3690 Orange PlOrange, OH 44122

Property Details for 3690 Orange Pl

Year built

1974

Construction

TYPE NOT SPECIFIED

Lot size

3.55 AC

Property size (Sq ft)

149,489 SF

Zone code

U-9

Property type

Office properties

Property subtype

Office buildings

APN

742-28-008

APU

74228008

Description

This exceptional five-story, 128,729 square foot Class B medical office building in Beachwood, Ohio presents a compelling investment opportunity. Located at 3690 Orange Place, this stabilized property boasts an 85% occupancy rate and a strong NOI of $1,115,465, with a pro-forma NOI of $1,225,000. The asking price is $13,000,000, representing a current cap rate of 8.58% and a pro-forma cap rate of 9.42%. Built in 1974 and extensively renovated in 2021, the building features a striking central glass atrium, ample surface parking (414 spaces), and a 150-car underground garage. The property sits on a 4.731-acre lot and benefits from excellent visibility and access to I-271. The diverse tenant mix includes 27 medical and professional service practices. Recent capital improvements include three new elevators, a new roof, parking garage stabilization, and common area upgrades. Significant value-add potential exists through lease-up of vacant units and potential conversion of existing space. The property's location near Pinecrest, a major mixed-use development, further enhances its appeal. Zoned for commercial use, this asset offers a compelling combination of strong current performance and future upside in a highly desirable suburban market. The property's APN is 742-28-008

• CAP approach

  CAP return

  Valuation

  6%

  $26,893,060

  6.5%

  $24,824,362

  7%

  $23,051,194

• Comparable approach

  Method

  Valuation

  Relative Method

  $13,983,201

  Geo Method

  $13,983,201

• Alternative Use

  Use

  Valuation

  Residential

  $30,782,210

  Hospitality

  $28,196,338

  Educational

  $23,459,022

  Medical

  $24,265,814

  Retail

  $36,491,812

Location Insight

City

Beachwood

County

Cuyahoga

State

Ohio

Latitude

41.4598

Longitude

-81.4889

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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