Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    641 Richmond Rd Richmond Heights, OH 44143

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Retail spaces and outparcels available in mixed-use development.

    Type:Land, Retail
    Property size:
    8,706 SF
    Lot size:
    1.49 Acres
    Added:
    Feb 11, 2025
    Days on Market:
    429
    Last Refresh:
    Mar 17 at 1:22 pm

    Property Features for 641 Richmond Rd

    General Information

    Standard status
    Active
    Size
    8,706 SF
    Lot size
    1.49 Acres
    Property subtype
    Land, Retail

    Spaces For Lease

    at 641 Richmond Rd Contact us

    We can help!

    Listing Contact
    Zack Sogoloff

    Listing agent Zack Sogoloff License #OH SAL.0000436288

    Listing office Goodman Real Estate Services Group LLC

    Listing date Feb 11, 2025

    Source Crexi

    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 Goodman Real Estate Services Group LLC

    Overview

    Belle Oaks Marketplace Retail Space

    Belle Oaks Marketplace is planned as a mixed-use, pedestrian-friendly environment featuring 791 apartment units and approximately 315,000 square feet of retail space. The development aims to create a walkable, live-work-play environment supported by retailers, restaurants, and daily-needs services. A new Meijer store is now open. Outparcels available for ground lease include: Wilson Mills Road Outparcel 15, offering 0.97 acres; Outparcel 16, offering 1.02 acres; Outparcel 17, offering 1.07 acres; and Outparcel 18, offering 1.49 acres. Richmond Road also offers outparcels for ground lease: Outparcel 21, offering 0.97 acres; Outparcel 22, offering 1.13 acres; and Outparcel 23, offering 1.02 acres. Ground floor retail space is available in Building 1, offering up to 8,484 square feet, and in Building 2, offering up to 8,706 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Isalis (Bike/Boat/Book/etc) Store Party City Party Supply Store Skunk Funk Big Box & Wholesale Store Carl's Trading Co Hat Shop Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond Heights
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.4746
    Latitude
    41.5545

    Nearby Similar for Lease

    • Contact for pricing

      Retail Space in Richmond Heights

      Retail space with existing salon suite, open to retrofit.
      27043-27107 Chardon Rd, Richmond Heights, OH
      View Details
    • $8/mo

      Richmond Heights Warehouse Space Available

      8,280 SF warehouse space for lease in Richmond Heights.
      26361 Curtis Wright Pkwy, Richmond Heights, OH
      View Details
    • $16/mo

      Richmond Heights Office Space Available

      Office space for rent with on-site amenities.
      26301 Curtis Wright Pkwy, Richmond Heights, OH
      View Details
    • Contact for pricing

      Land for Lease Opportunity

      Land available for ground lease in mixed-use development.
      Richmond Rd, Richmond Heights, OH
      View Details
    • Contact for pricing

      Land for Lease Opportunity

      Land available for ground lease in mixed-use development.
      621 Richmond Rd, Richmond Heights, OH
      View Details
    • Contact for pricing

      Richmond Heights Commercial Development Opportunity

      Prime 2.97-acre commercial land suitable for senior housing.
      26220 White Rd, Richmond Heights, OH 44143
      View Details
    • Contact for pricing

      Retail/Office Space Available

      4,160 SF retail or office space for rent.
      754 Richmond Rd, Richmond Heights, OH 44143
      View Details
    • Contact for pricing

      Class A Office Space Available

      High-end office space with fitness center and airport views.
      26380 Curtiss Wright Pkwy, Richmond Heights, OH
      View Details

    FAQs

    What type of property is this?
    Commercial land - Retail spaces and outparcels available in mixed-use development.
    Where is this commercial land located?
    The property is located at 641 Richmond Rd Richmond Heights, OH.
    What are key features of this property?
    This property features: Mixed‑use, pedestrian‑friendly environment with 791 apartment units and approximately 315,000 SF of retail space.; Class‑A living accommodations within a walkable, live‑work‑play environment.; Anchored by a new Meijer store.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Zack Sogoloff
    Real Estate License ID: OH SAL.0000436288
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!