Redevelopment Opportunity Near Interstate
For Sale
Contact for pricing
1851 South Broadway, Geneva, OH 44041
3.21 acres with multiple businesses near Interstate 90.
Property Size8,864 SF
Lot Size3.21 Acres
Price / SF$169.22
Days on Market192
Property Features for 1851 South Broadway
General Information
Standard status
Active
Size
8,864 SF
Lot size
3.21 Acres
Property subtype
Retail
Zoning
Commercial
Building Details
Year Built
1985
Listing Agency:
KW Commercial Keller Williams Greater Cleveland NE
(440) 299-5190
Listed By:
Rick Osborne Jr. · License #OH 2010001710
Source:
Crexi
Added: Feb 7
Changed: Aug 14
Last Checked: Aug 17 at 5:08AM
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 KW Commercial Keller Williams Greater Cleveland NE
Investment Insights
Based on property information with market context.
This is a 3.21-acre property that presents a redevelopment opportunity. The site is located in close proximity to Interstate 90. The property includes multiple businesses for sale: an automotive truck service and wash, a commercial drive-thru store, and a saloon and bar. The garage is slated to receive a new roof in May 2025. The property is situated on the northwest side of Broadway (SR 534), just north of Interstate 90. The existing building size is 8,864 square feet.
Key Highlights
- 3.21 acres of land suitable for redevelopment
- Excellent location near Interstate 90
- Includes multiple businesses: Automotive Truck Service and Wash, Commercial Drive‑Thru Store, and DW‑3's Saloon and Bar
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
$108,783
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
7.25%
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%
$2,175,660
$2.2M
Cap Rate 7%
$1,554,043
$1.6M
Cap Rate 9%
$1,208,700
$1.2M
Market Conditions
NOI Build-Up for 8,864 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
$159.6K $18.00/SF
− Vacancy
−$4.1K −$0.47/SF
EGI
$155.4K $17.53/SF
− OpEx
−$46.6K −$5.26/SF
NOI
$108.8K $12.27/SF
Area
Ashtabula County, OH
Vacancy
2.60%
Lease Rate
$18.00 /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%
$2,175,660
Cap Rate 7%
$1,554,043
Cap Rate 9%
$1,208,700
Alternative Uses
Best Use
Retail
$1.55M
$1.36M – $1.81M
NOI $108,783 @ 7.0% cap · market cap 7.25%
Second Best
Industrial
$437.8K
$383.1K – $510.8K
NOI $30,647 @ 7.0% cap · market cap 2.04%
Theoretical Best
Office A
$1.65M
$1.45M – $1.93M
NOI $115,626 @ 7.0% cap · market cap 7.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
401
Businesses Nearby
31k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 82%
Home Improvements & Furnishings 13%
Dining 5%
Circle K
Shops & Services
7,694 visits/mo
0.2 miles
Huntington Bank
Shops & Services
5,840 visits/mo
0.0 miles
Sunoco
Shops & Services
4,049 visits/mo
0.2 miles
Marathon Petroleum
Shops & Services
2,965 visits/mo
0.1 miles
Family Dollar
Shops & Services
2,609 visits/mo
0.2 miles
Demographics for 44041, OH
13,910
Population
7,155
Households
1.9
Avg Household Size
46
Median Age
18%
College-Educated
91%
High-School Grad
65.1 sq mi
ZIP Area
214
Density / Sq Mi
$58,438
Median Household Income
$37,644
Median Earnings
$816
Median Rent
$167,000
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 property - 3.21 acres with multiple businesses near Interstate 90.
Where is this retail property located?
The property is located at 1851 South Broadway Geneva, OH.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 3.21 acres of land suitable for redevelopment; Excellent location near Interstate 90; Includes multiple businesses: Automotive Truck Service and Wash, Commercial Drive‑Thru Store, and DW‑3's Saloon and Bar
