36901 American WayAvon, OH 44011

Property Details for 36901 American Way

Lot size

0.04 AC

Property size (Sq ft)

1,877 SF

Property type

Office properties

Property subtype

Office buildings

APN

04-00-009-702-005

APU

400009702005

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $337,672

  6.5%

  $311,697

  7%

  $289,433

• Comparable approach

  Method

  Valuation

  Relative Method

  $175,575

  Geo Method

  $175,575

• Alternative Use

  Use

  Valuation

  Residential

  $386,505

  Hospitality

  $354,036

  Educational

  $294,554

  Medical

  $304,684

  Retail

  $458,195

Location Insight

City

Avon

County

Lorain

State

Ohio

Latitude

41.4655

Longitude

-82.0295

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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