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    Willoughby Flex Space Opportunity Title is generated by Realmo AI

    38601 Kennedy Parkway, Willoughby, OH 44094

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    Flexible building layouts available in Willoughby, Ohio.

    Type:FlexIndustrial
    Added:
    Nov 22, 2025
    Days on Market:
    182
    Last Refresh:
    Apr 5 at 8:54 pm

    Property Features for 38601 Kennedy Parkway

    General Information

    Standard status
    Active
    Property subtype
    FlexIndustrial

    We can help!

    Listing Contact
    Jenna Gauntner

    Listing agent Jenna Gauntner

    Listing office

    Listing date Nov 22, 2025

    Source Cbre

    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 Jenna Gauntner

    HighLights

    • Flexible building layouts with sample site plans from 30K to 92K SF on ±16.6 acres.
    • Accessible location less than 30 minutes from Cleveland with access to SR‑2, I‑271, & I‑90.
    • Diverse Airport District Zoning allows for Office, R&D, Light Industrial, Retail and Hotel uses.
    • Local incentives available through City of Willoughby Tax Incentive Grant and Enterprise Zone Programs.
    • Clear height of 24' with 4 docks and 1 drive‑in per building.
    • Power: 1200 amp, 3 phase, 480 volt and LED lighting.

    Overview

    This property offers flexible building layouts on approximately 16.6 acres. Sample site plans include building footprints ranging from 30,000 to 92,000 square feet, and alternate options will be considered. The building features a clear height of 24 feet. Each building is equipped with 4 docks and 1 drive-in door. Power is supplied by a 1200 amp, 3 phase, 480 volt system. LED lighting is installed throughout the building. The sprinkler system is a wet system, with the ability to upgrade to ESFR. Office space can be built to suit, with the potential for a two-story layout. The building materials consist of split-faced block, brick, and steel. Parking is available with a total of 88 spaces. The property is located less than 30 minutes from Cleveland, with access to SR-2, I-271, and I-90. Cleveland Hopkins International Airport is 34 minutes away. The Airport District Zoning allows for a variety of uses including office, R&D, light industrial, retail, and hotel. Local incentives are available through the City of Willoughby Tax Incentive Grant Program and the City of Willoughby Enterprise Zone Program.
    Property Profile Location Intelligence

    Current Use by Public Records

    The Kennedy Group Industrial Manufacturer

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Hair Salon Building Supply Gym & Fitness Center Daycare Center Accounting Firm Auto Repair Shop

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

    Similar Places Nearby

    • Culinaire Pavane, The Art of Food Design — 38342 Western Pkwy #7, Willoughby, OH 44094

    Location Insight

    • Map
    • Local Demand
    City
    Willoughby
    County
    Lake
    State
    Ohio
    Longitude
    -81.3977
    Latitude
    41.6895

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    FAQs

    What type of property is this?
    Flex space - Flexible building layouts available in Willoughby, Ohio.
    Where is this flex space located?
    The property is located at 38601 Kennedy Parkway Willoughby, OH.
    What are key features of this property?
    This property features: Flexible building layouts with sample site plans from 30K to 92K SF on ±16.6 acres.; Accessible location less than 30 minutes from Cleveland with access to SR‑2, I‑271, & I‑90.; Diverse Airport District Zoning allows for Office, R&D, Light Industrial, Retail and Hotel uses.
    (440) 669-1114
    We can help!
    Listing Contact
    Jenna Gauntner
    Request Owner's contact information
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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.

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