3690 Orange Pl Orange, OH 44122
- Office buildings
- 149,489 SF
- 3.55 lot acres
Current Use by Public Records
- Office buildings
Property Details for 3690 Orange Pl
- Year built
- 1974
- Construction
- TYPE NOT SPECIFIED
- Lot size
- 3.55 lot acres
- Property size
- 149,489 SF
- Zone code
- U-9
- Property type
- Office buildings
- APN
- 742-28-008
- APU
- 74228008
Description
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
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
- Beachwood
- County
- Cuyahoga
- State
- Ohio
- Longitude
- -81.4889
- Latitude
- 41.4598
- CBSA code
- 17460
- CBSA name
- CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA
