Medical Office
New
For Sale
Contact for pricing
36855 American Way #2D, Avon, OH 44011
O-1 condominium with a reception area, private offices, exam rooms, and staff break space.
Property Size2,800 SF
Price / SF$156.79
Days on Market7
Property Features for 36855 American Way #2D
General Information
Standard status
Active
Size
2,800 SF
Class
A
Property subtype
Office
Zoning
O-1
Additional Details
Highway Access
Yes
Building Details
Year Built
2006
Year Renovated
2013
Buildings
1
Stories
2
Units
1
Listing Agency:
Russell Commercial Advisory
(216) 233-4459
Listed By:
Michael Pasadyn Jr · License #OH 2018001645
Source:
Crexi
Added: Aug 3
Changed: Aug 9
Last Checked: Aug 9 at 3:58AM
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 Russell Commercial Advisory
Investment Insights
Based on property information with market context.
This 2,800-square-foot medical office condominium was built in 2006 and is configured for professional healthcare use. The layout includes a reception and waiting area, private offices, several exam rooms, and a break room. The existing arrangement can also support conversion to a conventional office format, subject to applicable requirements.
Located at 36855 American Way in Avon, Ohio, the property offers direct access to the I-90 interchange, connecting the site with greater Cleveland and Lorain County. O-1 zoning supports its medical and office classification.
Located at 36855 American Way in Avon, Ohio, the property offers direct access to the I-90 interchange, connecting the site with greater Cleveland and Lorain County. O-1 zoning supports its medical and office classification.
Key Highlights
- 2,800‑square‑foot medical office condominium
- O‑1 zoning for medical and office use
- Reception and waiting area with private offices
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
$35,343
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
8.05%
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%
$706,860
$706.9K
Cap Rate 7%
$504,900
$504.9K
Cap Rate 9%
$392,700
$392.7K
Market Conditions
NOI Build-Up for 2,800 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
$55.4K $19.80/SF
− Vacancy
−$8.3K −$2.97/SF
EGI
$47.1K $16.83/SF
− OpEx
−$11.8K −$4.21/SF
NOI
$35.3K $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%
$706,860
Cap Rate 7%
$504,900
Cap Rate 9%
$392,700
Alternative Uses
Best Use
Office B
$504.9K
$441.8K – $589.1K
NOI $35,343 @ 7.0% cap · market cap 8.05%
Second Best
Healthcare Medical
$482.2K
$422.0K – $562.6K
NOI $33,757 @ 7.0% cap · market cap 7.69%
Theoretical Best
Office A
$705.6K
$617.4K – $823.2K
NOI $49,392 @ 7.0% cap · market cap 11.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
741
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44011, OH
24,847
Population
9,782
Households
2.5
Avg Household Size
41
Median Age
59%
College-Educated
98%
High-School Grad
20.8 sq mi
ZIP Area
1,195
Density / Sq Mi
$126,618
Median Household Income
$67,143
Median Earnings
$1,446
Median Rent
$377,100
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.
Similar Off Market Nearby
- Petco Vaccination Clinic — 35860 Chester Rd, Avon, OH 44011, United States
Frequently Asked Questions
What type of property is this?
Medical Office Space - O-1 condominium with a reception area, private offices, exam rooms, and staff break space.
Where is this medical office space located?
The property is located at 36855 American Way #2D Avon, OH.
What is the asking price?
The asking price for this property is $439,000.
What are key features of this property?
This property features: 2,800‑square‑foot medical office condominium; O‑1 zoning for medical and office use; Reception and waiting area with private offices
