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    33493-33615 Aurora Rd Solon, OH

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    Retail opportunity in Solon Square with high traffic and income.

    Type:RETAIL
    Property size:
    8,576 SF
    Lot size:
    14.80 Acres
    Added:
    Oct 25, 2024
    Days on Market:
    552
    Last Refresh:
    Apr 5 at 10:04 pm

    Property Features for 33493-33615 Aurora Rd

    General Information

    Standard status
    Active
    Size
    8,576 SF
    Lot size
    14.80 Acres
    Property subtype
    RETAIL

    Spaces For Lease

    at 33493-33615 Aurora Rd Contact us

    We can help!

    Listing Contact
    Paul Shand

    Listing agent Paul Shand

    Listing office The Mid-America Management Corporation

    Listing date Oct 25, 2024

    Source Moodyscre

    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 The Mid-America Management Corporation

    Overview

    Retail Space in Solon Square

    This retail space is located within Solon Square, offering a compelling mix of renowned brands such as Planet Fitness, X-Golf, Dollar Tree, Champs Sports, Advance Auto, Chipotle, Key Bank, 56 Kitchen, Sola Salon, Jersey Mike's, Hand and Stone Massage and Spa, and Honeybaked Ham. The available space presents a GL opportunity situated between KeyBank and Chipotle. Spaces can be combined to offer up to 37,390 square feet. Solon Square caters to the thriving demographic of Cleveland's affluent eastern suburbs and is strategically located with a signalized entrance off SR 43, witnessing a substantial daily traffic volume exceeding 17,000 vehicles. The location benefits from strong traffic counts of 12,076 VPD along Aurora Rd. The surrounding area boasts outstanding household incomes of $184,134 within a 3-mile radius. The property is zoned C-3 Commercial. Other tenants include Advance Auto Parts, Dollar Tree, 56 Kitchen, Hand & Stone Massage, and Champs Sports. The property offers 8,576 square feet of retail space.
    Location Intelligence

    Current Use by Public Records

    Shopping centers

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Similar Places Nearby

    • Marketplace At Four Corners — 7100 Market Pl Dr, Aurora, OH 44202

    Location Insight

    • Map
    • Local Demand
    City
    Solon
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.4412
    Latitude
    41.3898

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    FAQs

    What type of property is this?
    Shopping center - Retail opportunity in Solon Square with high traffic and income.
    Where is this shopping center located?
    The property is located at 33493-33615 Aurora Rd Solon, OH.
    What are key features of this property?
    This property features: Located in Solon Square, catering to Cleveland's affluent eastern suburbs.; High household incomes of $184,134 within a 3‑mile radius.; Strong traffic counts exceeding 17,000 VPD on SR 43.
    (216) 771-4440 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Paul Shand
    Learn More
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    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
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