Turnkey Medical Office
For Sale
Contact for pricing
34500 Center Ridge Rd, North Ridgeville, OH 44039
Well-maintained medical office building with excellent visibility and accessibility.
Property Size2,188 SF
Lot Size0.68 Acres
Price / SF$182.77
Days on Market152
Property Features for 34500 Center Ridge Rd
General Information
Standard status
Active
Size
2,188 SF
Lot size
0.68 Acres
Property subtype
Office
Building Details
Year Built
1991
Listing Agency:
Coldwell Banker Commercial Schmidt Realty North Ridgeville
Listed By:
Michele Frederick · License #OH
Source:
Crexi
Added: Mar 14
Changed: Aug 8
Last Checked: Aug 8 at 2:47PM
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 Coldwell Banker Commercial Schmidt Realty North Ridgeville
Investment Insights
Based on property information with market context.
This commercial property, formerly a medical office, is located on a 0.68-acre lot with frontage on Center Ridge Rd. Built in 1991, the single-level building offers approximately 2,188 square feet of space. The layout includes a lobby and reception area, exam rooms, lab space, private offices, an outpatient procedure room, and two restrooms. Large windows provide natural light throughout the building. The property benefits from access from both the main road and a side street, along with on-site parking. A roof approximately 4 years old contributes to the building's condition. The property was actively operating as a medical practice until March 7, 2026, and is suitable for medical, dental, professional office, wellness services, or other business uses. The property offers high visibility and a central location.
Key Highlights
- High‑visibility location on high‑traffic Center Ridge Rd with excellent frontage and accessibility.
- Turnkey, well‑maintained former medical office building (2,188 sq. ft.) suitable for various business uses.
- Functional layout including lobby/reception, exam rooms, lab space, private offices, procedure room, and restrooms.
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
$27,618
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
6.91%
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%
$552,360
$552.4K
Cap Rate 7%
$394,543
$394.5K
Cap Rate 9%
$306,867
$306.9K
Market Conditions
NOI Build-Up for 2,188 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
$43.3K $19.80/SF
− Vacancy
−$6.5K −$2.97/SF
EGI
$36.8K $16.83/SF
− OpEx
−$9.2K −$4.21/SF
NOI
$27.6K $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%
$552,360
Cap Rate 7%
$394,543
Cap Rate 9%
$306,867
Alternative Uses
Best Use
Office B
$394.5K
$345.2K – $460.3K
NOI $27,618 @ 7.0% cap · market cap 6.91%
Second Best
Healthcare Medical
$376.8K
$329.7K – $439.7K
NOI $26,379 @ 7.0% cap · market cap 6.60%
Theoretical Best
Office A
$551.4K
$482.5K – $643.3K
NOI $38,596 @ 7.0% cap · market cap 9.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
335
Businesses Nearby
Balanced
Demand for This Use
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Well-maintained medical office building with excellent visibility and accessibility.
Where is this medical office space located?
The property is located at 34500 Center Ridge Rd North Ridgeville, OH.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: High‑visibility location on high‑traffic Center Ridge Rd with excellent frontage and accessibility.; Turnkey, well‑maintained former medical office building (2,188 sq. ft.) suitable for various business uses.; Functional layout including lobby/reception, exam rooms, lab space, private offices, procedure room, and restrooms.
