Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    9231 Chillicothe Rd Willoughby, OH 44094

    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    3,565 SF former bank branch available for lease or sale.

    Property size:
    3,565 SF
    Lot size:
    1.19 Acres

    Property Features for 9231 Chillicothe Rd

    General Information

    Size
    3,565 SF
    Lot size
    1.19 Acres

    We can help!

    Listing Contact
    Alex Smith
    Alex Smith
    Source: Moodyscre

    Listing Agent: Alex Smith

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Former Bank Branch For Lease

    A 3,565 square foot former bank branch is available for lease, ground lease, or sale. The property is situated on 1.167 acres. It is located just south of Kirtland High School and Kirtland Middle School, which together have over 500 students, and Lakeland Community College, which has over 5,000 students. The site offers high visibility. The surrounding area is an affluent bedroom community south of I-90, with an average household income exceeding $200,000 within a 1-mile radius and over $145,000 within a 3-mile radius. The property is immediately adjacent to the Tall Oaks event venue, which hosts over 300 events per year. The topography is flat, and the zoning is flexible, allowing for a variety of retail, office, and medical uses.
    Location Intelligence

    Current Use by Public Records

    Banks

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Willoughby
    County
    Lake
    State
    Ohio
    Longitude
    -81.35792
    Latitude
    41.618868

    Nearby Similar for Lease

    • $13,000 /Mo
      67,954 SF

      Downtown Willoughby Commercial Opportunity

      Two-story, 8,700 SF building in historic downtown Willoughby.
      3941 Erie St, Willoughby, OH 44094
      View Details
    • $1,200 /Mo
      127,761 SF

      Willoughby Commercial Space For Lease

      Office, retail, and warehouse spaces available in Kirtland Shopping Plaza.
      9177 Chillicothe Rd, Willoughby, OH 44094
      View Details
    • $7,000 /Mo
      127,761 SF

      Willoughby Commercial Space For Lease

      Office, retail, and warehouse spaces available in Willoughby, Ohio.
      9177 Chillicothe Rd, Willoughby, OH 44094
      View Details
    • $1,400 /Mo
      732 SF

      Willoughby Triplex First Floor Unit

      Two-bedroom, one-bath unit near downtown Willoughby's amenities.
      38257 Prospect St, Willoughby, OH 44094
      View Details
    • $12 SF/Yr
      3,128 SF

      Versatile Space Near Lakeshore Project

      Adaptable 3,128 SF space suitable for various business ventures.
      38459 Lake Shore Blvd, Willoughby, OH 44095
      View Details
    • Contact for pricing
      900 SF

      Retail Space in Willoughby Commons

      Retail spaces available in high-traffic Willoughby shopping center.
      36155 Euclid Ave, Willoughby, OH 44094
      View Details
    • Contact for pricing
      11,211 SF

      Retail Space in Willoughby Commons

      Retail spaces available in high-traffic Willoughby Commons shopping center.
      36395 Euclid Ave, Willoughby, OH 44094
      View Details
    • Contact for pricing
      3,075 SF

      Vine Street Suites Available

      Office and warehouse suites for lease with utilities included.
      36615-36625 Vine St, Willoughby, OH 44094
      View Details
    • Contact for pricing
      38,750 SF

      Willoughby Retail Center Opportunity

      Prime Willoughby retail space available.
      35101 Euclid Ave, Willoughby, OH 44094
      View Details
    • Contact for pricing
      87,543 SF

      Willoughby Industrial Property For Lease

      Large industrial space, excellent location.
      7085 Mentor Ave, Willoughby, OH 44094
      View Details
    • $15 SF/Yr
      3,550 SF

      Downtown Willoughby Office Space Available

      Free-standing office building in prime downtown Willoughby location for lease.
      38029 3Rd St, Willoughby, OH 44094
      View Details
    • Contact for pricing
      1,600 SF

      Retail Space Near Heinen's Foods

      Retail spaces available in established Willoughby shopping center.
      5900 Som Center Rd, Willoughby, OH 44094
      View Details

    FAQs

    What type of property is this?
    Bank - 3,565 SF former bank branch available for lease or sale.
    Where is this bank located?
    The property is located at 9231 Chillicothe Rd Willoughby, OH.
    What are key features of this property?
    This property features: - Highly visible site in an affluent area with average household income over $200,000 within 1 mile.; - Located near Kirtland High School & Middle School and Lakeland Community College.; - 3,565 SF former bank branch on 1.167 acres available for lease, ground lease, or sale.
    (216) 525-1490
    Request Owner's contact information
    9231 Chillicothe Rd Willoughby, OH 44094
    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.
    9231 Chillicothe Rd
    Willoughby, OH 44094
    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
    9231 Chillicothe Rd Willoughby, OH 44094
    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

    We can help!
    Listing Contact
    Alex Smith
    Alex Smith
    (216) 525-1490
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.