Retail Shopping Center
For Sale
Contact for pricing
1020-1032 S Broadway, Geneva, OH 44041
Built in 2007 and totaling 8,990 SF within a 1.5-acre lot, this shopping center offers multiple storefront spaces.
Property Size8,990 SF
Lot Size1.50 Acres
Price / SF$149.15
Days on Market373
Property Features for 1020-1032 S Broadway
General Information
Standard status
Active
Size
8,990 SF
Lot size
1.50 Acres
Property subtype
RETAIL
Site & Location
Traffic Count
12,000 vehicles/day
Highway Access
Yes
Building Details
Year Built
2007
Listing Agency:
Legacy Real Estate Advisors
(248) 450-3257
Listed By:
Dominic Shamany · License ##6506047766
(248) 450-3259
Source:
Moodyscre
Added: Sep 5, 2025
Changed: Aug 16
Last Checked: Sep 11 at 8:36AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Legacy Real Estate Advisors
Investment Insights
Based on property information with market context.
Colonel's Plaza is a shopping center building in Geneva, Ohio, constructed in 2007. The property consists of an 8,990 SF building on a 1.5-acre lot, with multiple storefront spaces at 1020–1032 S Broadway.
The site is described as being minutes from I-90, and the provided materials include traffic counts of 12,000+ vehicles passing the site daily on S Broadway, along with a stated 10,000+ people within a 3-mile radius.
A rent example for Cleveland OBGYN is referenced, with the effective date shown as 8/1/2025 and a seller credit described as the difference at closing.
The site is described as being minutes from I-90, and the provided materials include traffic counts of 12,000+ vehicles passing the site daily on S Broadway, along with a stated 10,000+ people within a 3-mile radius.
A rent example for Cleveland OBGYN is referenced, with the effective date shown as 8/1/2025 and a seller credit described as the difference at closing.
Key Highlights
- Colonel's Plaza shopping center in Geneva, OH within the Cleveland, OH MSA
- 8,990 SF building built in 2007 on a 1.5‑acre lot
- Traffic counts show 12,000+ vehicles pass the site daily on S Broadway
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$110,329
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.23%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,206,580
$2.2M
Cap Rate 7%
$1,576,129
$1.6M
Cap Rate 9%
$1,225,878
$1.2M
Market Conditions
NOI Build-Up for 8,990 SF
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.
Gross rent
$161.8K $18.00/SF
− Vacancy
−$4.2K −$0.47/SF
EGI
$157.6K $17.53/SF
− OpEx
−$47.3K −$5.26/SF
NOI
$110.3K $12.27/SF
Area
Ashtabula County, OH
Vacancy
2.60%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,206,580
Cap Rate 7%
$1,576,129
Cap Rate 9%
$1,225,878
Alternative Uses
Best Use
Retail
$1.58M
$1.38M – $1.84M
NOI $110,329 @ 7.0% cap · market cap 8.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.68M
$1.47M – $1.95M
NOI $117,270 @ 7.0% cap · market cap 8.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
12,000 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
148
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44041, OH
13,910
Population
7,155
Households
1.9
Avg Household Size
46
Median Age
18%
College-Educated
91%
High-School Grad
65.1 sq mi
ZIP Area
214
Density / Sq Mi
$58,438
Median Household Income
$37,644
Median Earnings
$816
Median Rent
$167,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Shopping center - Built in 2007 and totaling 8,990 SF within a 1.5-acre lot, this shopping center offers multiple storefront spaces.
Where is this shopping center located?
The property is located at 1020-1032 S Broadway Geneva, OH.
What is the asking price?
The asking price for this property is $1,340,851.
What are key features of this property?
This property features: Colonel's Plaza shopping center in Geneva, OH within the Cleveland, OH MSA; 8,990 SF building built in 2007 on a 1.5‑acre lot; Traffic counts show 12,000+ vehicles pass the site daily on S Broadway
