8224 Mentor AveMentor, OH 44060

Property Details for 8224 Mentor Ave

Year built

1973

Construction

WOOD

Lot size

2.72 AC

Property size (Sq ft)

31,288 SF

Zone code

R-2

Property type

Healthcare properties

Property subtype

Medical offices

APN

16-A-010-D-00-012-0

APU

16A010D000120

Description

This exceptional investment opportunity presents two, two-story brick buildings situated on a 3.474-acre lot in the desirable Mentor Office Park. Built in 1973, this Class B property offers a total of 166 parking spaces, ensuring ample convenience for tenants and visitors. The property is zoned R-2 and features a mix of professional and medical office tenants, creating a diverse and stable tenant base. Currently, one suite of 1,809 square feet is available for lease. The buildings boast a park-like setting, enhancing the professional atmosphere. Located at 8224 Mentor Avenue in Mentor, Ohio (zip code 44060), this property enjoys a prime location directly across from the public library, providing excellent visibility and accessibility. Its convenient proximity to I-90 and public transportation ensures easy commutes for employees and clients. The property's APN numbers are 16A010D000120 and 16A010D000280, located in Lake County, Ohio. This is a rare opportunity to acquire a well-maintained, established medical office complex in a high-demand location. The property's strong location and existing tenant base make it an attractive investment for both seasoned and new investors seeking a stable and growing income stream. The total number of suites within the buildings is not currently specified.

• CAP approach

  CAP return

  Valuation

  6%

  $5,628,708

  6.5%

  $5,195,731

  7%

  $4,824,608

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,926,680

  Geo Method

  $2,926,680

• Alternative Use

  Use

  Valuation

  Residential

  $6,442,706

  Hospitality

  $5,901,484

  Educational

  $4,909,966

  Medical

  $5,078,827

  Retail

  $7,637,724

Location Insight

City

Mentor

County

Lake

State

Ohio

Latitude

41.664

Longitude

-81.3464

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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