Flex Building with Office and
For Sale
Contact for pricing
16821 Park Circle Dr, Chagrin Falls, OH 44023
Highly improved flex building with 2,000 SF finished office and 10' drive-in door for warehouse and shop use.
Property Size5,000 SF
Price / SF$159.80
Days on Market129
Property Features for 16821 Park Circle Dr
General Information
Standard status
Active
Size
5,000 SF
Property subtype
Industrial, Office
Investment Type
Owner/User
Additional Details
Drive-In Doors
1
Building Details
Year Built
1969
Year Renovated
2019
Units
19
Listing Agency:
Gatto Group Inc
Listed By:
Michael Gatto · License #OH 000331778
(216) 621-1800
Source:
Crexi
Added: Jun 16
Changed: Oct 10
Last Checked: Oct 20 at 6:06PM
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 Gatto Group Inc
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Investment Insights
Based on property information with market context.
This highly improved flex building offers a practical combination of finished office space and functional warehouse/shop area. Approximately 2,000 SF of office space includes private offices, reception space, conference areas, and upgraded finishes. The remaining space is designed for day-to-day operations with dock access, an open-span warehouse/workspace, and a 10' drive-in door to support movement of equipment, vehicles, and materials.
The property is located at 16821 Park Circle Dr in Chagrin Falls, OH, and is offered for sale as both an ownership and occupancy opportunity. The layout supports companies that want staff-facing office space at the front with operational storage and workspace in the rear.
With its office buildout, dock access, and drive-in capability, the building is well-suited for contractors, service companies, trades, and light manufacturing users that need a single location for professional workspace and warehouse activity.
The property is located at 16821 Park Circle Dr in Chagrin Falls, OH, and is offered for sale as both an ownership and occupancy opportunity. The layout supports companies that want staff-facing office space at the front with operational storage and workspace in the rear.
With its office buildout, dock access, and drive-in capability, the building is well-suited for contractors, service companies, trades, and light manufacturing users that need a single location for professional workspace and warehouse activity.
Key Highlights
- 5,000 SF flex building built in 1969 with 2,000 SF finished office and 3,000 SF warehouse/shop space
- Office space includes private offices, reception, and conference areas with upgraded finishes
- Warehouse/shop features a 10' drive‑in door and dock access
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,550
Cap Rate
4.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$751,000
$751.0K
Cap Rate 7%
$536,429
$536.4K
Cap Rate 9%
$417,222
$417.2K
Market Conditions
NOI Build-Up for 5,000 SF
Gross rent
$47.4K $9.48/SF
− Vacancy
−$3.2K −$0.64/SF
EGI
$44.2K $8.84/SF
− OpEx
−$6.6K −$1.33/SF
NOI
$37.6K $7.51/SF
Area
Geauga County, OH
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$751,000
Cap Rate 7%
$536,429
Cap Rate 9%
$417,222
Alternative Uses
Best Use
Warehouse
$536.4K
$469.4K – $625.8K
NOI $37,550 @ 7.0% cap · market cap 4.70%
Second Best
Industrial
$441.8K
$386.6K – $515.4K
NOI $30,924 @ 7.0% cap · market cap 3.87%
Theoretical Best
Office A
$1.01M
$881.2K – $1.17M
NOI $70,499 @ 7.0% cap · market cap 8.82%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
437
Businesses Nearby
Balanced
Demand for This Use
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Business Placement
Demographics for 44023, OH
19,075
Population
7,679
Households
2.5
Avg Household Size
50
Median Age
57%
College-Educated
99%
High-School Grad
51.6 sq mi
ZIP Area
370
Density / Sq Mi
$130,452
Median Household Income
$59,853
Median Earnings
$2,396
Median Rent
$421,600
Median Home Value
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Market
Vacancy Rate% for Industrial in Midwest region
Similar Off Market Nearby
- Hungry Bee — 8326 E Washington St, Chagrin Falls, OH 44023
- Strawberry Hill Catering — 8326 E Washington St, Chagrin Falls, OH 44023
Frequently Asked Questions
What type of property is this?
Flex space - Highly improved flex building with 2,000 SF finished office and 10' drive-in door for warehouse and shop use.
Where is this flex space located?
The property is located at 16821 Park Circle Dr Chagrin Falls, OH.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 5,000 SF flex building built in 1969 with 2,000 SF finished office and 3,000 SF warehouse/shop space; Office space includes private offices, reception, and conference areas with upgraded finishes; Warehouse/shop features a 10' drive‑in door and dock access
