15883 Sprague RdStrongsville, OH 44136

Property Details for 15883 Sprague Rd

Year built

1984

Construction

TYPE NOT SPECIFIED

Lot size

17.63 AC

Property size (Sq ft)

90,676 SF

Zone code

RD

Property type

Office properties

Property subtype

Office buildings

APN

395-12-002

APU

39512002

Description

This exceptional investment opportunity presents a vacant, 88,816-square-foot, two-story office building situated on approximately 17 acres in Strongsville, Ohio. The property, previously serving as a corporate headquarters, boasts a Class B designation and includes a 5,567-square-foot annex building. Built in 1984 with renovations completed in the 2000s and 2016, the property features corporate-standard finishes and is exceptionally well-maintained. The building offers ample natural light, multiple access points, and extensive parking for approximately 400 vehicles. Its prime location offers convenient access to Interstate 71 (via Pearl Road exit), I-480, the Ohio Turnpike, and Hopkins International Airport, all within a short drive. The property is zoned for Research and Development and benefits from a business-friendly city environment with potential tax incentives. The expansive 17-acre site includes approximately 6.15 acres of undeveloped land along West Sprague Road, providing significant potential for future expansion or additional development. With approximately 700 feet of frontage on West Sprague Road, this property offers a rare opportunity for a headquarters user or redevelopment project. The asking price is $5,500,000, translating to $61.93 per square foot. This turnkey property is ready for immediate occupancy.

• CAP approach

  CAP return

  Valuation

  6%

  $16,312,605

  6.5%

  $15,057,789

  7%

  $13,982,233

• Comparable approach

  Method

  Valuation

  Relative Method

  $8,481,833

  Geo Method

  $8,481,833

• Alternative Use

  Use

  Valuation

  Residential

  $18,671,658

  Hospitality

  $17,103,140

  Educational

  $14,229,611

  Medical

  $14,718,989

  Retail

  $22,134,950

Location Insight

City

Strongsville

County

Cuyahoga

State

Ohio

Latitude

41.3491

Longitude

-81.8095

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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