Freestanding Office and Creative
For Sale
Contact for pricing
26633 Detroit Rd, Westlake, OH 44145
Turnkey renovated office with first-floor ADA restrooms, private offices, and a lower level with kitchen and bathroom.
Property Size1,833 SF
Price / SF$204.58
Days on Market129
Property Features for 26633 Detroit Rd
General Information
Standard status
Active
Size
1,833 SF
Property subtype
OFFICE
Listing Agency:
Green Bridge Real Estate
(216) 452-9292
Listed By:
John M. Wagner · License #BRK2010003646
(216) 469-0030
Source:
Moodyscre
Added: May 1
Changed: Aug 10
Last Checked: Jul 23 at 5:32AM
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 Green Bridge Real Estate
Investment Insights
Based on property information with market context.
This fully renovated, turnkey freestanding property has been converted into an office and creative workspace. The first floor includes two ADA restrooms and two private offices, along with natural light in the open common areas. The layout also allows for flexible use, including the option to create additional private offices or maintain open common space. There is also garage space suitable for a car or storage.
The lower level provides 1,033 square feet and includes a kitchen and bathroom. The property also features landscaping and offers back yard expansion potential.
Overall, the building is set up to support office use with both restroom amenities and a dedicated lower-level kitchen and bathroom, while still offering flexibility in how the open areas can be configured.
The lower level provides 1,033 square feet and includes a kitchen and bathroom. The property also features landscaping and offers back yard expansion potential.
Overall, the building is set up to support office use with both restroom amenities and a dedicated lower-level kitchen and bathroom, while still offering flexibility in how the open areas can be configured.
Key Highlights
- Freestanding office property with landscaped grounds and back yard expansion potential
- First‑floor space includes 2 ADA restrooms and 2 private offices
- Lower level offers 1,033 SF with a kitchen and bathroom
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
$19,679
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
5.25%
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%
$393,580
$393.6K
Cap Rate 7%
$281,129
$281.1K
Cap Rate 9%
$218,656
$218.7K
Market Conditions
NOI Build-Up for 1,833 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
$34.8K $18.96/SF
− Vacancy
−$8.5K −$4.65/SF
EGI
$26.2K $14.31/SF
− OpEx
−$6.6K −$3.58/SF
NOI
$19.7K $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%
$393,580
Cap Rate 7%
$281,129
Cap Rate 9%
$218,656
Alternative Uses
Best Use
Office B
$281.1K
$246.0K – $328.0K
NOI $19,679 @ 7.0% cap · market cap 5.25%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.47M
$1.29M – $1.71M
NOI $102,808 @ 7.0% cap · market cap 27.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
595
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?
Creative space - Turnkey renovated office with first-floor ADA restrooms, private offices, and a lower level with kitchen and bathroom.
Where is this creative space located?
The property is located at 26633 Detroit Rd Westlake, OH.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Freestanding office property with landscaped grounds and back yard expansion potential; First‑floor space includes 2 ADA restrooms and 2 private offices; Lower level offers 1,033 SF with a kitchen and bathroom
