36701 American WayAvon, OH 44011

Property Details for 36701 American Way

Lot size

0.07 AC

Property size (Sq ft)

2,970 SF

Property type

Healthcare properties

Property subtype

Medical offices

APN

04-00-016-702-007

APU

400016702007

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $534,303

  6.5%

  $493,203

  7%

  $457,974

• Comparable approach

  Method

  Valuation

  Relative Method

  $277,814

  Geo Method

  $277,814

• Alternative Use

  Use

  Valuation

  Residential

  $611,571

  Hospitality

  $560,196

  Educational

  $466,076

  Medical

  $482,106

  Retail

  $725,008

Location Insight

City

Avon

County

Lorain

State

Ohio

Latitude

41.4655

Longitude

-82.0279

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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