Second-Floor Office
For Sale
Contact for pricing
1495 Warren Rd, Lakewood, OH 44107
Perimeter offices surround a central bullpen with kitchenette, while exterior signage is permitted.
Property Size12,000 SF
Price / SF$116.67
Days on Market132
Property Features for 1495 Warren Rd
General Information
Standard status
Active
Size
12,000 SF
Total Parking Spaces
30
Property subtype
Office
Additional Details
Floor
2
Road Access
Yes
Amenities
kitchenette
Building Details
Year Built
1956
Stories
1
Tenancy
Multi
Listing Agency:
Cushman & Wakefield CRESCO Real Estate
(216) 525-1493
Listed By:
Alexander Russo · License #OH 0000250563
Source:
Crexi
Added: Apr 22
Changed: Aug 30
Last Checked: May 8 at 7:40AM
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 Cushman & Wakefield CRESCO Real Estate
Investment Insights
Based on property information with market context.
The full second level offers 5,000 SF of office space arranged with perimeter offices, a central bullpen, and a kitchenette. The configuration provides a mix of private and open work areas within the same suite, with exterior signage permitted for the occupant.
The property is located at 1495 Warren Rd in Lakewood, Ohio, with parking for 30 vehicles. Access to the parking area is available from Warren Rd and Franklin Blvd. The first floor is occupied by Howard Hanna and a dental practice, creating an established professional-office setting within the building.
The property is located at 1495 Warren Rd in Lakewood, Ohio, with parking for 30 vehicles. Access to the parking area is available from Warren Rd and Franklin Blvd. The first floor is occupied by Howard Hanna and a dental practice, creating an established professional-office setting within the building.
Key Highlights
- 5,000 SF entire second‑floor office suite
- Perimeter offices with central bullpen and kitchenette
- 30 parking spaces
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
$128,833
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
9.20%
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%
$2,576,660
$2.6M
Cap Rate 7%
$1,840,471
$1.8M
Cap Rate 9%
$1,431,478
$1.4M
Market Conditions
NOI Build-Up for 12,000 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
$227.5K $18.96/SF
− Vacancy
−$55.7K −$4.65/SF
EGI
$171.8K $14.31/SF
− OpEx
−$42.9K −$3.58/SF
NOI
$128.8K $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%
$2,576,660
Cap Rate 7%
$1,840,471
Cap Rate 9%
$1,431,478
Alternative Uses
Best Use
Office B
$1.84M
$1.61M – $2.15M
NOI $128,833 @ 7.0% cap · market cap 9.20%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$9.61M
$8.41M – $11.22M
NOI $673,045 @ 7.0% cap · market cap 48.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,777
Businesses Nearby
Explore this area
Business Placement
Demographics for 44107, OH
51,109
Population
29,101
Households
1.8
Avg Household Size
36
Median Age
54%
College-Educated
95%
High-School Grad
5.4 sq mi
ZIP Area
9,465
Density / Sq Mi
$65,778
Median Household Income
$49,285
Median Earnings
$1,011
Median Rent
$241,400
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 units - Perimeter offices surround a central bullpen with kitchenette, while exterior signage is permitted.
Where is this office units located?
The property is located at 1495 Warren Rd Lakewood, OH.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 5,000 SF entire second‑floor office suite; Perimeter offices with central bullpen and kitchenette; 30 parking spaces
