For Sale
$13,000,000

3690 Orange PlOrange, OH 44122

Prime Beachwood location, high NOI, value-add potential.

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional five-story, 128,729 square foot Class B medical office building in Beachwood, Ohio presents a compelling investment opportunity. Located at 3690 Orange Place, this stabilized property boasts an 85% occupancy rate and a strong NOI of $1,115,465, with a pro-forma NOI of $1,225,000. The asking price is $13,000,000, representing a current cap rate of 8.58% and a pro-forma cap rate of 9.42%. Built in 1974 and extensively renovated in 2021, the building features a striking central glass atrium, ample surface parking (414 spaces), and a 150-car underground garage. The property sits on a 4.731-acre lot and benefits from excellent visibility and access to I-271. The diverse tenant mix includes 27 medical and professional service practices. Recent capital improvements include three new elevators, a new roof, parking garage stabilization, and common area upgrades. Significant value-add potential exists through lease-up of vacant units and potential conversion of existing space. The property's location near Pinecrest, a major mixed-use development, further enhances its appeal. Zoned for commercial use, this asset offers a compelling combination of strong current performance and future upside in a highly desirable suburban market. The property's APN is 742-28-008

Highlights

  • 129,000 SF medical office building in Beachwood, OH.
  • 88% occupancy.
  • 70/30 tenant mix of medical and professional services.
  • 150-car underground parking garage.
  • Major renovations within the last five years, including new elevators, roof, lobby, restrooms, and LED lighting.
  • 414 surface parking spaces.

Property Details for 3690 Orange Pl

Property type
Office properties, Medical offices
Square Feet
128,729 SF
Class
B
Year Built/Renovated
1974/2021
Buildings
1
Stories
5
Lot Size (sq. ft)
206,082 SF

Location Insight

City
Orange
County
Cuyahoga
State
Ohio
Latitude
41.460164288319
Longitude
-81.488179082109
3690 Orange Pl, Orange, Ohio

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3690 Orange Pl
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