6155 Park Sq - Summit Professional Bldg I and II 1 SF Office Condo Unit Offered at $2,450,000 in Lorain, OH 44053

For sale to qualified investors is the majority ownership in a two-building office condo development known as Summit 1 and Summit 2. The property is exceptionally well-located and located on the border of Amherst and Lorain, Ohio, just a block north of the Oak Point Road interchange with I-90. 63.74% of the development’s ownership is being sold which gives the investor control over the condo association and ability to charge and collect management fees along with rent from tenants. Currently 82% occupied, the property is being offered at only a 9% cap rate on in-place NOI, leaving considerable upside for the investor in leasing remaining vacancies. Projections to full occupancy show a potential gain in value of nearly $700K. The property is being sold for the first time from the original developer and offers a tax abatement in place for roughly 3 more years. Situated on Oak Point Road just north of the interchange with Interstate 90, the property is located at a signalized intersection it shares with Target, Lowe’s, Starbucks, Panera, Crumbl Cookies, Taco Bell, and more. The property is surrounded by class A medical tenants in a rapidly expanding interchange market. Nearby medical buildings include The Cleveland Clinic, Akron Children’s Hospital, Ortho Associates, the Apex Skin clinic, and more. Nestled in the hills of south-central Kentucky, Somerset serves as the vibrant cultural and economic center of Pulaski County. The city proper has approximately 12,500 residents, while the greater Somerset metropolitan area boasts approximately 55,000 to 60,000 people overall. The local job market is bolstered by some of the region’s largest employers, including Pulaski County Public Schools, Somerset-Pulaski County Hospital, and major manufacturing, distribution, and retail operations that serve the broader lake and tourism communities. When it comes to leisure, Somerset stands out with attractions like Lake Cumberland—a mecca for boating, fishing, and water sports—alongside the Lake Cumberland State Resort Park offering scenic cabins, trails, and golf. Within town, visitors enjoy downtown’s historic shopping, live music venues, and the Somerset Community College gallery and Pulaski County Pioneer Playhouse, which features local theater productions and festivals year-round.