Office Unit with
For Sale
$85,000
255 Park Pl, Chagrin Falls, OH 44022
Commercial unit with a private entrance, parking, built-in cabinetry, counters, and dedicated storage.
Property Size600 SF
Price / SF$141.67
Days on Market29
Property Features for 255 Park Pl
General Information
Standard status
Active
Size
600 SF
Amenities
cabinets
counter space
storage room
Building Details
Year Built
1989
Listing Agency:
LPT Realty
(216) 373-7727
Listed By:
Michael A Ferrante · License #2019005741
Source:
Higherperspectivegroup
Added: Aug 2
Changed: Aug 29
Last Checked: Aug 25 at 4:50AM
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 LPT Realty
Investment Insights
Based on property information with market context.
This individual office/retail unit measures approximately 600 square feet within a commercial property, offering a private entrance and a separate storage room. Built-in cabinets and counter space support a range of office or small-business layouts, while on-site parking is available for occupants and visitors. The unit is offered separately from the building and carries Commercial zoning.
Positioned just east of Downtown Chagrin Falls, the property combines a business-oriented setting with convenient access to the downtown area. Construction dates to 1989, and the unit is scheduled to be available in August.
Positioned just east of Downtown Chagrin Falls, the property combines a business-oriented setting with convenient access to the downtown area. Construction dates to 1989, and the unit is scheduled to be available in August.
Key Highlights
- Approximately 600 square feet of office/retail space
- Private entrance with on‑site parking
- Separate storage room included
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
$7,356
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
8.65%
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%
$147,120
$147.1K
Cap Rate 7%
$105,086
$105.1K
Cap Rate 9%
$81,733
$81.7K
Market Conditions
NOI Build-Up for 600 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
$12.9K $21.48/SF
− Vacancy
−$3.1K −$5.13/SF
EGI
$9.8K $16.35/SF
− OpEx
−$2.5K −$4.09/SF
NOI
$7.4K $12.26/SF
Area
Geauga County, OH
Vacancy
23.90%
Lease Rate
$21.48 /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%
$147,120
Cap Rate 7%
$105,086
Cap Rate 9%
$81,733
Alternative Uses
Best Use
Office B
$105.1K
$92.0K – $122.6K
NOI $7,356 @ 7.0% cap · market cap 8.65%
Second Best
Retail
$34.0K
$29.8K – $39.7K
NOI $2,381 @ 7.0% cap · market cap 2.80%
Theoretical Best
Office A
$120.9K
$105.8K – $141.0K
NOI $8,460 @ 7.0% cap · market cap 9.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
317
Businesses Nearby
Explore this area
Business Placement
Demographics for 44022, OH
17,150
Population
7,228
Households
2.4
Avg Household Size
48
Median Age
73%
College-Educated
99%
High-School Grad
30.2 sq mi
ZIP Area
568
Density / Sq Mi
$152,213
Median Household Income
$72,935
Median Earnings
$1,446
Median Rent
$469,800
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 - Commercial unit with a private entrance, parking, built-in cabinetry, counters, and dedicated storage.
Where is this office units located?
The property is located at 255 Park Pl Chagrin Falls, OH.
What is the asking price?
The asking price for this property is $85,000.
What are key features of this property?
This property features: Approximately 600 square feet of office/retail space; Private entrance with on‑site parking; Separate storage room included
