20575 Ctr Rdg RdRocky River, OH 44116

Property Details for 20575 Ctr Rdg Rd

Year built

1959

Construction

TYPE NOT SPECIFIED

Lot size

1.53 AC

Property size (Sq ft)

51,695 SF

Zone code

OB-2

Property type

Office buildings

APN

304-19-006

APU

30419006

Description

This exceptional redevelopment opportunity presents a 51,000 square foot, five-story Class B office building situated on a highly desirable 1.53-acre lot in Rocky River, Ohio. Currently operating as a multi-tenant property with 12 tenants and 60% occupancy (as of November 6, 2023), the building offers immediate cash flow with flexible lease terms. The property boasts 130 parking spaces and enjoys a prominent 150-foot frontage on Center Ridge Road, directly adjacent to the Westgate Shopping Center. The OB1 zoning with a multi-family overlay allows for significant redevelopment potential, capitalizing on the affluent demographics and recent retail redevelopment in the area. The building, constructed in 1959, has undergone renovations in 2021 and 2022, including all new common area finishes since 2020, a new boiler in 2022, and AC mechanical upgrades in 2023. The current Net Operating Income (NOI) is $210,000, with a pro-forma NOI of $360,000 reflecting the redevelopment potential. The asking price is $2,600,000, representing a current cap rate of 8.08% and a pro-forma cap rate of 13.85%. High traffic counts on Center Ridge Road (15,450 VPD), Linden Road (13,050 VPD), and West 210th Street (15,712 VPD) further enhance the property's value. The Center Ridge Road Master Plan is fully approved, and the site's strategic location is underscored by a recent $3.5 million land acquisition by Chase Bank across the street. This presents a unique chance to acquire a valuable asset with immediate income and substantial long-term upside. The property features 45,000 square feet of net rentable space, and rent bumps are available. The APN is 304-19-006.

• CAP approach

  CAP return

  Valuation

  6%

  $10,539,900

  6.5%

  $9,729,150

  7%

  $9,034,210

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,835,550

  Geo Method

  $4,835,550

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $21,618,900

  Retail / Commercial

  $10,603,600

  Mixed-Use / Specialty

  $10,185,600

  Hospitality / Lodging

  $6,977,910

  Institutional / Educational

  $10,453,100

  Residential Income

  $12,230,100

  Multifamily

  $16,775,700

  Automotive / Energy

  $8,959,790

  Parking / Income-Based Land

  $3,467,520

  Restaurant / Food Service

  $4,486,270

  Healthcare / Senior Housing

  $10,835,000

Location Insight

City

Rocky River

County

Cuyahoga

State

Ohio

Latitude

41.4624

Longitude

-81.8483

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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