Leased Veterinary Medical
New
For Sale
$707,000
536 Washington St, Chagrin Falls, OH 44022
The veterinary hospital is fully occupied under a corporate-guaranteed double-net lease with scheduled annual rent increases.
Property Size2,244 SF
Price / SF$315.06
Days on Market2
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Property Features for 536 Washington St
General Information
Standard status
Active
Size
2,244 SF
Property subtype
Single-Tenant Office Medical
Occupancy
100%
Lease Type
NN
Additional Details
Cap Rate
7.5%
Road Access
Yes
Amenities
Corporate-Guaranteed CareVet Lease Provides Stable Long-Term Income
Annual Two Percent Rent Increases Support Consistent Cash Flow Growth
Located in Cleveland's Most Affluent Suburb, Chagrin Falls.
Building Details
Building Size
2,244 SF
Tenancy
Single
Listed By:
Billy Skoch · License #License(s): OH: SAL.2021008491
(216) 264-2037
Source:
Marcusmillichap
Added: Oct 14
Changed: Oct 15
Last Checked: Oct 15 at 2:29AM
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 Billy Skoch
Investment Insights
Based on property information with market context.
This 2,244-square-foot medical office property operates as a veterinary hospital and is fully leased to CareVet. The corporate-guaranteed double-net lease has 5.4 years remaining on its first renewal option, followed by three additional five-year options. Annual rent increases of 2% apply through the term and options.
The property fronts Washington Street in Chagrin Falls, Ohio, where traffic is reported at 11,000 ADT. More than 45,000 residents live within five miles, and median home values in that area exceed $448,000.
The property fronts Washington Street in Chagrin Falls, Ohio, where traffic is reported at 11,000 ADT. More than 45,000 residents live within five miles, and median home values in that area exceed $448,000.
Key Highlights
- 2,244‑square‑foot veterinary hospital leased to CareVet
- 100% leased under a corporate‑guaranteed double‑net lease
- 5.4 years remaining on the first renewal option, plus three additional five‑year options
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,511
Cap Rate
3.89%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$550,220
$550.2K
Cap Rate 7%
$393,014
$393.0K
Cap Rate 9%
$305,678
$305.7K
Market Conditions
NOI Build-Up for 2,244 SF
Gross rent
$48.2K $21.48/SF
− Vacancy
−$11.5K −$5.13/SF
EGI
$36.7K $16.35/SF
− OpEx
−$9.2K −$4.09/SF
NOI
$27.5K $12.26/SF
Area
Geauga County, OH
Vacancy
23.90%
Lease Rate
$21.48 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$550,220
Cap Rate 7%
$393,014
Cap Rate 9%
$305,678
Alternative Uses
Best Use
Office B
$393.0K
$343.9K – $458.5K
NOI $27,511 @ 7.0% cap · market cap 3.89%
Second Best
Healthcare Medical
$369.6K
$323.4K – $431.2K
NOI $25,871 @ 7.0% cap · market cap 3.66%
Theoretical Best
Office A
$452.0K
$395.5K – $527.3K
NOI $31,640 @ 7.0% cap · market cap 4.48%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
317
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44022, OH
17,150
Population
7,228
Households
2.4
Avg Household Size
48
Median Age
73%
College-Educated
99%
High-School Grad
30.2 sq mi
ZIP Area
568
Density / Sq Mi
$152,213
Median Household Income
$72,935
Median Earnings
$1,446
Median Rent
$469,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Similar Off Market Nearby
- Chagrin Valley Veterinary Clinic — 536 Washington St, Chagrin Falls, OH 44022
Frequently Asked Questions
What type of property is this?
Medical Office Space - The veterinary hospital is fully occupied under a corporate-guaranteed double-net lease with scheduled annual rent increases.
Where is this medical office space located?
The property is located at 536 Washington St Chagrin Falls, OH.
What is the asking price?
The asking price for this property is $707,000.
What are key features of this property?
This property features: 2,244‑square‑foot veterinary hospital leased to CareVet; 100% leased under a corporate‑guaranteed double‑net lease; 5.4 years remaining on the first renewal option, plus three additional five‑year options
