Medical Office Building with
For Sale
Contact for pricing
2775 Bishop Road, Wickliffe, OH 44092
Established office property with two dental tenants, surface parking, and access suited to medical and professional users.
Property Size10,000 SF
Price / SF$125
Days on Market22
Property Features for 2775 Bishop Road
General Information
Standard status
Active
Size
10,000 SF
Class
B
Total Parking Spaces
50
Property subtype
Office
Additional Details
Highway Access
Yes
Amenities
building signage
Building Details
Year Built
1998
Stories
2
Tenancy
Multi
Listing Agency:
Cushman & Wakefield | CRESCO Real Estate
(216) 232-4104
Listed By:
Kirsten Paratore · License #SAL.221004429
Source:
Crexi
Added: Aug 10
Changed: Aug 30
Last Checked: Aug 30 at 6:48PM
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 Cushman & Wakefield | CRESCO Real Estate
Investment Insights
Based on property information with market context.
Built in 1998, this 10,000-square-foot professional building is configured for medical, dental, professional office, and service-oriented uses. Two dental tenants currently occupy space, providing an established tenant presence within the property. Building signage is available for an owner-user seeking identification at the property.
The building is located at 2775 Bishop Road in Wickliffe, Ohio, near I-90 and I-271. Approximately 50 surface parking spaces serve employees, patients, and visitors. The existing tenant mix, professional setting, and highway connectivity support continued use as a medical or office property.
The building is located at 2775 Bishop Road in Wickliffe, Ohio, near I-90 and I-271. Approximately 50 surface parking spaces serve employees, patients, and visitors. The existing tenant mix, professional setting, and highway connectivity support continued use as a medical or office property.
Key Highlights
- 10,000‑square‑foot medical office property built in 1998
- Two existing dental tenants occupy space in the building
- Approximately 50 on‑site surface parking spaces
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
$111,510
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
8.92%
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%
$2,230,200
$2.2M
Cap Rate 7%
$1,593,000
$1.6M
Cap Rate 9%
$1,239,000
$1.2M
Market Conditions
NOI Build-Up for 10,000 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
$212.4K $21.24/SF
− Vacancy
−$26.5K −$2.66/SF
EGI
$185.8K $18.58/SF
− OpEx
−$74.3K −$7.43/SF
NOI
$111.5K $11.15/SF
Area
Lake County, OH
Vacancy
12.50%
Lease Rate
$21.24 /SF/Yr
Expense Ratio
40.00%
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%
$2,230,200
Cap Rate 7%
$1,593,000
Cap Rate 9%
$1,239,000
Alternative Uses
Best Use
Office B
$1.81M
$1.58M – $2.11M
NOI $126,654 @ 7.0% cap · market cap 10.13%
Second Best
Healthcare Medical
$1.59M
$1.39M – $1.86M
NOI $111,510 @ 7.0% cap · market cap 8.92%
Theoretical Best
Office A
$2.31M
$2.02M – $2.69M
NOI $161,675 @ 7.0% cap · market cap 12.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
472
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 44092, OH
16,786
Population
8,258
Households
2
Avg Household Size
43
Median Age
28%
College-Educated
95%
High-School Grad
7.4 sq mi
ZIP Area
2,268
Density / Sq Mi
$67,907
Median Household Income
$41,236
Median Earnings
$1,059
Median Rent
$167,100
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 - Established office property with two dental tenants, surface parking, and access suited to medical and professional users.
Where is this medical office space located?
The property is located at 2775 Bishop Road Wickliffe, OH.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 10,000‑square‑foot medical office property built in 1998; Two existing dental tenants occupy space in the building; Approximately 50 on‑site surface parking spaces
