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

    7721-7723 Mentor Ave Mentor, OH 44060

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

    Retail space available for lease near Great Lakes Mall.

    Type:Retail
    Property size:
    42,500 SF
    Added:
    Sep 20, 2019
    Days on Market:
    2412
    Last Refresh:
    Mar 17 at 1:16 pm

    Property Features for 7721-7723 Mentor Ave

    General Information

    Standard status
    Active
    Size
    42,500 SF
    Property subtype
    Retail

    Spaces For Lease

    at 7721-7723 Mentor Ave Contact us

    We can help!

    Listing Contact
    Steve Altemare

    Listing agent Steve Altemare License #OH SAL.0000387601

    Listing office Goodman Real Estate Services Group LLC

    Listing date Sep 20, 2019

    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

    Retail Space Near Great Lakes Mall

    Available for lease is a retail space drawing from Lake and Northern Geauga counties. The location is directly across from Great Lakes Mall. The area benefits from a substantial customer base, with over 105,000 people residing within a 5-mile radius. The average household income in the same radius exceeds $84,000. The daytime population includes over 24,000 employees within a 3-mile radius. The space offers up to 42,500 square feet.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Mentor
    County
    Lake
    State
    Ohio
    Longitude
    -81.3297
    Latitude
    41.6763

    Nearby Similar for Lease

    • $900/Mo

      Office Sublease in Mentor, OH

      Prime office sublease opportunity in Mentor, Ohio.
      7211 Center Street, Mentor, OH 44060
      View Details
    • $1.00 SF/Yr

      Prime Retail Corner in Mentor

      High-visibility retail space with drive-through potential and outdoor seating.
      7474 Mentor Avenue, Mentor, OH 44060
      View Details
    • $10 SF/Yr

      Industrial Space in Mentor, Ohio

      7,500 SF of versatile commercial space for lease.
      7154 Industrial Park Blvd, Mentor, OH
      View Details
    • $8 SF/Yr

      Flex Building Office Space Available

      2,967 SF office space in a multi-tenant flex building.
      6109 Heisley Road, Mentor, OH, 44060
      View Details
    • $20 SF/Yr

      Mentor Office Suites Available

      Office suites for lease with ample parking and convenient access.
      8300 Tyler Blvd, Mentor, OH
      View Details
    • Contact for pricing

      Northgate Plaza Retail Space Available

      Retail spaces for lease in high-traffic Mentor location.
      9201 Mentor Avenue, Mentor, OH, 44060
      View Details
    • $10 SF/Yr

      Retail Space on Mentor Avenue

      Retail space available in high-traffic Mentor Avenue location.
      7741-7747 Mentor Ave, Mentor, OH
      View Details
    • Contact for pricing

      Freestanding Retail Building with Drive-Thru

      1,788 SF retail building with drive-thru near Great Lakes Mall.
      7652 Mentor Avenue, Mentor, OH, 44060
      View Details
    • $7 SF/Yr

      Warehouse Space in Mentor, Ohio

      8,600 SF warehouse space available for sublease until 2026.
      7640 Tyler Blvd, Mentor, OH 44060
      View Details
    • $1,200/Mo

      Flex Space with Drive-In Door

      Flex space with convenient location and renovations coming soon!
      8762-8774 Tyler Blvd, Mentor, OH
      View Details
    • $14 SF/Yr

      Retail Space in Mentor, OH

      Retail space available in a developed retail market.
      9676 Mentor Avenue, Mentor, OH
      View Details
    • Contact for pricing

      Well-Maintained Office Building For Rent

      Two-story office building with ample parking and customizable floor plans.
      8224 Mentor Ave., Mentor, OH 44060
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail space available for lease near Great Lakes Mall.
    Where is this retail space located?
    The property is located at 7721-7723 Mentor Ave Mentor, OH.
    What are key features of this property?
    This property features: High customer base: Over 105,000 people within a 5‑mile radius; Strong average household income: Over $84,000 within a 5‑mile radius; Significant daytime population: Over 24,000 employees within a 3‑mile radius
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Steve Altemare
    Real Estate License ID: OH SAL.0000387601
    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!