703 Cleveland Massillon RdFairlawn, OH 44333

For Sale
$19,900,000

97,845 SF, 100% Occupied, High NOI

Overview

Added:
Dec 11, 2024
Days on market:
92
This exceptional Class A office building, totaling 97,845 square feet, boasts 100% occupancy and a strong net operating income (NOI) of $1,761,210. Located in Fairlawn, Ohio, at 703 S Cleveland Massillon Rd, this fee-simple property sits on a 4.24-acre lot and features a desirable NNN lease structure, ensuring minimal landlord responsibilities. The building, constructed in 2007 and extensively renovated between 2018 and 2023, is the headquarters for ContiTech, a division of Continental AG, a globally recognized company with an investment-grade credit rating and annual revenue exceeding $44 billion. ContiTech occupies 83,416 square feet under an NNN lease with two five-year options remaining, including a 10% rent increase in the first option. The remaining 14,429 square feet is leased to LyondellBasell, another Fortune 500 company. The property includes lab space, showrooms, and executive offices, catering to a variety of business needs. The asking price is $19,900,000, representing a compelling cap rate of 8.85%. The property benefits from a highly visible hard corner location on State Route 77, experiencing high daily traffic volume. It's situated within a thriving retail corridor and enjoys proximity to major thoroughfares, offering easy access to neighboring cities. The surrounding area features a dense and affluent population, with average household incomes exceeding $130,883. The property is also strategically located within the Cleveland-Akron Combined Statistical Area (CSA), a region with a population exceeding 3.6 million. Assumable non-recourse financing is available, featuring a below-market interest rate of 4.95%, with approximately four years until maturity. This presents a unique opportunity to acquire a high-quality, income-producing asset in a prime location.

Highlights

  • Class A, 97,845 SF office building in Fairlawn, OH, with 100% occupancy and $1,761,210 NOI.
  • Fee-simple ownership on a 4.24-acre lot, featuring a desirable NNN lease structure.
  • Anchored by ContiTech (Continental AG), a globally recognized company, with 83,416 SF under an NNN lease with two 5-year options and a 10% rent increase in the first option.
  • Additional 14,429 SF leased to LyondellBasell, another Fortune 500 company.
  • $19,900,000 asking price, representing an 8.85% cap rate.
  • High-visibility location on State Route 77, with assumable, below-market financing (4.95% interest rate, ~4 years remaining).

Property Details for 703 Cleveland Massillon Rd

Property type
Other office properties, Medical offices
Square Feet
97,845 SF
Class
A
Year Built/Renovated
2007/2018
Lot Size (sq. ft)
184,694 SF

Location Insight

City
Fairlawn
County
Summit
State
Ohio
Latitude
41.1181887
Longitude
-81.6388122
703 Cleveland Massillon Rd, Fairlawn, Ohio

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
703 Cleveland Massillon Rd
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message