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    6333-6339 Olde York Rd Parma Heights, OH

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    Retail spaces available in renovated Parma Heights plaza.

    Type:RETAIL
    Property size:
    5,252 SF
    Lot size:
    5.24 Acres
    Added:
    Feb 28, 2022
    Days on Market:
    1522
    Last Refresh:
    Apr 5 at 9:25 pm

    Property Features for 6333-6339 Olde York Rd

    General Information

    Standard status
    Active
    Size
    5,252 SF
    Lot size
    5.24 Acres
    Property subtype
    RETAIL

    Spaces For Lease

    at 6333-6339 Olde York Rd Contact us

    We can help!

    Listing Contact
    Fabi Miller
    Fabi Miller

    Listing agent Fabi Miller

    Listing office Colliers | Cleveland

    Listing date Feb 28, 2022

    Source Moodyscre

    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 Colliers | Cleveland

    Overview

    Renovated Retail Space in Parma

    This established neighborhood plaza underwent a full renovation of its facade, roof, and parking lot in 2021. A new pylon sign is planned for 2022. The property is located at the intersection of Olde York and Pearl Road, which sees over 20,300 vehicles per day on Pearl Road. Current tenants include Dollar Tree, Always Fit 4 You Gym, CSL Plasma, Bureau of Motor Vehicles, and Precious Angels Child Care. Available spaces range from 1,500 square feet of in-line shop space to a 13,000 square feet mid-box, as well as a freestanding pad at the signalized corner of Pearl and Ackley.
    Location Intelligence

    Current Use by Public Records

    Strip malls

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Parma Heights
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.7591
    Latitude
    41.3915

    Nearby Similar for Lease

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      Parma Heights Retail Space Available

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      Freestanding Medical Building For Lease

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      Retail Space in Parma Heights

      Well-maintained retail spaces with high traffic and excellent parking.
      6370 York Rd, Parma Heights, OH
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      Former Restaurant Space Available

      8,000 SF former restaurant space with ample parking.
      6270-6286 Pearl Rd, Parma Heights, OH
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      Pearl Road Retail Space Available

      Retail space for lease with high traffic and dense population.
      6479 Pearl Rd, Parma Heights, OH
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      Retail Space in Southpark Center

      Retail space for lease in a densely populated area.
      6853-6913 W 130th St, Parma Heights, OH
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      Retail Units on Pearl Road

      Retail units with frontage and dedicated parking in Parma Heights.
      6573-6579 Pearl Rd, Parma Heights, OH
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      Retail Units on Pearl Road

      Three 928 SF units with frontage and parking.
      6573 Pearl Rd, Parma Heights, OH 44130
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    • $12 SF/Yr

      Retail Space For Rent

      Retail space available for rent, build to suit.
      6444 Pearl Rd, Parma Heights , OH
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    FAQs

    What type of property is this?
    Strip mall - Retail spaces available in renovated Parma Heights plaza.
    Where is this strip mall located?
    The property is located at 6333-6339 Olde York Rd Parma Heights, OH.
    What are key features of this property?
    This property features: Fully renovated facade, roof, and parking lot in 2021.; High traffic location at the intersection of Olde York and Pearl Road (over 20,300 VPD on Pearl).; Opportunity to join established tenants such as Dollar Tree, Always Fit 4 You Gym, and CSL Plasma.
    (216) 239-5060 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Fabi Miller
    Fabi Miller
    Learn More
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    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
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