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Executive Plaza III

135 Merchant St, Springdale, OH 45246

Listing Price: $8,945,000

Cap Rate
8.75%
Gross SF
89,329
Rentable SF
89,329
Price/Gross SF
$100.14
Lot Size
5.56 acres
Year Built
1998

Investment Overview

Marcus & Millichap is pleased to exclusively present to market Executive Plaza III, located in Springdale, Ohio, a northwestern suburb of Cincinnati also referred to as the Tri-County Area. The City of Springdale is located in northern Hamilton County, approximately twenty miles from downtown Cincinnati. Bisected by Interstate-275 and bordered by Interstate-75, it is the home of a highly developed commercial/industrial community, as well as stable, well maintained residential neighborhoods.

Executive Plaza III, located at 135 Merchant Street, is an 89,327 square-foot, three story, Class A Professional Office Building within a dense office park right off of the I-275 and I-75 interchange. The Subject Property was built in 1998, featuring Steel Construction. The Executive Plaza III Office Building is currently operating at 82% occupancy, across just four tenants, while anchored by the Ohio Bureau of Workers Compensation in 42.03% of the Net Leasable Area. They are also joined by Process Plus that anchors 35.36% of the NLA through May-2026.

The Executive Plaza III Office Building is offered to market asking $8,945,000, which reflects a below replacement cost value of$100.14 per square-foot, and an 8.75% CAP Rate on Actuals. With nearly 20% vacancy upside, the Subject Property offers excellent upside to any future investors and is priced to sell.

Investment Highlights

  • 89,327 Square-Foot Class A Professional Office Building | Cincinnati MSA
  • 1998 Steel Construction | 5.56 Acre Lot | 4.60/1,000 Square-Feet Parking Ratio
  • Strategically located just off I-275 and I-75 Interchange | Springdale, Ohio
  • Currently Operating at 82% Occupancy | Only Four Tenants | 18% Vacancy Upside
  • Anchored by Ohio Bureau of Workers Compensation (42% NLA) & Process Plus (35% NLA)
  • Excellent Pathway to Value-Add with Single, Contiguous Vacancy of 15,946 Square-Feet

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (216) 264-2000

    License(s) OH: BRK.2007005898

    Ohio

Listing Price: $8,945,000

Cap Rate
8.75%
Gross SF
89,329
Rentable SF
89,329
Price/Gross SF
$100.14
Lot Size
5.56 acres
Year Built
1998

Investment Highlights

  • 89,327 Square-Foot Class A Professional Office Building | Cincinnati MSA
  • 1998 Steel Construction | 5.56 Acre Lot | 4.60/1,000 Square-Feet Parking Ratio
  • Strategically located just off I-275 and I-75 Interchange | Springdale, Ohio
  • Currently Operating at 82% Occupancy | Only Four Tenants | 18% Vacancy Upside
  • Anchored by Ohio Bureau of Workers Compensation (42% NLA) & Process Plus (35% NLA)
  • Excellent Pathway to Value-Add with Single, Contiguous Vacancy of 15,946 Square-Feet

Investment Overview

Marcus & Millichap is pleased to exclusively present to market Executive Plaza III, located in Springdale, Ohio, a northwestern suburb of Cincinnati also referred to as the Tri-County Area. The City of Springdale is located in northern Hamilton County, approximately twenty miles from downtown Cincinnati. Bisected by Interstate-275 and bordered by Interstate-75, it is the home of a highly developed commercial/industrial community, as well as stable, well maintained residential neighborhoods.

Executive Plaza III, located at 135 Merchant Street, is an 89,327 square-foot, three story, Class A Professional Office Building within a dense office park right off of the I-275 and I-75 interchange. The Subject Property was built in 1998, featuring Steel Construction. The Executive Plaza III Office Building is currently operating at 82% occupancy, across just four tenants, while anchored by the Ohio Bureau of Workers Compensation in 42.03% of the Net Leasable Area. They are also joined by Process Plus that anchors 35.36% of the NLA through May-2026.

The Executive Plaza III Office Building is offered to market asking $8,945,000, which reflects a below replacement cost value of$100.14 per square-foot, and an 8.75% CAP Rate on Actuals. With nearly 20% vacancy upside, the Subject Property offers excellent upside to any future investors and is priced to sell.

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (216) 264-2000

    License(s): OH: BRK.2007005898

    Ohio

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