Building Details

Year Built 1966

Year Renovated 2024

Buildings 1

Stories 1

Tenancy Multi

Listing Agency: Berkshire Hathaway HomeServices Stouffer Realty Inc r***@gmail.com Show Phone

Listed By: William Snow · License #2013001675

Source: Crexi

Added: Mar 14 Changed: Aug 30 Last Checked: Aug 31 at 5:37PM

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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 Berkshire Hathaway HomeServices Stouffer Realty Inc

Investment Insights

Based on property information with market context.

Located at 114 East Aurora Road, this 8,043-square-foot retail property was built in 1966 and is fully occupied. The building is classified under Retail zoning and is supported by long-term leases, with tenants responsible for CAM and taxes through the reported triple-net structure.

Recent improvements to the parking lot provide an updated site feature for the existing retail operation. The property is positioned along a corridor reported to carry over 36,000 vehicles daily and is surrounded by national retailers and regional retail draws. Its current occupancy, established lease structure, and documented site improvements define the asset’s existing commercial profile.

Key Highlights

• 8,043 SF retail property
• 100% occupied with long‑term leases
• Triple‑net structure with tenants paying CAM and taxes

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

$50,959

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

4.43%

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%

$1,019,180 $1.0M

Cap Rate 7%

$727,986 $728.0K

Cap Rate 9%

$566,211 $566.2K

Market Conditions

NOI Build-Up for 8,043 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

$75.3K $9.36/SF

− Vacancy

−$2.5K −$0.31/SF

EGI

$72.8K $9.05/SF

− OpEx

−$21.8K −$2.72/SF

NOI

$51.0K $6.34/SF

Area

Summit County, OH

Vacancy

3.30%

Lease Rate

$9.36 /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%

$1,019,180

Cap Rate 7%

$727,986

Cap Rate 9%

$566,211

Alternative Uses

Best Use

Retail

$728.0K

$637.0K – $849.3K (±1% cap)

NOI $50,959 @ 7.0% cap · market cap 4.43%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.97M

$1.73M – $2.30M (±1% cap)

NOI $138,168 @ 7.0% cap · market cap 12.01%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

The Westerman Group, LLC Financial Advisor Fleet Feet Sports ... Clothing & Fashion Store E-Accounting Inc. Consultant

Suggested Use

Top Pick Real Estate Agency Electrical Service Storage Facility Daycare Center (Bike/Boat/Book/etc) Store Building Supply

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

36,000 VPD

Traffic count

100%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

394

Businesses Nearby

91k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Groceries 57% Shops & Services 32% Dining 11%

Giant Eagle Supermarket Groceries

51,590 visits/mo 0.4 miles

Huntington Bank Shops & Services

11,358 visits/mo 0.5 miles

Dunkin' Donuts Dining

9,786 visits/mo 0.3 miles

Shell Shops & Services

9,753 visits/mo 0.1 miles

The UPS Store Shops & Services

4,106 visits/mo 0.2 miles

Demographics for 44067, OH

19,995

Population

9,201

Households

2.2

Avg Household Size

49

Median Age

40%

College-Educated

94%

High-School Grad

17.2 sq mi

ZIP Area

1,163

Density / Sq Mi

$89,082

Median Household Income

$51,312

Median Earnings

$1,242

Median Rent

$234,800

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this retail space located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Retail space - Triple-net leases and recent parking lot work support a low-maintenance operating profile.

Where is this retail space located?

The property is located at 114 East Aurora Road Northfield Center, OH.

What is the asking price?

The asking price for this property is $1,150,000.

What are key features of this property?

This property features: 8,043 SF retail property; 100% occupied with long‑term leases; Triple‑net structure with tenants paying CAM and taxes