Building Details

Building Size 7,457 SF

Year Built 1925

Buildings 1

Listing Agency: Greater Cleveland

Listed By: Mathew P Chase · License #2013002819 Show Phone

Source: Evrealestate

Added: Sep 3 Changed: Oct 23 Last Checked: Oct 23 at 5:32PM

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Investment Insights

Based on property information with market context.

Located at 17020 Madison Avenue in Lakewood, this storefront property was built in 1925 and is zoned for multi-family use. Interior features include natural-gas forced-air heating, storage space, and walk-out access, with a concrete surface noted among the property features.

On-site, off-street parking is provided in a parking lot. The property also has an exterior entrance.

Key Highlights

• Multi‑family zoning
• Built in 1925
• On‑site, off‑street parking lot

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$71,252

Cap Rate

8.39%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,425,040 $1.4M

Cap Rate 7%

$1,017,886 $1.0M

Cap Rate 9%

$791,689 $791.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 7,457 SF

Gross rent

$111.9K $15.00/SF

− Vacancy

−$10.1K −$1.35/SF

EGI

$101.8K $13.65/SF

− OpEx

−$30.5K −$4.10/SF

NOI

$71.3K $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 Rate 5%

$1,425,040

Cap Rate 7%

$1,017,886

Cap Rate 9%

$791,689

Alternative Uses

Best Use

Retail

$1.02M

$890.7K – $1.19M (±1% cap)

NOI $71,252 @ 7.0% cap · market cap 8.39%

Second Best

—

—

no second resolved use

Theoretical Best

Warehouse

$5.97M

$5.23M – $6.97M (±1% cap)

NOI $418,241 @ 7.0% cap · market cap 49.26%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Storefront properties

Suggested Use

Top Pick Parking Lot & Garage Food Market Grocery & Convenience Store Auto Parts Store Auto Repair Shop Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

206

Businesses Nearby

40k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Groceries 46% Dining 28% Apparel 13% Shops & Services 11%

Giant Eagle Supermarket Groceries

18,382 visits/mo 0.3 miles

Wendy's Dining

9,511 visits/mo 0.1 miles

Goodwill Apparel

5,233 visits/mo 0.3 miles

Advance Auto Parts Shops & Services

1,733 visits/mo 0.3 miles

Liberty Ford Vermilion Shops & Services

1,510 visits/mo 0.1 miles

Demographics for 44107, OH

51,109

Population

29,101

Households

1.8

Avg Household Size

36

Median Age

54%

College-Educated

95%

High-School Grad

5.4 sq mi

ZIP Area

9,465

Density / Sq Mi

$65,778

Median Household Income

$49,285

Median Earnings

$1,011

Median Rent

$241,400

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Frequently Asked Questions

What type of property is this?

Storefront property - Multi-family zoning and natural-gas forced-air heat accompany the storefront space.

Where is this storefront property located?

The property is located at 17020 Madison Avenue Lakewood, OH.

What is the asking price?

The asking price for this property is $849,000.

What are key features of this property?

This property features: Multi‑family zoning; Built in 1925; On‑site, off‑street parking lot