20575 Center Ridge Rd Rocky River, OH 44116
- Office buildings
- 51,695 SF
- 1.53 lot acres
Current Use by Public Records
- Office buildings
Property Details for 20575 Center Ridge Rd
- Year built
- 1959
- Construction
- TYPE NOT SPECIFIED
- Lot size
- 1.53 lot acres
- Property size
- 51,695 SF
- Zone code
- OB-2
- Property type
- Office buildings
- APN
- 304-19-006
- APU
- 30419006
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Rocky River
- County
- Cuyahoga
- State
- Ohio
- Longitude
- -81.8483
- Latitude
- 41.4624
- CBSA code
- 17460
- CBSA name
- CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA
