Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    27401 Chardon Rd Willoughby Hills, OH 44092

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Grocery-anchored shopping center with anchor, junior anchor, and restaurant opportunities.

    Type:Restaurant, Land, Retail
    Property size:
    4,531 SF
    Lot size:
    1.11 Acres
    Added:
    May 23, 2022
    Days on Market:
    1428
    Last Refresh:
    Mar 17 at 1:17 pm

    Property Features for 27401 Chardon Rd

    General Information

    Standard status
    Active
    Size
    4,531 SF
    Lot size
    1.11 Acres
    Property subtype
    Restaurant, Land, Retail

    Spaces For Lease

    at 27401 Chardon Rd Contact us

    We can help!

    Listing Contact
    Zack Sogoloff

    Listing agent Zack Sogoloff License #OH SAL.0000436288

    Listing office Goodman Real Estate Services Group LLC

    Listing date May 23, 2022

    Source Crexi

    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 Goodman Real Estate Services Group LLC

    Overview

    Willoughby Hills Shopping Center Opportunities

    The Shoppes of Willoughby Hills is a 391,289 square foot grocery-anchored shopping center development. It is located just south of the I-90 and Bishop Road interchange in Willoughby Hills, Ohio. The property was purchased in 2018 by a local real estate developer who has invested millions of dollars upgrading the shopping center's appearance and adding several new tenants. Current tenants include Marc’s (52,000 SF), Onyx Health Club 24/7 (30,359 SF), Commercial Academy (21,865 SF), and Produce Packaging (155,000 SF). Anchor space opportunities range from 35,559 to 45,070 square feet and 24,500 square feet. A junior anchor space of 14,000 square feet is available as a new space adjacent to Marc’s, with a storefront to be created. Restaurant opportunities include an inline former Manhattan Deli space of 4,227 square feet. Outlot opportunities feature a freestanding former bank of 4,531 square feet on 1.11 acres, a 0.77 acre outlot, and a new 2.5 acre outlot.
    Location Intelligence

    Current Use by Public Records

    Isalis (Bike/Boat/Book/etc) Store Party City Party Supply Store Skunk Funk Big Box & Wholesale Store Carl's Trading Co Hat Shop Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Ohio E-Check — 1750 Metro Dr, Euclid, OH 44132
    • Shoppes At Willoughby Hills — 27401-28301, chardon rd, willoughby hills, oh 44092
    • Ohio BMV Express Kiosk — 1750 Metro Dr, Euclid, OH 44132

    Location Insight

    • Map
    • Local Demand
    City
    Willoughby Hills
    County
    Lake
    State
    Ohio
    Longitude
    -81.4651
    Latitude
    41.5969

    Nearby Similar for Lease

    • Contact for pricing

      Renovated Office Building Near I-90

      Two-story office building with convenient highway access and renovated common areas.
      35010 Chardon Road | Willoughby Hills, OH 44094, OH 44094
      View Details
    • Contact for pricing

      Freestanding Bank Building For Rent

      2,285 SF bank building on 0.75 AC available for rent.
      2765 Som Center Rd, Willoughby Hills, OH
      View Details
    • Contact for pricing

      Office Space Near I-90

      Office space available near I-90 with ample parking.
      2785 SOM Center Road, Willoughby Hills, OH
      View Details
    • Contact for pricing

      Grocery-Anchored Shopping Center Available

      391,289 SF shopping center south of I-90.
      28101 Chardon Rd, Willoughby Hills, OH
      View Details
    • Contact for pricing

      Retail Space in Willoughby Hills

      Retail space available at a busy intersection in Willoughby Hills.
      28301 Chardon Rd, Willoughby Hills, OH
      View Details
    • Contact for pricing

      Freestanding Bank Building with Drive-Thru

      4,531 SF bank building with three drive-thru lanes.
      27701 Chardon Rd, Willoughby Hills, OH
      View Details
    • Contact for pricing

      Renovated Office Building Near Highways

      Two-story office building with convenient highway access and renovated common areas.
      35010 Chardon Rd, Willoughby Hills, OH
      View Details
    • $10/mo

      Retail Space in Willoughby Hills

      13,400 SF available for sublease in Willoughby Hills, OH.
      27505-27845 Chardon Rd, Willoughby Hills, OH
      View Details
    • Contact for pricing

      Office Space Available For Rent

      Office property available for rent.
      2785 SOM Center Road, Willoughby Hills, OH 44094
      View Details
    • Contact for pricing

      Freestanding Bank Building For Rent

      2,285 SF bank building on 0.75 AC for lease.
      2765 SOM Center Road, Willoughby Hills, OH 44094
      View Details

    FAQs

    What type of property is this?
    Shopping center - Grocery-anchored shopping center with anchor, junior anchor, and restaurant opportunities.
    Where is this shopping center located?
    The property is located at 27401 Chardon Rd Willoughby Hills, OH.
    What are key features of this property?
    This property features: Grocery‑anchored shopping center with **Marc's as a current tenant (52,000 SF)**.; Located near the I‑90 and Bishop Road interchange in Willoughby Hills, Ohio.; Recent multi‑million dollar upgrades to the shopping center's appearance.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Zack Sogoloff
    Real Estate License ID: OH SAL.0000436288
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!