20575 Center Ridge Rd Rocky River, OH 44116
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Rocky River office building, redevelopment potential.
Property size:
51,000 SFProperty Features for 20575 Center Ridge Rd
General Information
- Property type
- Office space
- Square Feet
- 51,000 SF
- Class
- B
- Lot Size
- 66,647 SF
Building Details
- Year Built
- 1959
- Buildings
- 1
- Stories
- 5
Listing Agency: NAI Pleasant Valley Listing Agent: Alex Jelepis
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
This exceptional redevelopment opportunity presents a 51,000 square foot, five-story Class B office building situated on a highly desirable 1.53-acre lot in Rocky River, Ohio. Currently operating as a multi-tenant property with 12 tenants and 60% occupancy (as of November 6, 2023), the building offers immediate cash flow with flexible lease terms. The property boasts 130 parking spaces and enjoys a prominent 150-foot frontage on Center Ridge Road, directly adjacent to the Westgate Shopping Center. The OB1 zoning with a multi-family overlay allows for significant redevelopment potential, capitalizing on the affluent demographics and recent retail redevelopment in the area. The building, constructed in 1959, has undergone renovations in 2021 and 2022, including all new common area finishes since 2020, a new boiler in 2022, and AC mechanical upgrades in 2023. The current Net Operating Income (NOI) is $210,000, with a pro-forma NOI of $360,000 reflecting the redevelopment potential. The asking price is $2,600,000, representing a current cap rate of 8.08% and a pro-forma cap rate of 13.85%. High traffic counts on Center Ridge Road (15,450 VPD), Linden Road (13,050 VPD), and West 210th Street (15,712 VPD) further enhance the property's value. The Center Ridge Road Master Plan is fully approved, and the site's strategic location is underscored by a recent $3.5 million land acquisition by Chase Bank across the street. This presents a unique chance to acquire a valuable asset with immediate income and substantial long-term upside. The property features 45,000 square feet of net rentable space, and rent bumps are available. The APN is 304-19-006.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Office space
Location Insight
- Map
- Local Demand
- City
- Rocky River
- County
- Cuyahoga
- State
- Ohio
- Longitude
- -81.848344900814
- Latitude
- 41.463140955677
Nearby Similar for Sale
FAQs
What type of property is this?
Office space - Rocky River office building, redevelopment potential.
Where is this office space located?
The property is located at 20575 Center Ridge Rd Rocky River, OH.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: Prime Rocky River, OH location adjacent to Westgate Town Center.; Limited remaining functional office buildings in this redeveloping submarket; allows for continued office use or future redevelopment.; Recent capital improvements: new common area finishes (2020), boiler (2022), and HVAC upgrades (2023). Move-in ready vacant suites.
