Office Condominium With Modern
For Sale
Contact for pricing
835-835 Detroit Road, Cleveland, OH 44145
Office condominium offering open workspace, private offices, conference rooms, and break area with HOA-included services.
Property Size12,227 SF
Price / SF$149
Days on Market2392
Property Features for 835-835 Detroit Road
General Information
Standard status
Active
Size
12,227 SF
Property subtype
OFFICE
Listing Agency:
Cresco Real Estate | Cleveland
(216) 520-1200
Listed By:
Joseph V. Barna, SIOR
(216) 525-1464
Source:
Moodyscre
Added: Feb 26, 2020
Changed: Sep 2
Last Checked: Sep 13 at 6:32AM
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 Cresco Real Estate | Cleveland
Investment Insights
Based on property information with market context.
This vibrant office condominium includes a mix of open office space, private offices, conference rooms, and a break room. The space features modern, innovative finishes throughout. HOA fees include property maintenance, common area cleaning, landscaping, snowplowing, trash removal, and water/sewer. The property also benefits from a 20 meg fiber internet connection.
The property is located off Detroit Road with easy access to I-90 via the Columbia Road or Clague Road interchange. It is minutes from Crocker Park and several major medical destinations including University Hospital Westlake, Cleveland Clinic Westlake, and Fairview Hospital Westlake Medical Campus.
The layout is suited for day-to-day office operations, with multiple work settings supported by shared conference and break space.
The property is located off Detroit Road with easy access to I-90 via the Columbia Road or Clague Road interchange. It is minutes from Crocker Park and several major medical destinations including University Hospital Westlake, Cleveland Clinic Westlake, and Fairview Hospital Westlake Medical Campus.
The layout is suited for day-to-day office operations, with multiple work settings supported by shared conference and break space.
Key Highlights
- Office condominium with open workspace, private offices, conference rooms, and a break area
- Modern finishes throughout the space
- HOA fees include property maintenance, common area cleaning, landscaping, snowplowing, trash removal, and water/sewer
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
$166,385
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
9.07%
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%
$3,327,700
$3.3M
Cap Rate 7%
$2,376,929
$2.4M
Cap Rate 9%
$1,848,722
$1.8M
Market Conditions
NOI Build-Up for 12,227 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
$277.3K $22.68/SF
− Vacancy
−$55.5K −$4.54/SF
EGI
$221.8K $18.14/SF
− OpEx
−$55.5K −$4.54/SF
NOI
$166.4K $13.61/SF
Area
Cleveland, OH
Vacancy
20.00%
Lease Rate
$22.68 /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%
$3,327,700
Cap Rate 7%
$2,376,929
Cap Rate 9%
$1,848,722
Alternative Uses
Best Use
Office B
$2.38M
$2.08M – $2.77M
NOI $166,385 @ 7.0% cap · market cap 9.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.98M
$2.61M – $3.48M
NOI $208,865 @ 7.0% cap · market cap 11.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
836
Businesses Nearby
Explore this area
Business Placement
Demographics for 44145, OH
34,228
Population
15,781
Households
2.2
Avg Household Size
47
Median Age
58%
College-Educated
96%
High-School Grad
15.9 sq mi
ZIP Area
2,153
Density / Sq Mi
$110,101
Median Household Income
$63,385
Median Earnings
$1,480
Median Rent
$336,100
Median Home Value
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Market
Vacancy Rate% for Office in Cleveland, OH
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Frequently Asked Questions
What type of property is this?
Office units - Office condominium offering open workspace, private offices, conference rooms, and break area with HOA-included services.
Where is this office units located?
The property is located at 835-835 Detroit Road Cleveland, OH.
What is the asking price?
The asking price for this property is $1,834,000.
What are key features of this property?
This property features: Office condominium with open workspace, private offices, conference rooms, and a break area; Modern finishes throughout the space; HOA fees include property maintenance, common area cleaning, landscaping, snowplowing, trash removal, and water/sewer
