Two-Tenant Medical Office
For Sale
$2,395,000
Pending
2651 W Market Street, Fairlawn, OH 44333
SINGLE_FAMILY - Fairlawn, OH
Property Size14,596 SF
Lot Size1.35 Acres
Days on Market54
Property Features for 2651 W Market Street
General Information
Property type
Residential
Property subtype
Office
Zoning description
Commercial
Rooms
Basement
Parking features
Parking Lot
Subdivision
Suburban Acres
Elementary school district
Copley-Fairlawn CSD - 7703
Middle school district
Copley-Fairlawn CSD - 7703
High school district
Copley-Fairlawn CSD - 7703
Directions
Exit Ghent Rd, Left on W Market St
Standard status
Pending
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
Membrane, Asphalt, Fiberglass, Rubber, Flat
Listing Agency:
Century 21 Homestar · Century 21 Real Estate
(440) 449-9100
Listed By:
Anthony D Takacs · License #2014004742
(440) 567-8047
Added: Jun 26
Changed: Aug 3
Last Checked: Aug 18 at 7:06AM
MLS# 5223047
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.
Investment Insights
Based on property information with market context.
The Cleveland Clinic & Pioneer Physicians Medical Center is a two-tenant medical office building in Fairlawn, Ohio. The 14,596-square-foot property is 100% occupied and anchored by Cleveland Clinic’s urology and surgery center, which has been at this location for over 25 years.
Positioned in the heart of the Fairlawn retail corridor, the building offers visibility on West Market Street, which sees 18,602 vehicles per day. Leasing fundamentals include a weighted average lease term (WALT) of 5.59 years, a current cap rate of 8.12%, and an effective cap rate of 8.49% as of April 2027. The building is supported by Cleveland Clinic’s Aa2 credit rating from Moody’s, indicating investment-grade credit.
Constructed in 1984 with poured concrete and steel, the building includes natural gas forced air heating and central air cooling. Parking is provided via a parking lot, and major CapEx investments were completed in the last 10 years.
Positioned in the heart of the Fairlawn retail corridor, the building offers visibility on West Market Street, which sees 18,602 vehicles per day. Leasing fundamentals include a weighted average lease term (WALT) of 5.59 years, a current cap rate of 8.12%, and an effective cap rate of 8.49% as of April 2027. The building is supported by Cleveland Clinic’s Aa2 credit rating from Moody’s, indicating investment-grade credit.
Constructed in 1984 with poured concrete and steel, the building includes natural gas forced air heating and central air cooling. Parking is provided via a parking lot, and major CapEx investments were completed in the last 10 years.
Key Highlights
- Visibility on West Market Street with 18,602 vehicles per day
- Anchored by Cleveland Clinic’s urology and surgery center, in place for over 25 years
- 14,596 SF medical office building, 100% occupied, two‑tenant occupancy
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
$172,628
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
7.21%
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%
$3,452,560
$3.5M
Cap Rate 7%
$2,466,114
$2.5M
Cap Rate 9%
$1,918,089
$1.9M
Market Conditions
NOI Build-Up for 14,596 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
$247.0K $16.92/SF
− Vacancy
−$16.8K −$1.15/SF
EGI
$230.2K $15.77/SF
− OpEx
−$57.5K −$3.94/SF
NOI
$172.6K $11.83/SF
Area
Summit County, OH
Vacancy
6.80%
Lease Rate
$16.92 /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%
$3,452,560
Cap Rate 7%
$2,466,114
Cap Rate 9%
$1,918,089
Alternative Uses
Best Use
Office B
$2.47M
$2.16M – $2.88M
NOI $172,628 @ 7.0% cap · market cap 7.21%
Second Best
Healthcare Medical
$2.17M
$1.90M – $2.53M
NOI $151,839 @ 7.0% cap · market cap 6.34%
Theoretical Best
Office A
$3.58M
$3.13M – $4.18M
NOI $250,739 @ 7.0% cap · market cap 10.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,204
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44333, OH
19,449
Population
8,598
Households
2.3
Avg Household Size
49
Median Age
64%
College-Educated
98%
High-School Grad
28.4 sq mi
ZIP Area
685
Density / Sq Mi
$119,313
Median Household Income
$63,920
Median Earnings
$1,232
Median Rent
$362,600
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 - Two-tenant medical office anchored by Cleveland Clinic’s urology and surgery center with parking lot and central air.
Where is this medical office space located?
The property is located at 2651 W Market Street Fairlawn, OH.
What is the asking price?
The asking price for this property is $2,395,000.
What are key features of this property?
This property features: Visibility on West Market Street with 18,602 vehicles per day; Anchored by Cleveland Clinic’s urology and surgery center, in place for over 25 years; 14,596 SF medical office building, 100% occupied, two‑tenant occupancy
