Lakeland Professional Bldg
43,812 SF | 69% Leased | Office Building | Cleveland, OH 44132 | $3,750,000 ($86/SF)
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $3,750,000
- Property Type
-
Office
- Square Feet
- 43,812 SF
- Price / Square Foot
- $86
Listing Contacts
David Pessar
Verified Profile
- Property Info
Property Overview
Rock Management is pleased to present a strong investment opportunity to acquire a 74% leased office building with immense upside through a strategic lease-up in the sprawling Cleveland metro along Lake Erie. 25701 N Lakeland Boulevard was constructed in 1965 on a spacious 2.70-acre lot zoned U8. The building totals approximately 43,812 square feet across four floors. The property's acreage permits for an impressive 6:10 parking ratio with approximately 250 surface-level parking spaces. The building is equipped with air conditioning, central heating, a security system, soundproof walls, two elevators, a kitchen, and much more.
This asset has excellent cash flow and value-add potential through the lease-up of vacant space. A new owner could be an investor looking to fill the vacant space with a new tenant, but this is also a prime owner/user opportunity with optionality. The current tenant mix comprises office and mixed-use offices. The property has seen numerous improvements in recent years, including resealing and re-striping the entire parking lot, new roofing, and an extensive office renovation and build-out.
The property has a prime location with fantastic Interstate 90 exposure and immediate freeway access, as well as close proximity to Downtown Cleveland and the Cleveland Hopkins International Airport. With convenient access to the property, commuters can easily reach 25701 N Lakeland Boulevard from a wide geographic area, including Cleveland, University Heights, Highland Heights, Mayfield Heights, Willoughby, and others. The nearby area is mostly industrial, with an Amazon fulfillment center just a couple of blocks away. Some of the nearby retailers include Atlas Cinemas, Chase Bank, CVS Pharmacy, KFC, Pizza Hut, Popeyes, SIMS Buick, Simon's Supermarket, Walgreens Whistle Stop Tavern, and more.
This asset has excellent cash flow and value-add potential through the lease-up of vacant space. A new owner could be an investor looking to fill the vacant space with a new tenant, but this is also a prime owner/user opportunity with optionality. The current tenant mix comprises office and mixed-use offices. The property has seen numerous improvements in recent years, including resealing and re-striping the entire parking lot, new roofing, and an extensive office renovation and build-out.
The property has a prime location with fantastic Interstate 90 exposure and immediate freeway access, as well as close proximity to Downtown Cleveland and the Cleveland Hopkins International Airport. With convenient access to the property, commuters can easily reach 25701 N Lakeland Boulevard from a wide geographic area, including Cleveland, University Heights, Highland Heights, Mayfield Heights, Willoughby, and others. The nearby area is mostly industrial, with an Amazon fulfillment center just a couple of blocks away. Some of the nearby retailers include Atlas Cinemas, Chase Bank, CVS Pharmacy, KFC, Pizza Hut, Popeyes, SIMS Buick, Simon's Supermarket, Walgreens Whistle Stop Tavern, and more.
Property Details
- Class
- B
- Year Built
- 1965
- Stories
- 4
- Property Subtype
- Office Live/Work Unit, Loft/Creative Space, Medical
- Lot Size (sq. ft)
- 117,612 SF
Highlights
- Prime 43,000+ SF office asset positioned excellently along Lakeland Freeway/Interstate 90 in the Cleveland suburb of Euclid.
- Exceptional investment or owner/user opportunity to acquire a 74% leased building with upside through vacancy lease-up or owner occupancy.
- Property has close proximity to Downtown Cleveland, the Cleveland Hopkins International Airport, and the wide-reaching Cleveland metro area.
- Located near a wealth of amenities including CVS Pharmacy, Chase Bank, Pizza Hut, Wendy's, Walgreens, Taco Bell, and many more.
- Strong 10-mile population of over 467,000 residents with a large talent pool that reaches over 220,000 for education/health and business services.
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