Freestanding Retail
New
For Sale
$998,000
27059 Center Ridge Road, Westlake, OH 44145
General Business zoning and a newer roof support flexible commercial repositioning.
Property Size8,596 SF
Lot Size0.86 Acres
Price / SF$116.10
Days on Market5
Property Features for 27059 Center Ridge Road
General Information
Standard status
Active
Size
8,596 SF
Total Parking Spaces
40
Lot size
0.86 Acres
Property subtype
Retail
Zoning
General Business
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$13,966
Building Details
Year Built
1962
Buildings
1
Listing Agency:
ERA Real Solutions Realty
(440) 832-1500
Listed By:
Jarrod M James
(440) 832-1500
Source:
Asacoxhomes
Added: Aug 7
Changed: Aug 10
Last Checked: Aug 11 at 4:42AM
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 ERA Real Solutions Realty
Investment Insights
Based on property information with market context.
Built in 1962, this freestanding commercial building contains 8,596 SF on approximately 0.86 acres and includes roughly 40 on-site parking spaces. The property was recently rezoned from Office Building to General Business, supporting consideration of retail, restaurant or café, medical, dental, wellness, fitness, showroom, personal service, and professional or business uses, subject to applicable approvals. A newer roof is among the recent improvements.
The property fronts Center Ridge Road in Westlake, positioned between Crocker Park and Great Northern Mall. Access to I-90 and I-480 provides regional connectivity, while nearby retail and employment centers add established commercial context. Conceptual redevelopment renderings are available for potential retail, wellness, medical, or customer-facing conversions. Buyers should independently confirm permitted uses, parking, signage, build-out requirements, and zoning or code matters with the City of Westlake.
The property fronts Center Ridge Road in Westlake, positioned between Crocker Park and Great Northern Mall. Access to I-90 and I-480 provides regional connectivity, while nearby retail and employment centers add established commercial context. Conceptual redevelopment renderings are available for potential retail, wellness, medical, or customer-facing conversions. Buyers should independently confirm permitted uses, parking, signage, build-out requirements, and zoning or code matters with the City of Westlake.
Key Highlights
- Recently rezoned from Office Building to General Business
- 8,596 SF freestanding commercial building on approximately 0.86 acres
- Roughly 40 on‑site parking spaces
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
$82,135
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
8.23%
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%
$1,642,700
$1.6M
Cap Rate 7%
$1,173,357
$1.2M
Cap Rate 9%
$912,611
$912.6K
Market Conditions
NOI Build-Up for 8,596 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
$128.9K $15.00/SF
− Vacancy
−$11.6K −$1.35/SF
EGI
$117.3K $13.65/SF
− OpEx
−$35.2K −$4.10/SF
NOI
$82.1K $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%
$1,642,700
Cap Rate 7%
$1,173,357
Cap Rate 9%
$912,611
Alternative Uses
Best Use
Healthcare Medical
$1.35M
$1.18M – $1.58M
NOI $94,771 @ 7.0% cap · market cap 9.50%
Second Best
Specialty Retail
$1.34M
$1.18M – $1.57M
NOI $94,036 @ 7.0% cap · market cap 9.42%
Theoretical Best
Warehouse
$6.89M
$6.03M – $8.04M
NOI $482,124 @ 7.0% cap · market cap 48.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
490
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 Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - General Business zoning and a newer roof support flexible commercial repositioning.
Where is this retail space located?
The property is located at 27059 Center Ridge Road Westlake, OH.
What is the asking price?
The asking price for this property is $998,000.
What are key features of this property?
This property features: Recently rezoned from Office Building to General Business; 8,596 SF freestanding commercial building on approximately 0.86 acres; Roughly 40 on‑site parking spaces
