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Rockside 9% CAP Irreplaceable Investment 2 Office Properties Offered at $25,845,609 CAD in Independence, OH



Investment Highlights
- 93% Occupied Asset at Low $117/S.F. Sales Price: Far Below Replacement Value, High 9.00% CAP Rate & Anticipated Year-1 Cash-on-Cash Return of 12.41%
- Irreplaceable Suburban Office Location: Directly Off I-77 (201k Vehicles Per Day) on Renowned Rockside Road Corporate Corridor (31K Vehicles Per Day)
- Dedicated Signalized, Full-Access Entrance w/ Monument Signage | Corridor Home to 800+ Businesses, Hotels, Restaurants, & Professional Service Firms
- Affluent Corporate Trade Area: Average Household Incomes $182k Within 1 Mile, Exceeding $100k Within 3 Miles, & More Than 211k Residents in 5 miles
- Rent Roll Stability: All Anchor Tenants Signed to Long-Term Leases w/ Increase over Base Year Structure w/ Avg. occupancy Over 90% Over Past 10 Years
- Exceptional Tenant Amenities: Modern Fitness Center with Showers, Conference Facilities, Outdoor Patio Areas, Electronic Tenant Directories & Vending
Executive Summary
(CONTACT TO REQUEST FULL OFFERING MEMORANDUM)
• 93% Occupied Asset at Low $117 Per Square Foot Sales Price Far Below Replacement Value, High 9.00% CAP Rate & Anticipated Year-1 Cash-on-Cash Return of 12.41%
• Irreplaceable Cleveland Suburban Office Location: Directly Off I-77 on the Renowned Rockside Road Corporate Corridor, Home to Over 800 Businesses, Hotels, Restaurants, and Professional Service Firms
• Future NOI Growth & Upside: Most Tenants Have Annual Rental Increases for Continual Income Growth & Remaining Upside Through Lease-Up of Vacant Units
• Affluent Corporate Trade Area with Average Household Incomes Approaching $182,000 Within One Mile, Exceeding $100,000 Within Three Miles, and More Than 211,000 Residents Within a Five-Mile Radius
• All Anchor Tenants Signed to Long-Term Leases with Increase over Base Year Structure with Average occupancy Over 90% Over the Last 10 Years, Demonstrating Consistent Demand/Stability
• Signalized, Full-Access Entrance with Monument Signage Along Rockside Road (30,000+ VPD) Providing Excellent Visibility, Convenient Ingress/Egress, and Direct Connectivity to I-77 (201,000+ VPD), I-480 (165,000+ VPD) and the Greater Cleveland Market
• Great Mix of International, National, & Regional Tenured Tenants with Consistent Renewals
• Modern Tenant Amenities Including Modern Fitness Center with Showers, Conference Facilities, Outdoor Patio Areas, Electronic Tenant Directories, and On-Site Vending
• Several Recent Building Upgrades with Most of Building Mechanical Systems Replaced & Brand New 10-Year Roof Warranties for Both Buildings
• Centralized Northeast Ohio Location: Approximately 15 Minutes to Downtown Cleveland, 15 Minutes to Cleveland Hopkins International Airport, 30 Minutes to Akron and Within Easy Reach of Every Major Employment Center in the Cleveland MSA
• Strong Employment Base: Headquarters of CBIZ (Approximately 10,000 Employees Company-Wide, Less Than 1 Mile), Heidelberg Distributing (~1,600 Company-Wide Employees, 4 Miles), Independence Excavating (~1,000 Employees, 1 Mile), GrafTech International (~1,100 Company-Wide Employees, 3 Miles), Along with More Than 300 Businesses Throughout Independence's Premier Rockside Road Office Corridor
• Walkable Business Environment Surrounded by Numerous Hotels, Restaurants, Entertainment Venues, and Everyday Conveniences Within the Rockside Road Corporate Corridor
• Minutes from the World-Renowned Cleveland Clinic (~10 Miles Northeast, ~1,300 Beds, 83,000 Employees System-Wide), University Hospitals (~10 Miles Northeast, 1,000+ Beds, 16,000 Employees System-Wide), and MetroHealth Systems (~7 Miles Northeast, 700+ Beds)
• Close Proximity to Downtown Cleveland's Business, Entertainment, and Cultural District, Including Progressive Field, Rocket Arena, Playhouse Square, the Rock & Roll Hall of Fame, and the Cleveland Convention Center
• Surrounded by Affluent and Established Cleveland Suburbs Including Independence, Brecksville, Broadview Heights, Seven Hills, and Parma, Providing a Strong Executive Housing Base and Highly Educated Workforce
• 93% Occupied Asset at Low $117 Per Square Foot Sales Price Far Below Replacement Value, High 9.00% CAP Rate & Anticipated Year-1 Cash-on-Cash Return of 12.41%
• Irreplaceable Cleveland Suburban Office Location: Directly Off I-77 on the Renowned Rockside Road Corporate Corridor, Home to Over 800 Businesses, Hotels, Restaurants, and Professional Service Firms
• Future NOI Growth & Upside: Most Tenants Have Annual Rental Increases for Continual Income Growth & Remaining Upside Through Lease-Up of Vacant Units
• Affluent Corporate Trade Area with Average Household Incomes Approaching $182,000 Within One Mile, Exceeding $100,000 Within Three Miles, and More Than 211,000 Residents Within a Five-Mile Radius
• All Anchor Tenants Signed to Long-Term Leases with Increase over Base Year Structure with Average occupancy Over 90% Over the Last 10 Years, Demonstrating Consistent Demand/Stability
• Signalized, Full-Access Entrance with Monument Signage Along Rockside Road (30,000+ VPD) Providing Excellent Visibility, Convenient Ingress/Egress, and Direct Connectivity to I-77 (201,000+ VPD), I-480 (165,000+ VPD) and the Greater Cleveland Market
• Great Mix of International, National, & Regional Tenured Tenants with Consistent Renewals
• Modern Tenant Amenities Including Modern Fitness Center with Showers, Conference Facilities, Outdoor Patio Areas, Electronic Tenant Directories, and On-Site Vending
• Several Recent Building Upgrades with Most of Building Mechanical Systems Replaced & Brand New 10-Year Roof Warranties for Both Buildings
• Centralized Northeast Ohio Location: Approximately 15 Minutes to Downtown Cleveland, 15 Minutes to Cleveland Hopkins International Airport, 30 Minutes to Akron and Within Easy Reach of Every Major Employment Center in the Cleveland MSA
• Strong Employment Base: Headquarters of CBIZ (Approximately 10,000 Employees Company-Wide, Less Than 1 Mile), Heidelberg Distributing (~1,600 Company-Wide Employees, 4 Miles), Independence Excavating (~1,000 Employees, 1 Mile), GrafTech International (~1,100 Company-Wide Employees, 3 Miles), Along with More Than 300 Businesses Throughout Independence's Premier Rockside Road Office Corridor
• Walkable Business Environment Surrounded by Numerous Hotels, Restaurants, Entertainment Venues, and Everyday Conveniences Within the Rockside Road Corporate Corridor
• Minutes from the World-Renowned Cleveland Clinic (~10 Miles Northeast, ~1,300 Beds, 83,000 Employees System-Wide), University Hospitals (~10 Miles Northeast, 1,000+ Beds, 16,000 Employees System-Wide), and MetroHealth Systems (~7 Miles Northeast, 700+ Beds)
• Close Proximity to Downtown Cleveland's Business, Entertainment, and Cultural District, Including Progressive Field, Rocket Arena, Playhouse Square, the Rock & Roll Hall of Fame, and the Cleveland Convention Center
• Surrounded by Affluent and Established Cleveland Suburbs Including Independence, Brecksville, Broadview Heights, Seven Hills, and Parma, Providing a Strong Executive Housing Base and Highly Educated Workforce
Property Facts
| Price | $25,845,609 CAD | Number of Properties | 2 |
| Price / SF | $165.09 CAD / SF | Individually For Sale | 0 |
| Cap Rate | 9% | Total Building Size | 156,553 SF |
| Sale Type | Investment | Total Land Area | 11.37 AC |
| Status | Active |
| Price | $25,845,609 CAD |
| Price / SF | $165.09 CAD / SF |
| Cap Rate | 9% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 156,553 SF |
| Total Land Area | 11.37 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
|
Rockside Square One
6155 Rockside Rd, Independence, OH 44131 |
Office | 80,000 SF | 1979 | - |
|
Rockside Square Two
6133 Rockside Rd, Independence, OH 44131 |
Office | 76,553 SF | 1981 | - |
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