Office - Independence, OH
This unique commercial investment property is located in the heart of Independence behind Town Square Shopping Center. Tenants walk to several banks, the United States Post Office, coffee shop and local restaurants. All of the private offices have been remodeled. The market rent for the 10 private suites is $34,200. Total operating expense including gas, electric, water, sewer, internet and trash removal is $9000 per year. Net income is $25,200. Three units are currently available for rent, or for the owner's use. The three building property enjoys beautiful park like setting overlooking woods and valley. One of the long term tenants is a cigar shop. Snow removal and lawn care is handled by one of the tenants in exchange for reduced rent. Electrical has been updated with separate meters and panels for each of the three buildings. It is rare to find a property in Independence Ohio with a cap rate of 11%. There s some room to add additional square footage, and with some capital improvement, annual income can be further increased. This is the best investment in Independence and Independence property values are poised for continuous appreciation.