Rockside Square
Office | 9.00% CAP | 155,788 SqFt
Marketing description
The City of Independence has long served as one of Northeast Ohio's premier business and commercial destinations, offering a unique blend of regional accessibility, corporate presence, and economic stability. Positioned approximately 10 miles south of Downtown Cleveland, Independence benefits from its strategic location at the crossroads of several major interstate corridors while maintaining the convenience and amenities of an affluent suburban community. As one of Cuyahoga County's most established office and hospitality markets, Independence continues to attract businesses, residents, and visitors seeking a central location with exceptional connectivity and a strong economic foundation. Rockside Square benefits from its position within one of the region's most active commercial corridors, serving both the local community and the broader Cleveland metropolitan area.
The city's connectivity has played a significant role in its continued growth and prominence. Independence is situated at the intersection of Interstate 77, Interstate 480, and State Route 21 (Brecksville Road), providing direct access to Downtown Cleveland, Akron, Cleveland Hopkins International Airport, and the broader Midwest. Interstate 271 and Interstate 80 (Ohio Turnpike) are also accessible within a short drive, reinforcing the city's reputation as a preferred destination for corporate users, hotels, and retailers. Cleveland Hopkins International Airport, Ohio's busiest airport, is located approximately 12 miles west of the property, Akron is 30 miles directly South via I-77, with Downtown Cleveland is less than 15 minutes away directly North on I-77, providing convenient access for both business and leisure travelers.
Independence's economy is anchored by a diverse mix of healthcare, professional services, hospitality, finance, and advanced manufacturing. The community is home to more than 800 businesses and has established itself as one of Northeast Ohio's most significant employment centers outside of Downtown Cleveland. Major employers include CBIZ (headquarters less than 1 mile away, ~10,000 employees’ company-wide), Heidelberg Distributing (~4 miles away, ~1,600 employees’ company-wide) Independence Excavating (~1 mile away, ~1,000 employees), GrafTech International (global headquarters located ~3 miles away, ~1,100 employees’ company-wide), and numerous professional service firms throughout the Rockside Road corridor. The city also benefits from its proximity to the broader Cleveland market, which is anchored by nationally recognized employers including Progressive Insurance, Sherwin-Williams, KeyBank, Eaton, Parker-Hannifin, and the Cleveland Clinic.
Healthcare remains one of the region's strongest economic drivers. Independence is positioned within close proximity to several of Northeast Ohio's leading healthcare systems, including the Cleveland Clinic, University Hospitals, and MetroHealth. Cleveland Clinic's Main Campus, located approximately 10 miles northeast, employs more than 83,000 people system-wide and encompasses over 6,700 beds across its global network, including its 1,300-bed flagship campus. University Hospitals Cleveland Medical Center, approximately 10 miles northeast, offers more than 1,000 beds and serves as one of the region's leading academic medical centers. MetroHealth Medical Center, approximately 7 miles northwest, recently completed a transformative campus modernization project and remains one of Northeast Ohio's largest public healthcare providers with more than 700 beds. Together, these institutions have helped position Cleveland as a nationally recognized healthcare and biomedical research hub.
Education and workforce development continue to support Independence's long-term outlook. The Independence Local School District is consistently recognized among the stronger public-school systems in Northeast Ohio, serving approximately 1,100 students across its elementary, middle, and high schools. The region is further supported by a robust higher education network led by Cleveland State University (approximately 9 miles north, 14,000+ students and 1,200+ faculty), Case Western Reserve University (approximately 10 miles northeast, 12,300+ students and 4,000+ faculty), John Carroll University (approximately 11 miles northeast, 3,900+ students), Baldwin Wallace University (approximately 14 miles west, 3,000+ students), and Cuyahoga Community College, which serves more than 41,000 students annually across multiple campuses. These institutions provide a highly educated workforce and a steady pipeline of talent for the area's employers.
Beyond its economic fundamentals, Independence offers a quality of life supported by extensive amenities and recreational opportunities. The Rockside Road corridor is home to a dense concentration of hotels, restaurants, office campuses, and retail destinations, making it one of the most active commercial districts in Northeast Ohio. Nearby attractions include the Cuyahoga Valley National Park, Topgolf, numerous country clubs, and the cultural, entertainment, and professional sports offerings of Downtown Cleveland, including Progressive Field, Huntington Bank Field, Rocket Arena, Playhouse Square, and the Rock & Roll Hall of Fame. Combined with easy access to the region's major employment centers and transportation infrastructure, Independence provides an attractive balance of suburban convenience and metropolitan accessibility.
With its strategic location, established commercial corridors, diverse employment base, and longstanding role as a regional business destination, Independence continues to offer the stability and connectivity that support long-term commercial investment throughout Northeast Ohio.
Investment highlights
- 93% Occupied Asset at Low $117 Per Square Foot Sales Price: Far Below Replacement Value, High 9.00% CAP Rate & Anticipated Year-1 Cash-on-Cash Return of 12.41%
- Irreplaceable Cleveland Suburban Office Location: Directly Off I-77 on the Renowned Rockside Road Corporate Corridor, Home to Over 800 Businesses, Hotels, Restaurants, and Professional Service Firms
- Future NOI Growth & Upside: Most Tenants Have Annual Rental Increases for Continual Income Growth & Remaining Upside Through Lease-Up of Vacant Units
- Affluent Corporate Trade Area: Average Household Incomes Approaching $182,000 Within One Mile, Exceeding $100,000 Within Three Miles, and More Than 211,000 Residents Within a Five-Mile Radius
- Proven Rent Roll Stability: All Anchor Tenants Signed to Long-Term Leases with Increase over Base Year Structure with Average occupancy Over 90% Over the Last 10 Years, Demonstrating Consistent Demand/Stability
- Signalized, Full-Access Entrance with Monument Signage: Along Rockside Road (30,000+ VPD) Providing Excellent Visibility, Convenient Ingress/Egress, and Direct Connectivity to I-77 (201,000+ VPD), I-480 (165,000+ VPD) and the Greater Cleveland Market
- Diverse Tenant Mix: Great Mix of International, National, & Regional Tenured Tenants with Consistent Renewals
- Exceptional Tenant Amenities: Including Modern Fitness Center with Showers, Conference Facilities, Outdoor Patio Areas, Electronic Tenant Directories, and On-Site Vending
- Extensively Updated Asset: Several Recent Building Upgrades with Most of Building Mechanical Systems Replaced & Brand New 10-Year Roof Warranties for Both Buildings
- Centralized Northeast Ohio Location: Approximately 15 Minutes to Downtown Cleveland, 15 Minutes to Cleveland Hopkins International Airport, 30 Minutes to Akron and Within Easy Reach of Every Major Employment Center in the Cleveland MSA
- Strong Employment Base: Headquarters of CBIZ (Approximately 10,000 Employees Company-Wide, Less Than 1 Mile), Heidelberg Distributing (~1,600 Company-Wide Employees, 4 Miles), Independence Excavating (~1,000 Employees, 1 Mile), GrafTech International (~1,100 Company-Wide Employees, 3 Miles), Along with More Than 300 Businesses Throughout Independence's Premier Rockside Road Office Corridor
- Walkable Business Environment: Surrounded by Numerous Hotels, Restaurants, Entertainment Venues, and Everyday Conveniences Within the Rockside Road Corporate Corridor
- Minutes from World-Class Healthcare: Cleveland Clinic (~10 Miles Northeast, ~1,300 Beds, 83,000 Employees System-Wide), University Hospitals (~10 Miles Northeast, 1,000+ Beds, 16,000 Employees System-Wide), and MetroHealth Systems (~7 Miles Northeast, 700+ Beds)
- Close Proximity to Downtown Cleveland's Business, Entertainment, and Cultural District: Including Progressive Field, Rocket Arena, Playhouse Square, the Rock & Roll Hall of Fame, and the Cleveland Convention Center
- Executive Housing & Workforce: Surrounded by Affluent and Established Cleveland Suburbs Including Independence, Brecksville, Broadview Heights, Seven Hills, and Parma
Listing Contacts
Valuation Calculator
Valuation Metrics
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Is there information that looks off?



