Nine-Unit Retail Strip
For Sale
$1,700,000
37111 Euclid Avenue, Willoughby, OH 44094
CommercialSale, Willoughby, OH
Property Size11,000 SF
Lot Size0.81 Acres
Price / SF$154.55
Days on Market696
Property Features for 37111 Euclid Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Parking
35
Subdivision
Hamann Indust Park Sub
Elementary school district
Willoughby-Eastlake - 4309
Middle school district
Willoughby-Eastlake - 4309
High school district
Willoughby-Eastlake - 4309
Directions
West on rt 20 from downtown Willoughby. East on rt 20 from State Route 91 and State Route 20 intersection
Special listing conditions
In Foreclosure
Standard status
Active
APN
27-A-014-B-00-024-0
Lot size
0.81 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
LOT 1 TRACT 14 PART OF BLOCK K
Tax Annual Amount
25215
Legal Description
LOT 1 TRACT 14 PART OF BLOCK K
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1998
Listing Agency:
Keller Williams Greater Cleveland Northeast · Keller Williams Realty
(440) 255-5500
Listed By:
Geoffrey DelGrosso · License #2020002251
(440) 462-9577
Added: Nov 29, 2024
Changed: Oct 16
Last Checked: Oct 26 at 2:06AM
MLS# 5087351
Copyright © 2026 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 11,000+ square foot strip mall, built in 1998, contains nine retail and office units. Six established tenants occupy the property, and a current tenant has recently signed an additional lease. Most lease terms extend through 2027. Public water and sewer serve the asset, with forced-air heating in place.
Capital improvements completed in recent years include a 2022 roof replacement, HVAC installations completed from 2017 through 2021, new front supports added in 2023, and a parking lot renovation completed in 2021. The property occupies 0.81 acres at 37111 Euclid Avenue in Willoughby, directly across from a newly constructed national grocery store and within the city’s business district.
Capital improvements completed in recent years include a 2022 roof replacement, HVAC installations completed from 2017 through 2021, new front supports added in 2023, and a parking lot renovation completed in 2021. The property occupies 0.81 acres at 37111 Euclid Avenue in Willoughby, directly across from a newly constructed national grocery store and within the city’s business district.
Key Highlights
- 11,000+ square foot retail and office property on 0.81 acres
- Nine units with six established tenants
- Most leases extend through 2027; a current tenant recently signed an additional lease
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$103,135
Cap Rate
6.07%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,062,700
$2.1M
Cap Rate 7%
$1,473,357
$1.5M
Cap Rate 9%
$1,145,944
$1.1M
Market Conditions
NOI Build-Up for 11,000 SF
Gross rent
$154.4K $14.04/SF
− Vacancy
−$7.1K −$0.65/SF
EGI
$147.3K $13.39/SF
− OpEx
−$44.2K −$4.02/SF
NOI
$103.1K $9.38/SF
Area
Lake County, OH
Vacancy
4.60%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,062,700
Cap Rate 7%
$1,473,357
Cap Rate 9%
$1,145,944
Alternative Uses
Best Use
Retail
$1.47M
$1.29M – $1.72M
NOI $103,135 @ 7.0% cap · market cap 6.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.54M
$2.22M – $2.96M
NOI $177,842 @ 7.0% cap · market cap 10.46%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
9
Office units
Multi-tenant
Tenancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Strip mall - Retail and office suites sit across from a newly constructed national grocery store in Willoughby’s business district.
Where is this strip mall 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: 11,000+ square foot retail and office property on 0.81 acres; Nine units with six established tenants; Most leases extend through 2027; a current tenant recently signed an additional lease
