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    2205 Crocker Rd Westlake, OH 44145

    Sponsored
    For Sale
    $19,995,000

    Class A Office, High Occupancy, Strong NOI

    Property size:
    97,524 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    Crocker Commons offers a compelling investment opportunity in Westlake, Ohio's premier suburban market. This fee-simple, mixed-use portfolio totals 97,524 square feet, encompassing both Class A and Class B office space. The property features 13 tenants with a strong credit profile, including corporate guarantees and franchisees, under a gross lease structure. Built in 2003 and 2024, the buildings boast an 83% occupancy rate, generating a current NOI of $1,406,969 and a pro-forma NOI of $1,575,000. The portfolio benefits from a weighted average lease term of 4 years, a 7.04% cap rate, and a pro-forma cap rate of 7.88%. Situated on a 4.66-acre lot at 2205 and 2211 Crocker Road, the property enjoys excellent highway accessibility and is adjacent to a thriving retail center. The asking price is $19,995,000, translating to $205.03 per square foot. This investment presents significant upside potential through lease-up and rent increases, capitalizing on Westlake's high median income exceeding $98,000 and strong population stability. The property's tenant mix includes medical and executive office users, reflecting the area's robust commercial activity. The single-story design and prime location contribute to the property's overall appeal and investment value. The portfolio's strong financial performance, coupled with its strategic location and high-quality construction, makes it an attractive acquisition for discerning investors.

    Property Features for 2205 Crocker Rd

    General Information

    Property type
    Medical offices
    Square Feet
    97,524 SF
    Class
    A
    Lot Size
    202,990 SF

    Building Details

    Stories
    1

    HighLights

    • 97,524 SF mixed‑use portfolio, Class A & B office space, in Westlake, OH.
    • 83% occupied with a strong tenant mix of medical and executive office users.
    • Two‑thirds of the portfolio is a new 2024 build.
    • $19,995,000 sale price, representing $205.03/SF.
    • 7.04% in‑place cap rate, with a pro‑forma cap rate of 7.88%.
    • Located on a 4.66‑acre lot with excellent highway access, adjacent to Crocker Park.
    Property Profile Location Intelligence

    Current Use by Public Records

    Medical offices

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Dental Office Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Westlake
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.9472955
    Latitude
    41.4574273

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    FAQs

    What type of property is this?
    Medical office - Class A Office, High Occupancy, Strong NOI
    Where is this medical office located?
    The property is located at 2205 Crocker Rd Westlake, OH.
    What is the asking price?
    The asking price for this property is $19,995,000.
    What are key features of this property?
    This property features: 97,524 SF mixed-use portfolio, Class A & B office space, in Westlake, OH.; 83% occupied with a strong tenant mix of medical and executive office users.; Two-thirds of the portfolio is a new 2024 build.
    Request Owner's contact information
    2205 Crocker Rd Westlake, OH 44145
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    Westlake, OH 44145
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2205 Crocker Rd Westlake, OH 44145
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