703 Cleveland Massillon Rd Fairlawn, OH 44333
- Office buildings
- 48,272 SF
- 4.35 lot acres
Current Use by Public Records
- Office buildings
Property Details for 703 Cleveland Massillon Rd
- Year built
- 2007
- Lot size
- 4.35 lot acres
- Property size
- 48,272 SF
- Property type
- Office buildings
- APN
- 09-03895
- APU
- 903895
Description
This exceptional Class A office building, totaling 97,845 square feet, boasts 100% occupancy and a strong net operating income (NOI) of $1,761,210. Located in Fairlawn, Ohio, at 703 S Cleveland Massillon Rd, this fee-simple property sits on a 4.24-acre lot and features a desirable NNN lease structure, ensuring minimal landlord responsibilities. The building, constructed in 2007 and extensively renovated between 2018 and 2023, is the headquarters for ContiTech, a division of Continental AG, a globally recognized company with an investment-grade credit rating and annual revenue exceeding $44 billion. ContiTech occupies 83,416 square feet under an NNN lease with two five-year options remaining, including a 10% rent increase in the first option. The remaining 14,429 square feet is leased to LyondellBasell, another Fortune 500 company. The property includes lab space, showrooms, and executive offices, catering to a variety of business needs. The asking price is $19,900,000, representing a compelling cap rate of 8.85%. The property benefits from a highly visible hard corner location on State Route 77, experiencing high daily traffic volume. It's situated within a thriving retail corridor and enjoys proximity to major thoroughfares, offering easy access to neighboring cities. The surrounding area features a dense and affluent population, with average household incomes exceeding $130,883. The property is also strategically located within the Cleveland-Akron Combined Statistical Area (CSA), a region with a population exceeding 3.6 million. Assumable non-recourse financing is available, featuring a below-market interest rate of 4.95%, with approximately four years until maturity. This presents a unique opportunity to acquire a high-quality, income-producing asset in a prime location.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Fairlawn
- County
- Summit
- State
- Ohio
- Longitude
- -81.6384
- Latitude
- 41.1182
- CBSA code
- 10420
- CBSA name
- AKRON, OH METROPOLITAN STATISTICAL AREA
