Fairview Park MOB | 22710 Fairview Center Dr
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Fairview Park MOB 22710 Fairview Center Dr
11,806 SF 44% Leased Office Building Fairview Park, OH 44126 £1,812,016 (£153/SF) 9.50% Net Initial Yield
Investment Highlights
- Leading Operator – DaVita, Inc. | 2,675 clinics | 200,800 patients
- Value-Add Opportunity – 56% vacancy
- Located Near Airport – Within one mile of Cleveland Hopkins International Airport
- Strong Parent Company– $12.14 billion revenue | $691 million net income | S&P: BB
- Top 50 MSA – Cleveland | Population 2,185,825, Strategically Positioned – Just off Interstate 480
- Excellent Demographics – 209,000 population | $110,000 AHHI (5-mile)
Executive Summary
Northmarq Commercial is pleased to present to qualified investors the opportunity to acquire the fee simple interest in the land and building of a multi-tenant medical- anchored office facility located in Fairview Park, Ohio (the “Property”).
The Property consists of 0.46 acres and a one story, 11,806-square-foot medical office that was built in 2007. It is situated in Fairview Center at the intersection of West 227th Street and Brookpark Road (12,122 VPD) just off Interstate 480 (92,844 VPD) making the site extremely accessible. There are nearly 209,000 in population in a five-mile radius with an average household income in excess of $110,000 annually.
The Primary Tenant is Total Renal Care, Inc., a subsidiary of DaVita, Inc. who occupies 34% of the Property. DaVita has operated at this location since 2008 and retrofitted the space to their exact specifications and strategically selected this site to grow their presence in the Cleveland market. The Tenant recently executed a five (5) year lease expiring February 28, 2029 with three additional five (5) year options with ten percent (10%) increases at the start of each option. The annual rent is currently $70,770 and the lease is NN with limited landlord responsibilities.
In association with: Jeff McKinney - OH Lic. #BRK.2016002560
The Property consists of 0.46 acres and a one story, 11,806-square-foot medical office that was built in 2007. It is situated in Fairview Center at the intersection of West 227th Street and Brookpark Road (12,122 VPD) just off Interstate 480 (92,844 VPD) making the site extremely accessible. There are nearly 209,000 in population in a five-mile radius with an average household income in excess of $110,000 annually.
The Primary Tenant is Total Renal Care, Inc., a subsidiary of DaVita, Inc. who occupies 34% of the Property. DaVita has operated at this location since 2008 and retrofitted the space to their exact specifications and strategically selected this site to grow their presence in the Cleveland market. The Tenant recently executed a five (5) year lease expiring February 28, 2029 with three additional five (5) year options with ten percent (10%) increases at the start of each option. The annual rent is currently $70,770 and the lease is NN with limited landlord responsibilities.
In association with: Jeff McKinney - OH Lic. #BRK.2016002560
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
11,806 SF
Building Class
B
Year Built
2007
Price
£1,812,016
Price Per SF
£153
Net Initial Yield
9.50%
NOI
£172,141
Percent Leased
44%
Tenancy
Multiple
Number of Floors
1
Typical Floor Size
11,806 SF
Building FAR
0.59
Land Acres
0.46 AC
Zoning
OB-2
Parking
59 Spaces (5 Spaces per 1,000 SF Leased)
Amenities
- Yard
- Outdoor Seating
Space Availability
- Space
- Size
- Space Use
- Condition
- Available
- 1st Floor
- 7,423 SF
- Office
- Full Build-Out
- Now
| Space | Size | Space Use | Condition | Available |
| 1st Floor | 7,423 SF | Office | Full Build-Out | Now |
1st Floor
| Size |
| 7,423 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
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PROPERTY TAXES
| Parcel Number | 331-10-045 | Improvements Assessment | £381,812 |
| Land Assessment | £27,345 | Total Assessment | £409,156 |
PROPERTY TAXES
Parcel Number
331-10-045
Land Assessment
£27,345
Improvements Assessment
£381,812
Total Assessment
£409,156
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Fairview Park MOB | 22710 Fairview Center Dr
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