Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Willoughby Retail/Office Investment Opportunity Title is generated by Realmo AI

    37111 Euclid Avenue, Willoughby, OH 44094

    View on Map
    Claim this Listing
    For Sale
    $1,700,000

    SINGLE_FAMILY - Willoughby, OH

    Type:Retail
    Property size:
    11,000 SF
    Lot size:
    0.81 Acres
    Price / SF:
    $154/SF
    Added:
    Nov 29, 2024
    Days on Market:
    554
    Last Refresh:
    Jun 6 at 11:06 am

    Property Features for 37111 Euclid Avenue

    General Information

    Property type
    Residential
    Property subtype
    Retail
    Parking
    35
    Standard status
    Active
    APN
    27-A-014-B-00-024-0
    Size
    11,000 SF
    Lot size
    0.81 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Description
    LOT 1 TRACT 14 PART OF BLOCK K
    Tax Annual Amount
    25215

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Water source
    Public

    Building Details

    Year built
    1998

    We can help!

    Listing Contact
    Geoffrey DelGrosso

    Listing agent Geoffrey DelGrosso License #2020002251

    Listing office Keller Williams Greater Cleveland Northeast 7400 Center Street, Mentor, OH

    Listing date Nov 29, 2024

    MLS# 5087351

    Copyright © 2026 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Located in the heart of Willoughby's business district, directly across from a newly constructed national grocery store.
    • Property has nine units with six well‑established tenants and a newly signed lease.
    • Most leases are in place through 2027, providing stable income.
    • Significant capital expenditures (roof, HVAC, front supports, parking lot) completed in the last five years.
    • Opportunity to increase rents as current rates are below market value.
    • Potential to transition leases into NNN leases for increased profitability.

    Overview

    This meticulously maintained retail/office asset is located in the heart of the Willoughby, Ohio business district. The property, with over 11,000 square feet, contains nine units and is occupied by six well-established tenants, with a newly signed lease from a current tenant. Most leases are in place through 2027. Situated directly across the street from a newly constructed national grocery, the property offers room for improvement as current rents are at the low end of the market and can be transitioned into NNN leases. The property has had several capital expenditures completed in the last five years, including a new roof in 2022, new HVAC units from 2017-2021, new front supports in 2023, and a parking lot in 2021. The lot size is 0.81 acres.

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.

    Component $ $/SF
    Gross rent $241.6k $21.96
    − Vacancy −$55.8k −$5.07
    EGI $185.8k $16.89
    − OpEx −$46.4k −$4.22
    NOI $139.3k $12.67
    11,000 SF · lease $21.96/SF/yr · vacancy 23.10% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $1.99M
    $1.74M – $2.32M (±1% cap)
    NOI $139,320 @ 7.0% cap · market cap 8.20%
    Second Best
    Retail
    $1.47M
    $1.29M – $1.72M (±1% cap)
    NOI $103,135 @ 7.0% cap · market cap 6.07%
    Theoretical Best
    Office A
    $2.54M
    $2.22M – $2.96M (±1% cap)
    NOI $177,842 @ 7.0% cap · market cap 10.46%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Metro by T-Mobile Mobile Phone Store Pizza Booyah Restaurant What About Bob's ... Take-out & Catering Exodus Integrity Services, ... Corporate Office K & Em Custom ... Hair Salon

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Willoughby
    County
    Lake
    State
    Ohio
    Longitude
    -81.420951
    Latitude
    41.629339

    Nearby Similar for Sale

    • $2,800,000
      8,700 SF

      Restaurant Investment in Downtown Willoughby

      8,700 SF modern building in a prime location.
      3941 Erie Street, Willoughby, OH 44094
      View Details
    • $1,050,000
      14,533 SF

      Two-Building Industrial Property For Sale

      Two buildings on 1.38 acres with warehouse and office space.
      4421-4429 Hamann Pkwy, Willoughby, OH
      View Details
    • $825,000
      2,134 SF

      Retail with Drive-Thru For Sale

      2,134 SF retail space with drive-thru on 1 AC.
      36751 Euclid Avenue, Willoughby, OH, 44094
      View Details
    • $3,995,000
      56,181 SF

      Willoughby Industrial Facility with Heavy Power

      56,181 SF industrial building on 7.5 acres for sale.
      4803 E 345th St, Willoughby, OH
      View Details
    • $1,000,000
      17,526 SF

      Office, Garage, and Storage Buildings

      Three buildings on 2.74 acres with secure, fenced yard.
      37401 Stevens Blvd, Willoughby, OH
      View Details
    • Contact for pricing
      3,565 SF

      Former Bank Branch For Lease

      3,565 SF former bank branch available for lease or sale.
      9231 Chillicothe Rd, Willoughby, OH
      View Details
    • $320,000
      3,785 SF

      Retail/Office Space in Willoughby, OH

      3,785 SF retail/office building with two units for sale.
      38765-38769 Lake Shore Blvd, Willoughby, OH
      View Details
    • $975,000
      1,400 SF

      Willoughby Office Building For Rent

      6,500 SF office building in the heart of Willoughby.
      35403 Euclid Ave, Willoughby, OH
      View Details
    • $2,000,000
      11,000 SF

      Willoughby Retail/Office Investment Opportunity

      Meticulously maintained retail/office asset in Willoughby's business district.
      37111 Euclid Avenue, Willoughby, OH 44094
      View Details
    • $400,000
      3,700 SF

      Willoughby Retail/Industrial Building For Sale

      3,700 SF retail/industrial building near Downtown Willoughby.
      37930 2nd St street, Willoughby, OH 44094
      View Details
    • Contact for pricing
      46,531 SF

      Medical Office Building Near Hospital

      Medical office building with stable tenancy near University Hospitals.
      36100 Euclid Ave, Willoughby, OH
      View Details
    • Contact for pricing
      10,480 SF

      Willoughby Warehouse on Western Parkway

      10,480 sq ft warehouse in Willoughby, Ohio for sale.
      38227 Western Pkwy, Willoughby, OH 44094
      View Details

    FAQs

    What type of property is this?
    Retail space - Meticulously maintained retail/office asset in Willoughby's business district.
    Where is this retail space located?
    The property is located at 37111 Euclid Avenue Willoughby, OH.
    What is the asking price?
    The asking price for this property is $1,700,000.
    What are key features of this property?
    This property features: Located in the heart of Willoughby's business district, directly across from a newly constructed national grocery store.; Property has nine units with six well‑established tenants and a newly signed lease.; Most leases are in place through 2027, providing stable income.
    (440) 462-9577
    We can help!
    Listing Contact
    Geoffrey DelGrosso
    Real Estate License ID: 2020002251
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    37111 Euclid Avenue, Willoughby, OH 44094
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!