8075 Reading Rd
Cincinnati, OH 45237
Cross County Corporate Center · Office Property For Sale

The DiSalvo Group of Marcus & Millichap is pleased to exclusively present to the market the Cross County Corporate Center of Cincinnati, Ohio. The rapidly growing Cincinnati-Middletown MSA is the 5th Largest Midwest Metropolitan Statistical Area, spanning segments of Indiana, Ohio, and Kentucky with a registered Metropolitan Population of 2,130,000 Residents as of the 2010 Census. Located just 15 miles North of Downtown Cincinnati, the Reading submarket is home to numerous businesses and retail amenities such as restaurants, retailers, service stations, and just minutes from the Kenwood Mall. The Cross County Corporate Center is strategically located at 8075 Reading Road, just off the intersection of US Route 42 and Ronald Reagan Cross County Highway, the connecting corridor for all Northern Cincinnati Suburbs between Interstate 71 and Interstate 75, providing excellent visibility and access for the 40,500 passing vehicles per day. Standing 34,103 square feet, the Cross County Corporate Center is a four-story, multi-tenant, professional center was originally developed in 1988 and has undergone a number of renovations and improvements during current ownership following their acquisition in 1999. Centered on a 1.54 Acre Parcel with 120 parking spaces, the Subject Property is easily accessible and well-situated to accommodate to the currently targeted hyper-active smaller office user market as the property is currently devised into 44 Tenant Suites. The Cross County Corporate Center has recently realized the benefit of a number of capital improvements into multiple in-house leasing referrals along with the property manager’s marketing efforts to bolster the current 72% occupancy. Since 2014, the Subject Property has seen a number of improvements including, a new roof, new roof-top air compressor, upgraded elevator wiring systems, fresh interior and exterior paint, and various tenant improvements throughout approximately 70% of the net leasable area and common areas. The Cross County Corporate Center of the Cincinnati MSA is offered to market as an excellent value-add opportunity for all savvy investors asking $1.335M, reflecting an in-place 8.83% CAP Rate upon the in-place NOI and a price point well below replacement cost at just $39.15 per square-foot. In addition to capitalizing on recent improvements to lease-up the current 28% vacancy upside, investors can also seek to leverage recent improvements into the raising of rental rates to reflect market rate as the Subject Property currently operates with a blended $9.45 per square-foot modified gross rental rate across the current diversified tenant-mix, which is well below the Co-Star suggested market values. In surveying the 28 registered Class C, Multi-Tenant Office Properties within the 2.5 Mile-Radius, the analytics report advises an average market rental rate of $14.21 per square-foot and a current 7.2% vacancy rate.