65 Erieview Plz, Unit 75 Cleveland, OH 44114-1801
- Office buildings
- 191,952 SF
- 0.33 lot acres
Current Use by Public Records
- Salus Development / Real Estate Developer
- BCBS in Cleveland / Corporate Office
- Sobel, Wade & Mapley / Attorney / Employment Attorney
Property Details for 65 Erieview Plz
- Year built
- 1968
- Construction
- CONCRETE
- Lot size
- 0.33 lot acres
- Property size
- 191,952 SF
- Zone code
- SI
- Property type
- Office buildings
- APN
- 101-34-044
- APU
- 10134044
Description
This exceptional investment opportunity presents a 7-story, Class B office building totaling 186,341 square feet in downtown Cleveland's financial district. The property boasts a strong tenant roster, anchored by the City of Cleveland, holding a significant portion (60%) of the gross leasable area (GLA) under a long-term lease with annual rent increases. The City of Cleveland, rated "Aa3" by Moody's, has occupied the space since 2009 and recently extended their lease for 10 years, commencing January 1, 2019. The building features two buildings, with a total of seven stories, and underwent nearly $2 million in upgrades since 2020, including a completely renovated first-floor lobby, new common areas, and redesigned elevator cars. Built in 1968 and renovated in 2020, the property offers a stabilized income stream with a current occupancy rate of 80.46% and a Net Operating Income (NOI) of $1,039,417. The asking price is $12,500,000, representing a cap rate of 8.32% and a price per square foot of $67.08. The property benefits from a gross lease structure, credit-rated tenants, and convenient access to underground parking via heated, covered walkways to two large attached parking structures. Additional value-add potential exists with approximately 38,000+ square feet of space on the top two floors available for lease. Importantly, no tenant missed rent payments during the pandemic, and the City of Cleveland has maintained full office staffing since June 2020, even expanding their footprint by 14,052 square feet. A new first-floor food service area provides breakfast and lunch options. This is a rare opportunity to acquire a well-maintained, high-performing asset in a prime location.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $1,535,000
Get a detailed, property-specific valuation — fast and free
Location Insight
- Map
- Local Demand
- City
- Cleveland
- County
- Cuyahoga
- State
- Ohio
- Longitude
- -81.689
- Latitude
- 41.5059
- CBSA code
- 17460
- CBSA name
- CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA
