2-Tenant, NNN Office | 10-Yr Leases w/Bumps 3711 Chester Ave 92,279 SF 100% Leased Office Building Cleveland, OH 44114 £6,557,886 (£71.07/SF) 8.58% Net Initial Yield
INVESTMENT HIGHLIGHTS
- Incredible Investment Opportunity: 2-tenant, NNN office building with newly built-out tenant spaces on recent extension and lease executions
- Extremely high traveled Chester Avenue with over 40,000 vehicles per day surrounding the building
- Main business corridor positioned between Downtown Cleveland, Cleveland State & the Cleveland Clinic, Cleveland’s largest employer
- CHN Housing Partners relocation and expansion, while self-funding approximately $3,045,000 to their build-out, designed to meet their specific needs
- Advantageously located with convenient highway access: 0.5 miles to I-90, connecting to all other Cleveland highway systems with over 134,000 VPD
- Strong Employment Base: The Cleveland Clinic Foundation, University Hospitals and MetroHealth Medical Center
EXECUTIVE SUMMARY
-Strong Employment Base: The Cleveland Clinic, University Hospitals and MetroHealth Medical Center, as well as American Greetings, Eaton Corp., Sherwin-Williams, KeyBank, Progressive Insurance, First Energy, TRW, Goodyear Tire, RPM International, Diebold, Parker-Hannifin, A.Schulman, Timken, J. Smuckers, Nestle, Cliffs Natural Resources, Travel Centers of America, NASA Glenn Research Center, Nestle, Cintas and Jones Day
-Main business corridor positioned between Downtown Cleveland, Cleveland State University & the Cleveland Clinic, Cleveland’s largest employer
-Ideal geographic location: densely populated county seat and just 13 miles to Cleveland Hopkins International Airport
-Main business corridor positioned between Downtown Cleveland, Cleveland State University & the Cleveland Clinic, Cleveland’s largest employer
-Ideal geographic location: densely populated county seat and just 13 miles to Cleveland Hopkins International Airport
PROPERTY FACTS
Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Office
Property Subtype
Building Size
92,279 SF
Building Class
B
Year Built/Renovated
1920/2004
Price
£6,557,886
Price Per SF
£71.07
Net Initial Yield
8.58%
NOI
£562,462
Percent Leased
100%
Tenancy
Multiple
Number of Floors
4
Typical Floor Size
23,070 SF
Building FAR
0.98
Lot Size
2.17 AC
Opportunity Zone
Yes
Zoning
GR-C2, Cleveland
Parking
337 Spaces (3.65 Spaces per 1,000 SF Leased)
AMENITIES
- Fenced Plot
- Basement
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
- CHN Housing
- -
- -
- -
- NNN
- Dec 2034
-
- Professional, Scientific, and Technical Services
- -
- -
- NNN
- Jun 2034
Revenue Group, based in Cleveland, Ohio a leading accounts receivable management company, was established in 1994 by John J. Sheehan, III. The company was founded with commitment to exceeding client expectations while maintaining an exceptional industry reputation. Revenue Group has grown to become a leader in the industry. Revenue Group aims to be a premier full service agency, always representing their clients with the highest possible regard. Their success is measured not only by financial achievement, but by the high level of opportunity offered to their team members, the relationships treasured with their clients, and a commitment to integrity within the community.
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
| CHN Housing | - | - | - | NNN | Dec 2034 | |
|
|
Professional, Scientific, and Technical Services | - | - | NNN | Jun 2034 |
1 of 1
Walk Score®
Very Walkable (72)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | £1,023,132 | |
| Land Assessment | £178,555 | Total Assessment | £1,201,687 |
