For sale to qualified investors is the majority ownership in a two-building office condo
development known as Summit 1 and Summit 2. The property is exceptionally welllocated
and located on the border of Amherst and Lorain, Ohio, just a block north of
the Oak Point Road interchange with I-90. 63.74% of the development’s ownership is
being sold which gives the investor control over the condo association and ability to
charge and collect management fees along with rent from tenants. Currently 82%
occupied, the property is being offered at only a 9.75% cap rate on in-place NOI, leaving
considerable upside for the investor in leasing remaining vacancies. Projections to
full occupancy show a potential gain in value of over $500K. The property is being
sold for the first time from the original developer and offers a tax abatement in place
for roughly 3 more years. Situated on Oak Point Road just north of the interchange
with Interstate 90, the property is located at a signalized intersection it shares with
Target, Lowe’s, Starbucks, Panera, Crumbl Cookies, Taco Bell, and more. The property
is surrounded by class A medical tenants in a rapidly expanding interchange market.
Nearby medical buildings include The Cleveland Clinic, Akron Children’s Hospital,
Ortho Associates, the Apex Skin clinic, and more.