8555-8735 Day Dr 60,000 SF 100% Leased Retail Building Parma, OH 44129 $3,999,000 ($66.65/SF) 8.49% Cap Rate

8555 & 8735 Day Drive is a two-level, ±60,165 SF commercial building offered for sale at $3,999,000 — an 8.5% cap rate on ±$339,635 of stabilized NOI. The entire first floor (±31,500 SF) is 100% leased to Oakmont Education, LLC, an Ohio charter-school operator, under two triple-net (NNN) leases with matching terms, running through June 30, 2036, with two five-year renewal options extending potential occupancy to 2046. The two leases are cross-defaulted and expire together — effectively a single credit on a single ~10-year term — and the tenant pays taxes, insurance, and CAM, with controllable operating costs capped at 4% per year.
The property has been substantially recapitalized, including a new roof, new HVAC units, exterior paint, ±47,500 SF of parking resurfacing with new lot lighting, and a ~$399K purpose-built school interior. Embedded upside includes a vacant ±28,665 SF second-floor storage/value-add level (last leased at $3.75/SF) and a contractual +$20,365/yr rent step-up on the 8735 lease when the storage space is placed in service (by 9/1/2028). This is a stabilized, net-leased offering with in-place income, a decade-plus of term, and multiple paths to additional yield.
Location Description
The property sits on Day Drive in Parma — Ohio's largest suburb and the second-largest city in Cuyahoga County — within an established, densely built retail, education, and medical corridor roughly 10 miles south of downtown Cleveland in the ±2.16M-person Cleveland MSA. It offers immediate access to Ridge Road (SR-3), which carries 27,600+ vehicles per day, and is about 10 minutes from I-480 and I-77.
The Day Drive / Ridge Road node is one of Greater Cleveland's strongest retail concentrations. Within roughly a mile are The Shoppes at Parma super-regional center (Walmart, Dick's Sporting Goods, Marc's, Burlington, Old Navy, Ulta, Chick-fil-A) and a big-box/dining cluster anchored by Giant Eagle, Target, Kohl's, and PetSmart. UH Parma Medical Center — a 332-bed regional hospital with 2,000+ employees and 500+ physicians — sits ±0.5 mile away, alongside Cuyahoga Community College's Western Campus and Padua Franciscan High School. The five-mile trade area holds more than 240,000 residents and roughly 100,000 daytime employees, with an average household income of $90,620.