2651 W Market ST Fairlawn, OH 44333
UPDATED:
Key Details
Property Type Commercial
Sub Type Office
Listing Status Active
Purchase Type For Sale
Subdivision Suburban Acres
MLS Listing ID 5223047
HOA Y/N No
Year Built 1984
Annual Tax Amount $22,470
Tax Year 2025
Lot Size 1.350 Acres
Acres 1.35
Property Sub-Type Office
Property Description
square foot property is 100% occupied and anchored by Cleveland Clinic's urology and surgery center, which has been at this location for over 25 years. The building is strategically positioned in the heart of the Fairlawn retail corridor with excellent visibility on West Market Street, which sees 18,602 vehicles per day. The property features strong investment fundamentals including a weighted average lease term (WALT) of 5.59 years, an 8.12% current cap rate, and an 8.49% cap rate effective April 2027. Below market rents with both tenants having recently exercised their last remaining lease options early, demonstrating strong commitment to the site and huge upside potential to increase the ROI upon the lease expirations. Cleveland Clinic holds an Aa2 credit rating from Moody's, designating it as investment-grade credit. The location benefits from strong demographics with $100,000+ household income and over 100,000 population within a 5-mile radius. The property is positioned less than 2 miles from Route 77 and 1.2 miles from Summit Mall, providing excellent regional accessibility. The building features poured concrete and steel construction with low maintenance requirements and major CapEx investments completed in the last 10 years.
Location
State OH
County Summit
Rooms
Basement Full, Finished, Concrete
Interior
Heating Forced Air, Gas
Cooling Central Air
Fireplace No
Exterior
Parking Features Parking Lot
Fence Partial
Water Access Desc Public
Roof Type Asphalt,Fiberglass,Flat,Membrane,Rubber
Present Use Medical/Dental
Building
Foundation Basement
Sewer Public Sewer
Water Public
Level or Stories Two
Schools
School District Copley-Fairlawn Csd - 7703
Others
Tax ID 0902546
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Special Listing Condition Standard
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