Century Plaza Strip
New
For Sale
$1,700,000
7617 Mentor Ave, Mentor, OH 44060
Established retail property with an 8,800-square-foot footprint in Mentor, Ohio.
Property Size8,800 SF
Price / SF$193.18
Days on Market3
Property Features for 7617 Mentor Ave
General Information
Standard status
Active
Size
8,800 SF
Property subtype
Shopping Strip
Amenities
8,800-Square-Foot Four-Unit Triple-Net Strip Center in Affluent Cleveland Suburb of Mentor, Ohio
Value Add Opportunity with One Current Vacancy and One Upcoming Vacancy Once T-Mobile Leaves
Pro Forma Cap Rate of 12.07 Percent Based on Leasing the Two Vacancies at $22 per Square Foot
T-Mobile (32 Percent of Gross Leasable Area) – Endcap with Triple-Net Lease thru December 2027 – Will be Vacating at End of Term
Sport Clips (23 Percent of Gross Leasable Area) Triple-Net Lease thru January 2028; 10 Percent Rent Increase in Upcoming Option. Bank of America (17 Percent of Gross Leasable Area) – Endcap Unit with Triple-Net Lease thru April 2029; "A-" (S&P) High Investment-Grade Credit
Recently Renovated with Modern/ Attractive Façade and Storefronts and Highly Visible Pylon Sign
Fully Triple-Net Lease Structures with PRS Reimbursement of Landlord Tax, Insurance, Common Area Maintenance, and Management Expenses
Easy-to-Lease Units Ranging from 1,500 – 2,800 Square Feet with Daily Needs/E-Commerce-Proof Tenants
Building Details
Building Size
8,800 SF
Year Built
1995
Listing Agency:
Marcus & Millichap - Cleveland
(216) 264-2043
Listed By:
Craig Fuller · License #License(s): OH: SAL.2008001551
(216) 264-2043
Source:
Marcusmillichap
Added: Aug 28
Changed: Aug 30
Last Checked: Aug 30 at 1:04PM
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 Marcus & Millichap - Cleveland
Investment Insights
Based on property information with market context.
Century Plaza is a strip mall comprising 8,800 square feet of retail property at 7617 Mentor Ave in Mentor, Ohio. The building was constructed in 1995 and is identified for sale under the Century Plaza name.
Key Highlights
- 8,800‑square‑foot strip mall
- Built in 1995
- Located at 7617 Mentor Ave, Mentor, OH 44060
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
$82,508
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
4.85%
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%
$1,650,160
$1.7M
Cap Rate 7%
$1,178,686
$1.2M
Cap Rate 9%
$916,756
$916.8K
Market Conditions
NOI Build-Up for 8,800 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
$123.6K $14.04/SF
− Vacancy
−$5.7K −$0.65/SF
EGI
$117.9K $13.39/SF
− OpEx
−$35.4K −$4.02/SF
NOI
$82.5K $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 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%
$1,650,160
Cap Rate 7%
$1,178,686
Cap Rate 9%
$916,756
Alternative Uses
Best Use
Retail
$1.18M
$1.03M – $1.38M
NOI $82,508 @ 7.0% cap · market cap 4.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.03M
$1.78M – $2.37M
NOI $142,274 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
824
Businesses Nearby
Explore this area
Business Placement
Demographics for 44060, OH
60,360
Population
27,276
Households
2.2
Avg Household Size
47
Median Age
35%
College-Educated
96%
High-School Grad
39.9 sq mi
ZIP Area
1,513
Density / Sq Mi
$85,881
Median Household Income
$51,736
Median Earnings
$1,156
Median Rent
$227,200
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Strip mall - Established retail property with an 8,800-square-foot footprint in Mentor, Ohio.
Where is this strip mall located?
The property is located at 7617 Mentor Ave Mentor, 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: 8,800‑square‑foot strip mall; Built in 1995; Located at 7617 Mentor Ave, Mentor, OH 44060
