased to two healthcare tenants; University Hospitals occupies 10,007 square feet; Heartland Dental occupies 3,795 square feet; Both leases are triple‑net; tenants pay CAM, real estate taxes, insurance and their own HVAC costs
