Current Use by Public Records
- Office Spaces
Property Details for 2205 Crocker Rd
- Lot size
- 4.66 lot acres
- Property type
- Office Spaces
- Property subtype
- Medical Office Space
Description
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.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Westlake
- County
- Cuyahoga
- State
- Ohio
- Longitude
- -81.9473
- Latitude
- 41.4574
