Historical Office Sale Listing - Derby Medical Bldg. -$1,450,000-8.22% CAP

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Derby Medical Bldg. -$1,450,000-8.22% CAP

5706 Turney Road, Garfield Heights, OH 44125

N/A

16,982 SF | Office

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Office Property - Off Market

Price:
N/A
Building Size:
16,982 SF
Property Type:
Office
Property Sub-type:
Medical Office
Additional Sub-types:
Mobile Home/ RV Community
Property Use Type:
Net Lease Investment with
5 years left on lease
Cap Rate:
8.22%
Occupancy:
94%
No. Stories:
3
Building Class:
B
Tenancy:
Multiple
Year Built:
1977
Lot Size:
0.90 AC
Listing ID
15672918
Last Updated
over 1 year ago

Highlights

  • Historical Long-Term Medical Tenants
  • High Traffic Counts of 24,900 VPD
  • Projected 11.87% Rate of Return Year 1
  • Great Demographics
  • 94% Occupancy
  • Long-Term, Stable Tenant Base

Description

Please see attached flyer for a full offering package. The Derby Professional Building is a 16,982 square foot office building located Garfield Heights, Ohio - a suburb of Cleveland. With 94% occupancy, most tenants operate practices in the areas of medicine, law, and insurance. Leases for nearly all tenants call for full utility reimbursements, and reimbursement for Real Estate Tax and Insurance expenses in excess of Base Year figures. The longevity of the tenants' occupancy attests to the success of their businesses in the this location where there is a good mix of residential and commercial activity, along with strong demographics and high traffic counts.
The all-brick structure has undergone necessary capital improvements over the term of its current ownership, with recent improvements to replace the roof (2007), improve roof drainage (2008), install entirely new HVAC unit (2001) and new HVAC compressor (2007), and patch, seal and stripe parking lot (to occur May 2008). The stable, well-maintained building offers an investor a projected 11.87% rate of return in Year 1 without the foreseeable need to invest funds in capital expenditures in the early years of ownership

The Derby Professional Building is located in Garfield Heights, a suburb in the Greater Cleveland market, approximately 10 miles southeast of Downtown Cleveland. The featured property is located along one of the highest-traveled roadways, Turney Road, with close proximity to Interstate 480. In fact, Turney Road (looking at just an isolated portion between I-480 and Rockside Road) has a traffic count of 24,900 vehicles per day. The Derby Professional Building is situated in a highly desirable area among many national retailers including Big K-Mart, ACE Hardware, and Pet Supplies Plus. Just west of the property along Transporation Blvd. is City View Shopping Center (a prominent 491,341 square-foot center, recently built and completed in 2006), along with another 500,000 square foot state-of-the-art retail center currently under construction Bridgeview Crossing. In addition to being only a 14 minute drive from Downtown Cleveland, the Derby Professional Building is located only 15 minutes (13 mi.) from Cleveland Hopkins International Airport.

Map of 5706 Turney Road, Garfield Heights, OH 44125 (Cuyahoga County)

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