Class A Medical Office
For Sale
Contact for pricing
2205-2237 Crocker Rd, Westlake, OH 44145
Class A three-building medical office portfolio totaling 97,524 SF with WALT of 7.75 years.
Property Size97,524 SF
Price / SF$205.08
Days on Market632
Property Features for 2205-2237 Crocker Rd
General Information
Standard status
Active
Size
97,524 SF
Class
Class A
Property subtype
OFFICE
Building Details
Buildings
3
Tenancy
Multi
Listing Agency:
Cresco Real Estate | Cleveland
(216) 525-1473
Listed By:
Rico A. Pietro, SIOR
Source:
Moodyscre
Added: Nov 5, 2024
Changed: Jul 30
Last Checked: Jul 30 at 5:41PM
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 Cresco Real Estate | Cleveland
Investment Insights
Based on property information with market context.
Class A three-building medical office portfolio located at 2205-2237 Crocker Rd in Westlake, OH, totaling 97,524 SF. The portfolio is 62% completed in 2024 and is described as having long-term tenants with national credit, including medical and professional office users.
The offering is characterized as landlord-friendly, with minimal landlord responsibilities and yearly rent increases. The portfolio weighted average lease term remaining (WALT) is reported at 7.75 years.
The property is directly adjacent to brand new retail development (Crocker Commons retail) and across from Crocker Park, a 4.5 million square foot award winning mixed-use development.
The offering is characterized as landlord-friendly, with minimal landlord responsibilities and yearly rent increases. The portfolio weighted average lease term remaining (WALT) is reported at 7.75 years.
The property is directly adjacent to brand new retail development (Crocker Commons retail) and across from Crocker Park, a 4.5 million square foot award winning mixed-use development.
Key Highlights
- Three‑building Class A medical office portfolio totaling 97,524 SF
- 62% of portfolio completed in 2024
- Weighted average lease term remaining (WALT) of 7.75 years
Financial Insights For Healthcare Medical
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $2.05M | $21.00 |
| − Vacancy | −$256.0k | −$2.63 |
| EGI | $1.79M | $18.38 |
| − OpEx | −$716.8k | −$7.35 |
| NOI | $1.08M | $11.03 |
97,524 SF · lease $21.00/SF/yr · vacancy 12.50% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$15.36M
$13.44M – $17.92M
NOI $1,075,202 @ 7.0% cap · market cap 5.38%
Second Best
Office B
$14.96M
$13.09M – $17.45M
NOI $1,047,027 @ 7.0% cap · market cap 5.24%
Theoretical Best
Warehouse
$78.14M
$68.37M – $91.16M
NOI $5,469,833 @ 7.0% cap · market cap 27.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,554
Businesses Nearby
Under-served
Demand for This Use
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?
Medical Office Space - Class A three-building medical office portfolio totaling 97,524 SF with WALT of 7.75 years.
Where is this medical office space located?
The property is located at 2205-2237 Crocker Rd 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: Three‑building Class A medical office portfolio totaling 97,524 SF; 62% of portfolio completed in 2024; Weighted average lease term remaining (WALT) of 7.75 years
