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    Occupied Retail Center For Sale Title is generated by Realmo AI

    27100 Chagrin Blvd, Orange, OH

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    Fully occupied retail center with strong tenant mix and location.

    Type:RETAIL
    Property size:
    25,684 SF
    Lot size:
    5.46 Acres
    Price / SF:
    $317/SF
    Added:
    May 3, 2024
    Days on Market:
    765
    Last Refresh:
    May 20 at 8:43 pm

    Property Features for 27100 Chagrin Blvd

    General Information

    Standard status
    Active
    Size
    25,684 SF
    Lot size
    5.46 Acres
    Property subtype
    RETAIL

    We can help!

    Listing Contact
    Alex Van Krevel
    Alex Van Krevel

    Listing agent Alex Van Krevel License #SAL.2018001867

    Listing office Passov Real Estate Group

    Listing date May 3, 2024

    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 Passov Real Estate Group

    HighLights

    • 100% Occupied 25,684 sf NNN Retail Center
    • Located in a densely populated & highly affluent market with over 190k residents within 5‑miles and $200k Household Income within 1‑mile
    • Irreplaceable real estate positioned on a heavily trafficked signalized intersection at exit 29 & Chagrin Blvd combining for 36,773 vehicles per day.
    • Anchored by Choolaah's flagship store, their top performer, with a fresh 10‑year extension signed in December 2023.
    • LJI Collision, a successful operator, has been at the location since 2010 and recently extended for 5 years in April 2023.
    • Annual Rent Increases providing NOI Compound Annual Growth Rate of 2.38% over a 10 Year hold period

    Overview

    This 25,684 square foot retail center is 100% occupied. The property benefits from its location directly off I-271, which experiences a daily traffic volume of 171,807 vehicles. Situated at a signalized intersection at exit 29 and Chagrin Blvd, the location benefits from a combined daily traffic count of 36,773 vehicles. The surrounding area is densely populated and affluent, with over 190,000 residents within a 5-mile radius and a household income of $200,000 within a 1-mile radius. The submarket exhibits a 1.7% vacancy rate for general retail, indicating strong retailer demand for this location. The tenant mix demonstrates strong sales performance, fostering long-term commitment. Choolaah's flagship store, their top performer out of six locations, has been operating here since 2015 and signed a 10-year extension in December 2023. LJI Collision, a single-unit auto repair and restoration operator, has been operating at this location since 2010 and recently extended their lease for 5 years in April 2023. Annual rent increases provide a NOI Compound Annual Growth Rate of 2.38% over a 10-year hold period.
    Location Intelligence

    Current Use by Public Records

    Shopping centers

    Similar Places Nearby

    • Pinecrest Plaza Shopping — Park Ave, Orange, OH 44122
    • Woodmere Place — 27900-27970 Chagrin Blvd, Woodmere, OH 44122
    • Village Square — 27085 Chagrin Blvd, Woodmere, OH 44122
    • West End — 28077 Chagrin Blvd, Woodmere, OH 44122
    • Newcan — Woodmere Blvd, Woodmere, OH 44122

    Map

    City
    Orange
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.4807
    Latitude
    41.4498

    FAQs

    What type of property is this?
    Shopping center - Fully occupied retail center with strong tenant mix and location.
    Where is this shopping center located?
    The property is located at 27100 Chagrin Blvd Orange, OH.
    What is the asking price?
    The asking price for this property is $8,143,000.
    What are key features of this property?
    This property features: 100% Occupied 25,684 sf NNN Retail Center; Located in a densely populated & highly affluent market with over 190k residents within 5‑miles and $200k Household Income within 1‑mile; Irreplaceable real estate positioned on a heavily trafficked signalized intersection at exit 29 & Chagrin Blvd combining for 36,773 vehicles per day.
    (216) 831-8100 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Alex Van Krevel
    Alex Van Krevel
    Real Estate License ID: SAL.2018001867
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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.

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