Willoughby Retail/Office Investment
37111 Euclid Avenue, Willoughby, OH 44094
For Sale
$1,700,000
Meticulously maintained retail/office asset in the heart of Willoughby, Ohio.
Property Size11,250 SF
Lot Size0.81 Acres
Price / SF$151.11
Days on Market707
Property Features for 37111 Euclid Avenue
General Information
Standard status
Size
Lot size
Property subtype
Taxes and HOA fees
Annual Taxes
Building Details
Year Built
Listing Agency:
Keller Williams Greater Cleveland Northeast
(440) 255-5500
Listed By:
Geoffrey DelGrosso · License #2020002251
(440) 462-9577
Source:
Exitrealty
Added: Dec 3, 2024
Changed: Aug 22
Last Checked: Aug 25 at 9:11AM
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 Keller Williams Greater Cleveland Northeast
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Investment Insights
Based on property information with market context.
This meticulously maintained retail/office property, situated in the heart of Willoughby, Ohio's business district, presents a rare investment opportunity. Located directly across the street from a newly constructed national grocery store, the property features over 11,000 square feet of space. The building is divided into nine units, currently occupied by six well-established tenants and includes a newly signed lease from a current tenant. Most leases extend through 2027. There is potential for increased revenue, as current rents are below market rates and can be transitioned into NNN leases. Significant capital improvements have been made within the last five years, including a new roof in 2022, new HVAC units installed between 2017 and 2021, new front supports in 2023, and parking lot improvements in 2021.
Key Highlights
- Prime location in the heart of Willoughby's business district, directly across from a newly constructed national grocery store.
- Meticulously maintained 11,000+ sqft property with recent capital improvements: new roof (2022), HVAC units (2017‑2021), front supports (2023), and parking lot (2021).
- Nine units with a mix of established tenants and a newly signed lease; most leases in place through 2027.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$142,486
Cap Rate
8.38%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,849,720
$2.8M
Cap Rate 7%
$2,035,514
$2.0M
Cap Rate 9%
$1,583,178
$1.6M
Market Conditions
NOI Build-Up for 11,250 SF
Gross rent
$247.1K $21.96/SF
− Vacancy
−$57.1K −$5.07/SF
EGI
$190.0K $16.89/SF
− OpEx
−$47.5K −$4.22/SF
NOI
$142.5K $12.67/SF
Area
Lake County, OH
Vacancy
23.10%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,849,720
Cap Rate 7%
$2,035,514
Cap Rate 9%
$1,583,178
Alternative Uses
Best Use
Office B
$2.04M
$1.78M – $2.37M
NOI $142,486 @ 7.0% cap · market cap 8.38%
Second Best
Retail
$1.51M
$1.32M – $1.76M
NOI $105,479 @ 7.0% cap · market cap 6.20%
Theoretical Best
Office A
$2.60M
$2.27M – $3.03M
NOI $181,884 @ 7.0% cap · market cap 10.70%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
895
Businesses Nearby
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Business Placement
Demographics for 44094, OH
37,634
Population
18,323
Households
2.1
Avg Household Size
46
Median Age
39%
College-Educated
95%
High-School Grad
39.7 sq mi
ZIP Area
948
Density / Sq Mi
$76,125
Median Household Income
$49,393
Median Earnings
$1,155
Median Rent
$247,600
Median Home Value
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Market
Properties on Market for Retail space in Lake County
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Retail space - Meticulously maintained retail/office asset in the heart of Willoughby, Ohio.
Where is this retail space located?
The property is located at 37111 Euclid Avenue Willoughby, OH.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Prime location in the heart of Willoughby's business district, directly across from a newly constructed national grocery store.; Meticulously maintained 11,000+ sqft property with recent capital improvements: **new roof (2022), HVAC units (2017‑2021), front supports (2023), and parking lot (2021)**.; Nine units with a mix of established tenants and a newly signed lease; most leases in place through 2027.
