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Property summary
This exceptional five-story, 128,729 square foot Class B medical office building in Beachwood, Ohio presents a compelling investment opportunity. Located at 3690 Orange Place, this stabilized property boasts an 85% occupancy rate and a strong NOI of $1,115,465, with a pro-forma NOI of $1,225,000. The asking price is $13,000,000, representing a current cap rate of 8.58% and a pro-forma cap rate of 9.42%. Built in 1974 and extensively renovated in 2021, the building features a striking central glass atrium, ample surface parking (414 spaces), and a 150-car underground garage. The property sits on a 4.731-acre lot and benefits from excellent visibility and access to I-271. The diverse tenant mix includes 27 medical and professional service practices. Recent capital improvements include three new elevators, a new roof, parking garage stabilization, and common area upgrades. Significant value-add potential exists through lease-up of vacant units and potential conversion of existing space. The property's location near Pinecrest, a major mixed-use development, further enhances its appeal. Zoned for commercial use, this asset offers a compelling combination of strong current performance and future upside in a highly desirable suburban market. The property's APN is 742-28-008
Property profile
VerifiedCap rate & NOI
Current use
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Medical Clinic
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Dental Office
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Dental Office
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Dental Office
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Pediatrician Medical Clinic
Location
Value estimations
Owner & transaction history
Zoning & alternative use
adjacent to I-271 and currently zoned U-9, to meet 2015 Master Plan goals and vision. This U-4C district is only designed as a possible rezoning for areas currently zoned U-9, located north of Harvard, south of Chagrin.…
Comparables
6 recent transactions · within 1.5 miComparable in this City
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Value estimation
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from $99/month
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
from $99/month
Price sensitivity
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Property tax & assessments
Tax year 2023Property description
Physical attributes from public recordsZoning & alternative use
U-9 · Beachwood, OHadjacent to I-271 and currently zoned U-9, to meet 2015 Master Plan goals and vision. This U-4C district is only designed as a possible rezoning for areas currently zoned U-9, located north of Harvard, south of Chagrin.…
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
Official district profile
adjacent to I-271 and currently zoned U-9, to meet 2015 Master Plan goals and vision. This U-4C district is only designed as a possible rezoning for areas currently zoned U-9, located north of Harvard, south of Chagrin.…
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for U-9 in Beachwood, OH.
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