Office

Cannon Road Office Center

26901 Cannon Rd, Bedford Heights, OH 44146

Listing Price: $2,369,000

Cap Rate
10.01%
Gross SF
26,580
Rentable SF
26,580
Price/Gross SF
$89.13
Lot Size
1.90 acres
Year Built
2000

Investment Overview

Marcus & Millichap has been exclusively retained to arrange the sale of the 26901 Cannon Road, a flexible space property, located along the Cannon Road industrial corridor on border of Bedford Heights and Solon. The submarket consists mainly of small to mid-size multi tenant flex buildings and larger single tenant corporate facilities. 26901 Cannon Road is situated conveniently between US Route 422, Interstate 480, and Interstate 271 approximately 12 miles from the Cleveland CBD, allowing for easily access for tenants customers and employees alike. The Solon/Bedford Heights submarket is an established commercial community creating an environment where companies can compete globally do to easy access to a skilled workforce and prime business location. Cuyahoga County, Ohio is located in the middle of Americas largest concentration of consumer and industrial markets. It is in the center of a 500 mile circle that contains half the population of the United States and Canada.

This 26,580 square foot multi-tenant office flex space property is currently 89% occupied, offering the investor a bit of upside through lease up. The property was renovated in 2013 and sits on just under 2 park like acres, the owner has maintained the property with pride and there is little if any deferred maintenance. The asset has 16 foot clear heights in the warehouse portions of the property and is currently configured with two drive-in overhead doors. The largest tenant, Hattie Larlham has been renting at the property since 2013 and balance of the tenants moved in shortly after stabilizing the property.

Priced at $2,369,000, 26901 Cannon Road with modest leverage will provide an investor with a cash on cash return of 17.83% and total return of 23.19%. These numbers are based off of current income statement numbers and a quote from a local relationship lender who is ready to lend on the deal.

Investment Highlights

  • 26,580 Square-Foot Property With No Deferred Maintenance
  • Desired Suburban Cleveland, Ohio Market, 25 Minutes to CBD Core
  • Class A Flex Property in Park Like Setting, High End Finishes Inside and Out
  • Turn Key - 89 Percent Occupied

Exclusively Listed By

Listing Price: $2,369,000

Cap Rate
10.01%
Gross SF
26,580
Rentable SF
26,580
Price/Gross SF
$89.13
Lot Size
1.90 acres
Year Built
2000

Investment Highlights

  • 26,580 Square-Foot Property With No Deferred Maintenance
  • Desired Suburban Cleveland, Ohio Market, 25 Minutes to CBD Core
  • Class A Flex Property in Park Like Setting, High End Finishes Inside and Out
  • Turn Key - 89 Percent Occupied

Investment Overview

Marcus & Millichap has been exclusively retained to arrange the sale of the 26901 Cannon Road, a flexible space property, located along the Cannon Road industrial corridor on border of Bedford Heights and Solon. The submarket consists mainly of small to mid-size multi tenant flex buildings and larger single tenant corporate facilities. 26901 Cannon Road is situated conveniently between US Route 422, Interstate 480, and Interstate 271 approximately 12 miles from the Cleveland CBD, allowing for easily access for tenants customers and employees alike. The Solon/Bedford Heights submarket is an established commercial community creating an environment where companies can compete globally do to easy access to a skilled workforce and prime business location. Cuyahoga County, Ohio is located in the middle of Americas largest concentration of consumer and industrial markets. It is in the center of a 500 mile circle that contains half the population of the United States and Canada.

This 26,580 square foot multi-tenant office flex space property is currently 89% occupied, offering the investor a bit of upside through lease up. The property was renovated in 2013 and sits on just under 2 park like acres, the owner has maintained the property with pride and there is little if any deferred maintenance. The asset has 16 foot clear heights in the warehouse portions of the property and is currently configured with two drive-in overhead doors. The largest tenant, Hattie Larlham has been renting at the property since 2013 and balance of the tenants moved in shortly after stabilizing the property.

Priced at $2,369,000, 26901 Cannon Road with modest leverage will provide an investor with a cash on cash return of 17.83% and total return of 23.19%. These numbers are based off of current income statement numbers and a quote from a local relationship lender who is ready to lend on the deal.

Exclusively Listed By

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