27601 Westchester PkwyWestlake, OH 44145

Property Details for 27601 Westchester Pkwy

Year built

1979

Construction

TYPE NOT SPECIFIED

Lot size

2.34 AC

Property size (Sq ft)

52,714 SF

Zone code

R-MF24

Property type

Healthcare properties

Property subtype

Assisted living facilities

APN

212-04-048

APU

21204048

Description

This exceptional redevelopment opportunity presents a 95,192 square foot, two-building senior living facility situated on a 4.24-acre lot in Westlake, Ohio. The property, formerly operating as a rehabilitation and nursing center until November 2023, boasts 132 rooms (previously licensed for 140). Built in 1979 with renovations in 1984, the property includes four elevators, a fully equipped kitchen and laundry, and numerous amenities such as a beauty salon, dining rooms, therapy center, lounges, library, greenhouse, and courtyard. A dedicated memory care unit was renovated in 2016. The property features a full sprinkler system, boiler heat with forced air central air conditioning, and two backup generators. Conveniently located at 27601 Westchester Parkway, it offers easy access to I-90 and Route 2, and is just 20 minutes from Cleveland Hopkins International Airport. The property is zoned R-MF24 and is offered at $4,000,000 ($42.02/sq ft). Conceptual drawings for assisted living conversion are available upon request. This distressed sale presents a unique chance to acquire a substantial property with significant potential for conversion into a thriving assisted living community. The property's existing infrastructure and amenities provide a solid foundation for a successful redevelopment project. Parcel numbers are 21204048 and 21204002.

• CAP approach

  CAP return

  Valuation

  6%

  $9,269,871

  6.5%

  $8,556,804

  7%

  $7,945,604

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,670,498

  Geo Method

  $5,670,498

• Alternative Use

  Use

  Valuation

  Residential

  $10,854,667

  Hospitality

  $9,942,817

  Educational

  $8,272,307

  Medical

  $8,556,804

  Retail

  $12,868,033

Location Insight

City

Westlake

County

Cuyahoga

State

Ohio

Latitude

41.4746

Longitude

-81.9262

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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