2651 W Market Street, Fairlawn, OH 44333
SINGLE_FAMILY - Fairlawn, OH
- Added:
- Jun 26, 2026
- Days on Market:
- 8
- Last Refresh:
- Jul 3 at 1:06 pm
Property Features for 2651 W Market Street
General Information
- Property type
- Residential
- Property subtype
- Office
- Rooms
- Basement
- Parking features
- Parking Lot
- Standard status
- Active
- APN
- 0902546
- Lot size
- 1.35 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 22470
Utilities
- Sewer type
- Public Sewer
- Heating system
- Forced Air, Natural Gas
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1984
- Floors in Building
- 2
- Number of units
- 2
- Roof type
- Asphalt, Fiberglass, Membrane, Flat, Rubber
Listing agent Anthony D Takacs License #2014004742 (440) 567-8047
Listing office Century 21 Homestar 31320 Solon Road, Suite 17, Solon, OH (440) 449-9100
Listing date Jun 26, 2026
Copyright © 2026 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Two‑tenant medical office building totaling 14,596 SF in Fairlawn, Ohio; 100% occupied by Cleveland Clinic‑affiliated uses
- Anchored by Cleveland Clinic urology and surgery center, operating at this location for over 25 years
- WALT of 5.59 years; current cap rate of 8.12% and 8.49% cap rate effective April 2027 (as stated)
- Cleveland Clinic has an Aa2 credit rating from Moody’s (investment‑grade) (as stated)
- High‑traffic location on West Market Street with 18,602 vehicles per day (as stated); near Route 77 (<2 miles) and Summit Mall (1.2 miles)
- 1984 build with poured concrete and steel construction; HVAC includes natural gas forced air and central air; roof includes rubber, membrane, fiberglass, asphalt, and flat
Overview
The building is positioned in the heart of the Fairlawn retail corridor with visibility on West Market Street, which is reported at 18,602 vehicles per day. It also benefits from nearby regional access, with the property less than 2 miles from Route 77 and about 1.2 miles from Summit Mall.
From an investment and tenant-fit perspective, the current leasing structure is supported by a weighted average lease term (WALT) of 5.59 years. The listing materials report an 8.12% current cap rate and an 8.49% cap rate effective April 2027. Both tenants have recently exercised their last remaining lease options early, and Cleveland Clinic is identified as investment-grade with an Aa2 credit rating from Moody’s.
Local Financial Insights For Office B
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 | $247.0k | $16.92 |
| − Vacancy | −$16.8k | −$1.15 |
| EGI | $230.2k | $15.77 |
| − OpEx | −$57.5k | −$3.94 |
| NOI | $172.6k | $11.83 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Fairlawn
- County
- Summit
- State
- Ohio
- Longitude
- -81.599564
- Latitude
- 41.123993
