Westlake Office Building For
For Sale
$20,000,000
2205-2237 Crocker Road, Westlake, OH 44145
Office building for sale in Westlake, Ohio.
Property Size99,178 SF
Days on Market116
Property Features for 2205-2237 Crocker Road
General Information
Standard status
Active
Size
99,178 SF
Class
Class A
Property subtype
8/20/2026
Building Details
Building Size
99,178 SF
Year Built
2026
Listing Agency:
(216) 525-1473
Listed By:
Rico Pietro · License #OH BRK.2016000871
(216) 525-1473
Source:
Cushmanwakefield
Added: May 8
Changed: Aug 23
Last Checked: Aug 29 at 7:04AM
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 Rico Pietro
Investment Insights
Based on property information with market context.
This commercial real estate property is an office building located in Westlake, Ohio. The property is intended for use as office space.
Key Highlights
- New construction office building (Year Built: 2026)
- For sale
- Located in Westlake, Ohio
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
$1,064,785
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
5.32%
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%
$21,295,700
$21.3M
Cap Rate 7%
$15,211,214
$15.2M
Cap Rate 9%
$11,830,944
$11.8M
Market Conditions
NOI Build-Up for 99,178 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
$1.88M $18.96/SF
− Vacancy
−$460.7K −$4.65/SF
EGI
$1.42M $14.31/SF
− OpEx
−$354.9K −$3.58/SF
NOI
$1.06M $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%
$21,295,700
Cap Rate 7%
$15,211,214
Cap Rate 9%
$11,830,944
Alternative Uses
Best Use
Office B
$15.21M
$13.31M – $17.75M
NOI $1,064,785 @ 7.0% cap · market cap 5.32%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$79.47M
$69.53M – $92.71M
NOI $5,562,601 @ 7.0% cap · market cap 27.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,554
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 - Office building for sale in Westlake, Ohio.
Where is this office building located?
The property is located at 2205-2237 Crocker Road Westlake, OH.
What is the asking price?
The asking price for this property is $20,000,000.
What are key features of this property?
This property features: New construction office building (Year Built: 2026); For sale; Located in Westlake, Ohio
