Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Prominent Retail Space in Strongsville Title is generated by Realmo AI

    16620 Royalton Road, Strongsville, OH 44136

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $40 SF/Yr $20,623/Mo (calc)

    High-visibility retail space near South Park Mall and Cleveland Clinic.

    Type:Retail
    Property size:
    6,187 SF
    Added:
    Mar 25, 2026
    Days on Market:
    48
    Last Refresh:
    Mar 18 at 7:58 am

    Property Features for 16620 Royalton Road

    General Information

    Standard status
    Active
    Size
    6,187 SF
    Property subtype
    Retail

    We can help!

    Listing Contact
    Joseph Khouri
    Joseph Khouri

    Listing agent Joseph Khouri License #2008000837

    Listing office CBRE | Cleveland

    Listing date Mar 25, 2026

    Source Cbre

    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 CBRE | Cleveland

    HighLights

    • Unparalleled visibility and accessibility on Royalton Road, offering a billboard‑like presence.
    • Located in the second most visited retail trade area in Northeast Ohio, with 15 million annual visits.
    • Situated at a signalized intersection with nearly 55,000 vehicles per day (VPD) traffic counts.
    • Outlot to the #1 Costco in Northeast Ohio and a strong performing Chick‑Fil‑A.
    • Across from Southpark Mall and Cleveland Clinic in a super‑regional retail trade area.
    • Excellent demographics with an average household income of $128,936 within a 3‑mile radius.

    Overview

    This retail space benefits from high visibility and accessibility on Royalton Road. The location is across from South Park Mall and the Cleveland Clinic. Situated in Strongsville, the retail node is a visited retail trade area in Northeast Ohio. The property is positioned at a signalized intersection with nearly 55,000 vehicles per day traffic counts. It is an outlot to a Costco and a Chick-Fil-A, in a retail trade area. The average household income within a 3-mile radius is $128,936. The property size is 6187 square feet and the list price is 40.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    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
    Strongsville
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.8313
    Latitude
    41.3129

    Nearby Similar for Lease

    • $18 SF/Yr

      Medical/Office Space in Prime Location

      Fully built-out medical and office space in Strongsville, Ohio.
      17406 Royalton Road, Strongsville, OH, 44136
      View Details
    • $3,000/Mo

      Office/Warehouse in Strongsville, Ohio

      Office/warehouse with high ceilings, private entrances, and included utilities.
      19511 Progress Drive, Strongsville, OH 44149
      View Details
    • $1,500/Mo

      Strongsville Office Space Available

      Office space available July 1st with private offices and parking.
      19511 Progress Drive, Strongsville, OH 44149
      View Details
    • Contact for pricing

      Freestanding Restaurant Opportunity

      3,120 SF restaurant space for lease in Strongsville, OH.
      12827 Pearl Road, Strongsville, OH, 44136
      View Details
    • Contact for pricing

      Retail Space in Strongsville

      27,220 SF retail space available in Strongsville, Ohio.
      17290 Royalton Rd, Strongsville, OH 44136
      View Details
    • Contact for pricing

      Retail Space For Rent

      Retail space available for lease in Strongsville, Ohio.
      16533 Royalton Road, Strongsville, OH 44136
      View Details
    • $1,600/Mo

      Industrial Space in Strongsville, OH

      Industrial property with 2,600 square feet available for rent.
      21500-21530 Drake Rd, Strongsville, OH
      View Details
    • Contact for pricing

      Retail Space in Regional Center

      Retail space available in high-traffic Strongsville shopping center.
      16740 Royalton Rd, Strongsville, OH
      View Details
    • Contact for pricing

      Retail Space on Pearl Road

      Retail space available in Strongsville, OH near major retailers.
      14375-14569 Pearl Rd, Strongsville, OH
      View Details
    • $18 SF/Yr

      Medical/Office Space in Strongsville

      Built-out medical/office space in prime Strongsville location.
      17406 Royalton Rd , Strongsville , OH
      View Details
    • Contact for pricing

      Retail Space Fronting SR 82

      3,000 SF retail space available with high traffic visibility.
      17887-18315 Royalton Rd, Strongsville, OH
      View Details
    • $3 SF/Yr

      Strongsville Warehouse Space Available

      86,132 SF warehouse/industrial space for lease in Strongsville, OH.
      12200 Alameda Drive, Strongsville, OH, 44149
      View Details

    FAQs

    What type of property is this?
    Retail space - High-visibility retail space near South Park Mall and Cleveland Clinic.
    Where is this retail space located?
    The property is located at 16620 Royalton Road Strongsville, OH.
    What is the lease rate?
    The lease rate is $40 SF/Yr.
    What are key features of this property?
    This property features: Unparalleled visibility and accessibility on Royalton Road, offering a billboard‑like presence.; Located in the second most visited retail trade area in Northeast Ohio, with 15 million annual visits.; Situated at a signalized intersection with nearly 55,000 vehicles per day (VPD) traffic counts.
    (216) 658-6120
    We can help!
    Listing Contact
    Joseph Khouri
    Joseph Khouri
    Real Estate License ID: 2008000837
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    16620 Royalton Road, Strongsville, OH, 44136
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!