Medical Office
5264 Lee Road, Maple Heights, OH 44137
For Sale
Contact for pricing
The fully leased clinic is occupied by ChenMed under an absolute NNN lease with annual rent increases.
Property Size13,400 SF
Lot Size1.24 Acres
Price / SF$323.13
Days on Market8
Property Features for 5264 Lee Road
General Information
Standard status
Size
Lot size
Property subtype
Occupancy
Tenancy & Operations
Currently Operating
Tenant in Place
Additional Details
Highway Access
Office Units
Property Use
Building Details
Year Built
Year Renovated
Buildings
Tenancy
Owner Occupied
Listing Agency:
JLL Austin
Listed By:
Kirby Hayes · License TX #755222
(512) 225-2700
Source:
Crexi
Added: Nov 6
Changed: Nov 10
Last Checked: Nov 12 at 4:42AM
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 JLL Austin
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Investment Insights
Based on property information with market context.
ChenMed occupies a 13,400-square-foot medical office building used as a primary care clinic for seniors. The property sits on a 1.24-acre parcel, was built in 1994, and underwent a full renovation in 2020. The lease is absolute NNN, with approximately 18 years remaining in its primary term and 2.50% annual rent escalations.
At 5264 Lee Road in Maple Heights, the property is within minutes of I-480 and three miles from Cleveland Clinic Marymount Hospital. The five-mile area includes 200,531 residents and 87,923 households.
At 5264 Lee Road in Maple Heights, the property is within minutes of I-480 and three miles from Cleveland Clinic Marymount Hospital. The five-mile area includes 200,531 residents and 87,923 households.
Key Highlights
- Fully occupied by ChenMed under an absolute NNN lease
- 13,400 SF medical office building on a 1.24‑acre parcel
- Built in 1994 and fully renovated in 2020
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$147,735
Cap Rate
3.41%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,954,700
$3.0M
Cap Rate 7%
$2,110,500
$2.1M
Cap Rate 9%
$1,641,500
$1.6M
Market Conditions
NOI Build-Up for 13,400 SF
Gross rent
$281.4K $21.00/SF
− Vacancy
−$35.2K −$2.63/SF
EGI
$246.2K $18.38/SF
− OpEx
−$98.5K −$7.35/SF
NOI
$147.7K $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%
$2,954,700
Cap Rate 7%
$2,110,500
Cap Rate 9%
$1,641,500
Alternative Uses
Best Use
Healthcare Medical
$2.11M
$1.85M – $2.46M
NOI $147,735 @ 7.0% cap · market cap 3.41%
Second Best
Office B
$2.06M
$1.80M – $2.40M
NOI $143,864 @ 7.0% cap · market cap 3.32%
Theoretical Best
Office A
$2.49M
$2.18M – $2.90M
NOI $174,243 @ 7.0% cap · market cap 4.02%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
1
Office units
100%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
465
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44137, OH
23,759
Population
10,076
Households
2.4
Avg Household Size
39
Median Age
15%
College-Educated
90%
High-School Grad
5.2 sq mi
ZIP Area
4,569
Density / Sq Mi
$52,990
Median Household Income
$34,690
Median Earnings
$1,322
Median Rent
$89,800
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
Similar Off Market Nearby
- Maple Heights Animal Hospital — 15567 Broadway Ave, Cleveland, OH 44137
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Frequently Asked Questions
What type of property is this?
Medical Office Space - The fully leased clinic is occupied by ChenMed under an absolute NNN lease with annual rent increases.
Where is this medical office space located?
The property is located at 5264 Lee Road Maple Heights, OH.
What is the asking price?
The asking price for this property is $4,330,000.
What are key features of this property?
This property features: Fully occupied by ChenMed under an absolute NNN lease; 13,400 SF medical office building on a 1.24‑acre parcel; Built in 1994 and fully renovated in 2020
