Updated Office Building on
For Sale
Contact for pricing
7984 Olde 8 Road, Northfield, OH 44067
Professional office building with excellent visibility and convenient highway access.
Property Size3,200 SF
Lot Size0.72 Acres
Price / SF$203.09
Days on Market111
Property Features for 7984 Olde 8 Road
General Information
Standard status
Active
Size
3,200 SF
Lot size
0.72 Acres
Property subtype
Special Purpose
Building Details
Year Built
1975
Listing Agency:
Century 21 Homestar
(440) 724-8836
Listed By:
Anthony Romano · License #OH
Source:
Crexi
Added: May 12
Changed: Aug 21
Last Checked: Aug 29 at 12:40AM
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 Century 21 Homestar
Investment Insights
Based on property information with market context.
This updated professional office building, constructed in 1975, is located on a heavily traveled corridor in Northfield. Situated on approximately 0.72 acres, the property offers excellent visibility and convenient access to major highways, including I-271 and Route 8. The building spans approximately 3,200 square feet and features ample on-site asphalt parking and attractive landscaped grounds. The private wooded setting provides a blend of accessibility and privacy. The property is suitable for a variety of professional, medical, counseling, or service-oriented uses. It offers a flexible layout with owner-user or investment potential and is fully furnished with executive office furniture. This distinctive commercial property is located in a desirable location serving both Northfield and surrounding communities.
Key Highlights
- Excellent visibility on a heavily traveled corridor with convenient access to I‑271 and Route 8.
- Updated 3,200 SF office building suitable for professional, medical, counseling, or service‑oriented uses.
- Ample on‑site asphalt parking and attractive landscaped grounds.
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
$37,847
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
5.82%
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%
$756,940
$756.9K
Cap Rate 7%
$540,671
$540.7K
Cap Rate 9%
$420,522
$420.5K
Market Conditions
NOI Build-Up for 3,200 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
$54.1K $16.92/SF
− Vacancy
−$3.7K −$1.15/SF
EGI
$50.5K $15.77/SF
− OpEx
−$12.6K −$3.94/SF
NOI
$37.8K $11.83/SF
Area
Summit County, OH
Vacancy
6.80%
Lease Rate
$16.92 /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%
$756,940
Cap Rate 7%
$540,671
Cap Rate 9%
$420,522
Alternative Uses
Best Use
Office B
$540.7K
$473.1K – $630.8K
NOI $37,847 @ 7.0% cap · market cap 5.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$785.3K
$687.2K – $916.2K
NOI $54,972 @ 7.0% cap · market cap 8.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
39
Businesses Nearby
Explore this area
Business Placement
Demographics for 44067, OH
19,995
Population
9,201
Households
2.2
Avg Household Size
49
Median Age
40%
College-Educated
94%
High-School Grad
17.2 sq mi
ZIP Area
1,163
Density / Sq Mi
$89,082
Median Household Income
$51,312
Median Earnings
$1,242
Median Rent
$234,800
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.
Frequently Asked Questions
What type of property is this?
Office building - Professional office building with excellent visibility and convenient highway access.
Where is this office building located?
The property is located at 7984 Olde 8 Road Northfield, OH.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Excellent visibility on a heavily traveled corridor with convenient access to I‑271 and Route 8.; Updated 3,200 SF office building suitable for professional, medical, counseling, or service‑oriented uses.; Ample on‑site asphalt parking and attractive landscaped grounds.
