Retail Space with Recent
New
For Sale
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1499 Columbia Road, Westlake, OH 44145
Retail premises with recent capital work at 1499 Columbia Road in Westlake.
Property Size52,824 SF
Price / SF$126.27
Days on Market6
Property Features for 1499 Columbia Road
General Information
Standard status
Active
Size
52,824 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Net Operating Income
$533,479
Additional Details
Cap Rate
8%
Building Details
Units
3
Tenancy
Multi
Listing Agency:
Matthews
(216) 503-3610
Listed By:
Jonah Yulish · License #2018004451
Source:
Crexi
Added: Aug 6
Changed: Aug 10
Last Checked: Aug 10 at 7:53AM
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 Matthews
Investment Insights
Based on property information with market context.
This retail property contains 52,824 square feet of space and has undergone recent capital improvements. The asset is located at 1499 Columbia Road in Westlake, Ohio 44145.
The offering is identified with an 8.00% CAP rate. No additional layout, tenant, zoning, access, or site details are provided.
The offering is identified with an 8.00% CAP rate. No additional layout, tenant, zoning, access, or site details are provided.
Key Highlights
- 52,824 SF retail property
- Recent capital improvements
- 8.00% CAP rate
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
$504,733
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
7.57%
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%
$10,094,660
$10.1M
Cap Rate 7%
$7,210,471
$7.2M
Cap Rate 9%
$5,608,144
$5.6M
Market Conditions
NOI Build-Up for 52,824 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
$792.4K $15.00/SF
− Vacancy
−$71.3K −$1.35/SF
EGI
$721.0K $13.65/SF
− OpEx
−$216.3K −$4.10/SF
NOI
$504.7K $9.56/SF
Area
Cuyahoga County, OH
Vacancy
9.00%
Lease Rate
$15.00 /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%
$10,094,660
Cap Rate 7%
$7,210,471
Cap Rate 9%
$5,608,144
Alternative Uses
Best Use
Retail
$7.21M
$6.31M – $8.41M
NOI $504,733 @ 7.0% cap · market cap 7.57%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$42.32M
$37.03M – $49.38M
NOI $2,962,742 @ 7.0% cap · market cap 44.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
950
Businesses Nearby
Explore this area
Business Placement
Demographics for 44145, OH
34,228
Population
15,781
Households
2.2
Avg Household Size
47
Median Age
58%
College-Educated
96%
High-School Grad
15.9 sq mi
ZIP Area
2,153
Density / Sq Mi
$110,101
Median Household Income
$63,385
Median Earnings
$1,480
Median Rent
$336,100
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Retail premises with recent capital work at 1499 Columbia Road in Westlake.
Where is this retail space located?
The property is located at 1499 Columbia Road Westlake, OH.
What is the asking price?
The asking price for this property is $6,670,000.
What are key features of this property?
This property features: 52,824 SF retail property; Recent capital improvements; 8.00% CAP rate
