Medical Office Building with Expansion
For Sale
$3,500,000
32875 Solon Road, Solon, OH 44139
A multi-suite medical and professional property combines established tenant occupancy with substantial space available for an owner-user.
Property Size13,480 SF
Lot Size1.18 Acres
Price / SF$259.64
Days on Market96
Property Features for 32875 Solon Road
General Information
Standard status
Active
Size
13,480 SF
Class
Class B
Total Parking Spaces
66
Lot size
1.18 Acres
Property subtype
Office
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Additional Details
Tenant in Place
Yes
Property Use
Medical & Professional Office
Medical Specialty
dermatology
Taxes and HOA fees
Annual Taxes
$38,455
Building Details
Year Built
1978
Year Renovated
2010
Buildings
1
Stories
1
Building Size
13,480 SF
Tenancy
Multi
Parking Ratio
4.85 per 1,000 SF
Listing Agency:
Life Stages Realty LLC
Listed By:
Nicolette Kuebeler · License #2022002552
(330) 322-3637
Source:
Lifestagesrealty
Added: Jul 24
Changed: Oct 26
Last Checked: Oct 26 at 3:49PM
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 Life Stages Realty LLC
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Investment Insights
Based on property information with market context.
This 13,480 SF, single-story medical and professional office building sits on 1.183 acres and was renovated in 2010. Apex Dermatology occupies space in the property and has been a tenant since 2013; approximately 8,197 SF is available following another tenant’s departure. The existing layout includes about 14 private offices, a large conference and training room, reception, open workspace, kitchen, copy room, and storage. Building features include package HVAC, public utilities, 25 bath fixtures, and 66 parking spaces. The shell and structural capacity support a potential second-floor buildout.
The property fronts Solon Road, with direct access to Bainbridge Road and Aurora Road. Those roads carry a combined 37,339 VPD. US-422 is less than one mile north and carries 72,015 VPD, with connections to I-271 and I-480. Cleveland Hopkins Airport is 21 miles west, and Downtown Cleveland is 18 miles northwest. Major employers in the surrounding area include Swagelok, Nestle, Cleveland Clinic Solon, CVS Caremark, Pentair, and MRI Software.
The property fronts Solon Road, with direct access to Bainbridge Road and Aurora Road. Those roads carry a combined 37,339 VPD. US-422 is less than one mile north and carries 72,015 VPD, with connections to I-271 and I-480. Cleveland Hopkins Airport is 21 miles west, and Downtown Cleveland is 18 miles northwest. Major employers in the surrounding area include Swagelok, Nestle, Cleveland Clinic Solon, CVS Caremark, Pentair, and MRI Software.
Key Highlights
- 13,480 SF building with approximately 8,197 SF available for occupancy
- Apex Dermatology has occupied space since 2013 and operates 15 regional locations
- 66 parking spaces and 25 bath fixtures
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$148,617
Cap Rate
4.25%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,972,340
$3.0M
Cap Rate 7%
$2,123,100
$2.1M
Cap Rate 9%
$1,651,300
$1.7M
Market Conditions
NOI Build-Up for 13,480 SF
Gross rent
$283.1K $21.00/SF
− Vacancy
−$35.4K −$2.63/SF
EGI
$247.7K $18.38/SF
− OpEx
−$99.1K −$7.35/SF
NOI
$148.6K $11.03/SF
Area
Cuyahoga County, OH
Vacancy
12.50%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,972,340
Cap Rate 7%
$2,123,100
Cap Rate 9%
$1,651,300
Alternative Uses
Best Use
Healthcare Medical
$2.12M
$1.86M – $2.48M
NOI $148,617 @ 7.0% cap · market cap 4.25%
Second Best
Office B
$2.07M
$1.81M – $2.41M
NOI $144,723 @ 7.0% cap · market cap 4.13%
Theoretical Best
Warehouse
$10.80M
$9.45M – $12.60M
NOI $756,053 @ 7.0% cap · market cap 21.60%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,358
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 44139, OH
25,331
Population
9,347
Households
2.7
Avg Household Size
44
Median Age
63%
College-Educated
95%
High-School Grad
22.9 sq mi
ZIP Area
1,106
Density / Sq Mi
$134,924
Median Household Income
$73,281
Median Earnings
$1,468
Median Rent
$373,800
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Medical Office Space - A multi-suite medical and professional property combines established tenant occupancy with substantial space available for an owner-user.
Where is this medical office space located?
The property is located at 32875 Solon Road Solon, OH.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 13,480 SF building with approximately 8,197 SF available for occupancy; Apex Dermatology has occupied space since 2013 and operates 15 regional locations; 66 parking spaces and 25 bath fixtures
