For Sale
$771,300

36701 American WayAvon, OH 44011

NNN Lease, 8.45% Cap Rate, 3,026 SF

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional Class A, 3,026 square foot medical office condo in Avon, Ohio, presents a compelling investment opportunity. Located at 36701 American Way, this fee-simple property boasts a 100% occupancy rate with a single tenant, Dermatologists of Southwest Ohio, under a triple-net (NNN) lease. The tenant, established in 2008, recently extended their lease in 2019 for an additional eight years, demonstrating strong commitment to the location. This two-story building, constructed in 2008, offers a hands-off investment experience, with the tenant responsible for all interior maintenance, HVAC, real estate taxes, insurance, and common area maintenance. The property benefits from an excellent location, offering convenient access to Interstate 90 and a strong co-tenancy including the Cleveland Clinic Family Health Center and Cleveland Eye Clinic, attracting patients from multiple counties. The asking price is $771,300, representing a highly attractive 8.45% cap rate and a price per square foot of $254.89. This investment provides a depreciable asset with above-market returns, making it an ideal addition to any portfolio. The property is part of a larger complex known as "American Way," further enhancing its visibility and appeal.

Highlights

  • $771,300 asking price for a 3,026 SF Class A medical office condo in Avon, OH.
  • 8.45% cap rate with a 100% occupancy.
  • NNN lease with a single tenant, Dermatologists of Southwest Ohio, under a personal guaranty, with an 8-year lease extension signed in 2019.
  • Fee simple ownership in a desirable location with strong co-tenancy including Cleveland Clinic Family Health Center and Cleveland Eye Clinic.
  • Building is a two-story, 2008 construction.

Property Details for 36701 American Way

Property type
Office properties, Medical offices
Square Feet
3,026 SF
Class
A
Year Built
2008
Buildings
1
Stories
2
Units
1

Location Insight

City
Avon
County
Lorain
State
Ohio
Latitude
41.4654938
Longitude
-82.027857
36701 American Way, Avon, Ohio

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36701 American Way
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