Modern Three-Office
For Sale
Contact for pricing
33420 Liberty Parkway, North Ridgeville, OH 44039
Updated office unit with private workrooms, a kitchenette, and convenient connections to I-90 and I-480.
Property Size871 SF
Price / SF$146.96
Days on Market13
Property Features for 33420 Liberty Parkway
General Information
Standard status
Active
Size
871 SF
Property subtype
Office
Additional Details
Highway Access
Yes
Amenities
kitchenette/break area
Building Details
Year Built
1998
Stories
1
Listing Agency:
Cushman & Wakefield | CRESCO Real Estate
Listed By:
Brian Smith · License #OH SAL.2016001142
Source:
Crexi
Added: Aug 10
Changed: Aug 21
Last Checked: Aug 20 at 8:28PM
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.
This 871-square-foot office unit, built in 1998, combines three private offices with a kitchenette and break area. Interior updates include new flooring and modern décor, creating a professional setting for office-based operations.
The property is located in North Ridgeville with highway connections to I-90 and I-480 available through SR-83. The compact layout offers dedicated rooms for private work while retaining a shared support area for staff or visitors.
The property is located in North Ridgeville with highway connections to I-90 and I-480 available through SR-83. The compact layout offers dedicated rooms for private work while retaining a shared support area for staff or visitors.
Key Highlights
- 871 SF office unit built in 1998
- Three private offices for dedicated work areas
- Kitchenette and break area included
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
$10,994
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
8.59%
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%
$219,880
$219.9K
Cap Rate 7%
$157,057
$157.1K
Cap Rate 9%
$122,156
$122.2K
Market Conditions
NOI Build-Up for 871 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
$17.2K $19.80/SF
− Vacancy
−$2.6K −$2.97/SF
EGI
$14.7K $16.83/SF
− OpEx
−$3.7K −$4.21/SF
NOI
$11.0K $12.62/SF
Area
Lorain County, OH
Vacancy
15.00%
Lease Rate
$19.80 /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%
$219,880
Cap Rate 7%
$157,057
Cap Rate 9%
$122,156
Alternative Uses
Best Use
Office B
$157.1K
$137.4K – $183.2K
NOI $10,994 @ 7.0% cap · market cap 8.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$219.5K
$192.1K – $256.1K
NOI $15,364 @ 7.0% cap · market cap 12.00%
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
269
Businesses Nearby
Explore this area
Business Placement
Demographics for 44039, OH
35,630
Population
14,441
Households
2.5
Avg Household Size
44
Median Age
35%
College-Educated
96%
High-School Grad
24.1 sq mi
ZIP Area
1,478
Density / Sq Mi
$94,128
Median Household Income
$53,988
Median Earnings
$1,067
Median Rent
$254,800
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Updated office unit with private workrooms, a kitchenette, and convenient connections to I-90 and I-480.
Where is this office units located?
The property is located at 33420 Liberty Parkway North Ridgeville, OH.
What is the asking price?
The asking price for this property is $128,000.
What are key features of this property?
This property features: 871 SF office unit built in 1998; Three private offices for dedicated work areas; Kitchenette and break area included
