Medical Office Building with Owner
For Sale
$3,500,000
32875 Solon Road, Solon, OH 44139
CommercialSale, Solon, OH
Property Size13,480 SF
Lot Size1.18 Acres
Price / SF$259.64
Days on Market51
Property Features for 32875 Solon Road
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Office
Parking
64
Subdivision
Solon 02
Elementary school district
Solon CSD - 1828
Middle school district
Solon CSD - 1828
High school district
Solon CSD - 1828
Directions
On Solon Rd between Bainbridge Rd and Aurora Rd.
Standard status
Active
APN
952-18-007
Lot size
1.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
38455
HOA Fee
$10,812 Annually
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1978
Listing Agency:
Century 21 Homestar · Century 21 Real Estate
(440) 449-9100
Listed By:
Linas K Muliolis · License #2004001836
(216) 387-3204
Added: Jul 24
Changed: Aug 19
Last Checked: Sep 12 at 6:06AM
MLS# 5231291
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.
This 13,480-square-foot, single-story medical and professional office building was renovated in 2010 and occupies 1.183 acres. Approximately 8,197 square feet is available for owner occupancy, with an existing layout that includes about 14 private offices, a conference and training room, reception, central workspace, kitchen, copy room, and multiple storage rooms. The property also includes 25 bath fixtures, package HVAC, public water and sewer, and structural capacity for a future second-floor buildout.
Apex Dermatology has occupied space at the property since 2013, providing an established medical tenant alongside the available area. Sixty-six parking spaces support the existing medical configuration. The building has 170 feet of frontage on Solon Road with monument signage and direct access to Solon Road, Bainbridge Road, and Aurora Road. US-422 is less than 1 mile north, with connections to I-271 and I-480.
Apex Dermatology has occupied space at the property since 2013, providing an established medical tenant alongside the available area. Sixty-six parking spaces support the existing medical configuration. The building has 170 feet of frontage on Solon Road with monument signage and direct access to Solon Road, Bainbridge Road, and Aurora Road. US-422 is less than 1 mile north, with connections to I-271 and I-480.
Key Highlights
- 13,480 SF medical and professional office building on 1.183 acres
- Approximately 8,197 SF available for owner occupancy
- Apex Dermatology has occupied space since 2013
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
$148,617
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
4.25%
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%
$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
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
$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 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%
$2,972,340
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.
Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Renovated single-story facility offers medical build-out, professional offices, and established tenant occupancy.
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 medical and professional office building on 1.183 acres; Approximately 8,197 SF available for owner occupancy; Apex Dermatology has occupied space since 2013
