For Sale
$1,747,000

36901 American WayAvon, OH 44011

Two-building office complex, 8.15% cap rate.

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents two adjacent, fee-simple office condos totaling 7,082 square feet, located at 36901 American Way, Avon, OH 44011. The property is a Class A, two-story building constructed in 2008 and features a 100% occupancy rate with two corporate tenants: Buckeye Bank and RAB Financial. Both tenants occupy their respective spaces under long-term Net Lease (NNN) agreements, providing a hands-off investment experience for the owner. The leases include annual rent increases, with Buckeye Bank's lease incorporating CPI adjustments and RAB Financial's lease featuring a 3% annual increase, ensuring a steadily growing return on investment. The blended lease term remaining is approximately six years. The property benefits from a strong location in the affluent Avon community, with convenient access to Interstate 90, attracting businesses from Lorain and Cuyahoga Counties. The building is part of a larger complex, "American Way," boasting excellent co-tenancy with notable businesses including Cleveland Clinic Family Health Center and Cleveland Eye Clinic. The asking price is $1,747,000, representing a compelling 8.15% cap rate and a $246.68 price per square foot. The property's Net Operating Income (NOI) is $142,359. The property is zoned for commercial use and offers significant depreciation benefits. This is a rare opportunity to acquire a high-performing, passively managed commercial investment with a superior rate of return.

Highlights

  • Adjacent to Cleveland Clinic medical offices.
  • Tenants pay annual rent increases of CPI + 3%.
  • Strong lease term remaining: approximately 6 years.
  • Tenants' corporate headquarters are located at this property.
  • Triple-net (NNN) lease structure provides passive income.
  • High cap rate of 8.15% offers strong cash flow.

Property Details for 36901 American Way

Property type
Office properties, Medical offices
Square Feet
7,082 SF
Class
A
Year Built
2008
Buildings
1
Stories
2
Units
3

Location Insight

City
Avon
County
Lorain
State
Ohio
Latitude
41.4651792
Longitude
-82.0295845
36901 American Way, Avon, Ohio

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36901 American Way
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