2032 Front St, Cuyahoga Falls, OH

2032 Front Street, Cuyahoga Falls, OH, 44221

Acquisition Date: June 2018
Acquisition Price: $625,000
Acquisition Cap Rate: 7.6%
Current Market Value: $635,000
Building Size: 10,981 SF
Acquisition Cost per SF:  $56.90
Property Type: Office/Retail Value-Add
Tenants: Adecco Staffing, Yokohama
Occupancy: 36% (multiple tenants)

Highlights:  This property is an office/retail building in the heart of the revitalized downtown area of Cuyahoga Falls, OH (Akron MSA), with a parking deck on top, which the property has full access to, but which the city maintains at its own cost.  The seller was very motivated for personal reasons, the market’s commercial growth was good but uncertain in light of the city’s reopening of Front St to vehicular traffic for the first time in 40 years, and all tenants’ leases were all expiring within 2 months of closing, resulting in a favorable acquisition price due to the perceived risk.  Through extensive due diligence, including determining that all rents were below market, Envision determined that the property offered substantial upside. Moreover, the historical occupancy of the in-place credit tenants was exceptional, and Envision determined their desire to remain long-term after closing.  As a result, the deal represents a low-risk transaction with above market yields.

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