Willoughby Retail/Office Investment
For Sale
$1,700,000
37111 Euclid Avenue, Willoughby, OH 44094
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 Market614
Property Features for 37111 Euclid Avenue
General Information
Standard status
Active
Size
11,250 SF
Lot size
0.81 Acres
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$25,215
Building Details
Year Built
1998
Listing Agency:
Keller Williams Greater Cleveland Northeast
(440) 462-9577
Listed By:
Geoffrey DelGrosso · License #2020002251
(440) 462-9577
Source:
Exitrealty
Added: Dec 3, 2024
Changed: Aug 8
Last Checked: Aug 8 at 12:25PM
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
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 = 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
$142,486
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
8.38%
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%
$2,849,720
$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
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
$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 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%
$2,849,720
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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
895
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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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.
