Medical Office
6855 Spring Valley Dr, Holland, OH 43528
For Sale
$3,355,000
Masonry office facility with medical tenants, recent roof, paving, HVAC, and interior and exterior renovations.
Property Size28,296 SF
Price / SF$118.57
Days on Market55
Property Features for 6855 Spring Valley Dr
General Information
Standard status
Size
Property subtype
Occupancy
Amenities
Well Positioned Medical Office Facility on a Two Acre Lot.
Excellent Mix of Medical Tenants, Including Mercy Health , Promedica and the Toledo Clinic. Well Located on Airport Highway, Connecting to I-475. Over 38,183 Vehicles per Day.
Significant Capital Improvements.
Building Details
Building Size
Year Built
Listing Agency:
Chicago Downtown Office
Listed By:
Tom Heitzman
(312) 327-5495
Source:
Marcusmillichap
Added: Sep 16
Changed: Nov 8
Last Checked: Nov 8 at 2:16AM
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 Chicago Downtown Office
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Investment Insights
Based on property information with market context.
This fee-simple office property in Holland, Ohio, contains a 24,488-square-foot masonry building completed in 1989 on approximately 2 acres. The facility operates under a gross lease structure and is 90 percent occupied by Mercy Health, ProMedica, the Toledo Clinic, Total Care Connect, and local medical practices. More than 60 percent of the rentable building area is leased to large health systems.
Property improvements include a new roof, repaved parking lot, extensive HVAC replacement, and additional interior and exterior renovations. The building fronts Airport Highway, which records more than 20,400 vehicles per day, and is situated in the Southwest Toledo submarket. The submarket vacancy rate is reported at 3.9 percent.
Property improvements include a new roof, repaved parking lot, extensive HVAC replacement, and additional interior and exterior renovations. The building fronts Airport Highway, which records more than 20,400 vehicles per day, and is situated in the Southwest Toledo submarket. The submarket vacancy rate is reported at 3.9 percent.
Key Highlights
- 24,488‑square‑foot office building completed in 1989
- Approximately 2 acres with fee‑simple ownership
- 90 percent occupied under a gross lease structure
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$233,993
Cap Rate
6.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,679,860
$4.7M
Cap Rate 7%
$3,342,757
$3.3M
Cap Rate 9%
$2,599,922
$2.6M
Market Conditions
NOI Build-Up for 28,296 SF
Gross rent
$373.5K $13.20/SF
− Vacancy
−$61.5K −$2.17/SF
EGI
$312.0K $11.03/SF
− OpEx
−$78.0K −$2.76/SF
NOI
$234.0K $8.27/SF
Area
Lucas County, OH
Vacancy
16.47%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,679,860
Cap Rate 7%
$3,342,757
Cap Rate 9%
$2,599,922
Alternative Uses
Best Use
Office B
$3.34M
$2.92M – $3.90M
NOI $233,993 @ 7.0% cap · market cap 6.97%
Second Best
Healthcare Medical
$3.33M
$2.91M – $3.88M
NOI $232,975 @ 7.0% cap · market cap 6.94%
Theoretical Best
Specialty Retail
$5.18M
$4.53M – $6.04M
NOI $362,514 @ 7.0% cap · market cap 10.81%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
708
Businesses Nearby
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Business Placement
Demographics for 43528, OH
16,746
Population
6,946
Households
2.4
Avg Household Size
45
Median Age
35%
College-Educated
92%
High-School Grad
18.7 sq mi
ZIP Area
896
Density / Sq Mi
$92,188
Median Household Income
$44,014
Median Earnings
$1,030
Median Rent
$246,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Office buildings in Lucas County, OH
Properties on Market for Office buildings in Lucas County
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office building - Masonry office facility with medical tenants, recent roof, paving, HVAC, and interior and exterior renovations.
Where is this office building located?
The property is located at 6855 Spring Valley Dr Holland, OH.
What is the asking price?
The asking price for this property is $3,355,000.
What are key features of this property?
This property features: 24,488‑square‑foot office building completed in 1989; Approximately 2 acres with fee‑simple ownership; 90 percent occupied under a gross lease structure
