First Merit Bank | 1871 Bailey Rd
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First Merit Bank 1871 Bailey Rd
18,300 SF 75% Leased Office Building Cuyahoga Falls, OH 44221 $848,000 ($46/SF) 9% Cap Rate
Investment Highlights
- 75% Occupied Multi-Tenant Medical Office Located in Akron MSA | E-Commerce & Recession Proof Tenant Mix
- New 5-Year Leases Limiting Rollover Exposure | Opportunity to Acquire a Class B, Multi-Tenant Office with Medical Tenants and Upside to the Occupancy
- 14,322 Rentable SF | 1.34 Acres | Major Tenants Includes Child Guidance & Family Solutions and Paradise Home Healthcare
- New Roof at the Property, Just Replaced in 2024
Executive Summary
Marcus & Millichap is pleased to present the 1871 Bailey Road Building, located in Cuyahoga Falls,
Ohio. The asset is the signature property at the corner of Bailey Road and Northmorland
Boulevard. It is a 14,322 SF, 75% occupied multitenant office property built in 1973 with a
unique, high-quality primarily medical tenant mix located in the Akron MSA. The major
tenant, Child Guidance & Family Services occupies over half of the building . The
remainder of the building is occupied by other medical professional service tenants. The
subject property rests on approximately 1.34 acres and is positioned within less than a
mile south of the Ohio State Route 8 intersection (92,400+ VPD) the major interstate
connecting Cleveland and Akron.
Ohio. The asset is the signature property at the corner of Bailey Road and Northmorland
Boulevard. It is a 14,322 SF, 75% occupied multitenant office property built in 1973 with a
unique, high-quality primarily medical tenant mix located in the Akron MSA. The major
tenant, Child Guidance & Family Services occupies over half of the building . The
remainder of the building is occupied by other medical professional service tenants. The
subject property rests on approximately 1.34 acres and is positioned within less than a
mile south of the Ohio State Route 8 intersection (92,400+ VPD) the major interstate
connecting Cleveland and Akron.
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
18,300 SF
Building Class
B
Year Built/Renovated
1973/2019
Price
$848,000
Price Per SF
$46
Cap Rate
9%
NOI
$76,335
Percent Leased
75%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
6,100 SF
Slab To Slab
14’
Building FAR
0.31
Land Acres
1.34 AC
Parking
140 Spaces (3.41 Spaces per 1,000 SF Leased)
Amenities
- Banking
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PROPERTY TAXES
| Parcel Number | 02-20163 | Improvements Assessment | $337,512 |
| Land Assessment | $50,575 | Total Assessment | $388,087 |
PROPERTY TAXES
Parcel Number
02-20163
Land Assessment
$50,575
Improvements Assessment
$337,512
Total Assessment
$388,087
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Ryan Moore -
Marcus & Millichap
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First Merit Bank | 1871 Bailey Rd
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