Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    21653 Center Ridge Rd Rocky River, OH 44116

    Sponsored
    For Lease
    Contact for pricing

    Prime Rocky River Power Center; High Traffic Area

    Lot size:
    242,385 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    404
    Westwood Town Center, located in Rocky River, Ohio, presents exceptional retail opportunities within a thriving power center. This 242,385 square foot center boasts a strong tenant mix including The Home Depot, AMC Theatres, Marc's, Sola Salon Suites, Dollar Tree, Third Federal Savings & Loan, Bank of America, and Hallmark, ensuring high foot traffic and visibility. The property enjoys a prime location on Center Ridge Road, serving the affluent western suburbs of Rocky River, Westlake, Lakewood, and Fairview Park. Attracting 5.1 million yearly visits and 990,000 yearly visitors, with an average visit duration of 62 minutes, Westwood Town Center offers unparalleled exposure. Currently available spaces include a highly divisible 8,400 square foot unit (further divisible into 3,360 SF and 5,040 SF units), a 3,032 square foot space ideal for a salon, and two restaurant spaces measuring 2,535 and 2,364 square feet respectively. Outlot opportunities are also available. Minimum divisible space is 1,715 square feet, with a maximum contiguous space of 8,400 square feet. This property in Cuyahoga County offers a unique chance to establish a presence in a high-performing retail environment. Contact us today to explore these exceptional leasing opportunities.

    Property Features for 21653 Center Ridge Rd

    General Information

    Property type
    Power centers
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    242,385 SF

    Unit(s) available at that property

    Space
    Unit 7
    Size
    2,535 SF
    Space
    Unit 19
    Size
    3,032 SF
    Space
    Unit 9
    Size
    8,400 SF
    Space
    Unit 10
    Size
    2,250 SF
    Space
    Unit 1
    Size
    2,364 SF

    We can help!

    Listing Contact
    Zack Sogoloff
    Zack Sogoloff

    Learn more

    HighLights

    • Westwood Town Center is a 242,385 square foot power center in Rocky River, OH.
    • The property boasts strong co‑tenancy with The Home Depot, AMC Theatres, Marc's, and other national and regional retailers.
    • Its location on Center Ridge Road provides excellent access to affluent western Cuyahoga County suburbs including Rocky River, Westlake, Lakewood, and Fairview Park.
    • The center enjoys high traffic, with an average of 5.1 million yearly visits and an average dwell time of 62 minutes.
    • Available spaces range from 2,364 SF to 8,400 SF (divisible), including options suitable for restaurants and salons, plus an outlot.
    Property Profile Location Intelligence

    Current Use by Public Records

    Power centers

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Rocky River
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.8586749
    Latitude
    41.458478

    Nearby Similar for Lease

    • $13 SF/Yr
      2,583 SF

      Renovated Office Building Near Westgate

      Renovated office building near Westgate Lifestyle Center with move-in-ready suites.
      20575 Ctr Rdg Rd, Rocky River, OH
      View Details
    • Contact for pricing
      88,621 SF

      River Square Retail Center

      Rocky River, OH Shopping Center Opportunity
      19801 Detroit Rd, Rocky River, OH 44116
      View Details
    • Contact for pricing
      2,250 SF

      Retail Space in Rocky River

      Retail spaces available in a busy Rocky River location.
      21653 Ctr Rdg Rd, Rocky River, OH
      View Details
    • Contact for pricing
      4,500 SF

      Prime Retail Space in Rocky River

      Retail space with high visibility in affluent Rocky River.
      19801 Detroit Rd, Rocky River, OH
      View Details
    • Contact for pricing
      7,845 SF

      Prime Retail Space, Detroit Road

      New development; multiple suites available.
      19350 Detroit Rd, Rocky River, OH 44116
      View Details
    • Contact for pricing
      4,250 SF

      Retail Space in Active Center

      4,250 SF retail space in renovated shopping center.
      21810-22200 Ctr Rdg Rd, Rocky River, OH
      View Details
    • $17 SF/Yr
      16,490 SF

      Furnished Rocky River Office Space

      70,000 SF office building with shared amenities.
      20220 Ctr Rdg Rd, Rocky River, OH
      View Details
    • $17 SF/Yr
      70,000 SF

      Plaza West Executive Suites

      Rocky River Office Space Available
      20220 Center Ridge Rd, Rocky River, OH 44116
      View Details
    • Contact for pricing
      2,300 SF

      Downtown Rocky River Office Space

      Office space in downtown Rocky River with open floor plan.
      19064-19106 Detroit Rd, Rocky River, OH
      View Details
    • Contact for pricing
      1,750 SF

      Retail Space in Rocky River

      Two-level retail space available in Rocky River, Ohio.
      19350 Detroit Rd, Rocky River, OH
      View Details
    • Contact for pricing
      1,740 SF

      Retail and Office Space Available

      Ground floor retail and second floor office/medical space for rent.
      19290 Detroit Rd, Rocky River, OH
      View Details
    • Contact for pricing
      2,100 SF

      Retail and Office Space Available

      Ground floor retail and second floor office/medical space for rent.
      19290-19300 Detroit Rd, Rocky River, OH
      View Details

    FAQs

    What type of property is this?
    Power center - Prime Rocky River Power Center; High Traffic Area
    Where is this power center located?
    The property is located at 21653 Center Ridge Rd Rocky River, OH.
    What are key features of this property?
    This property features: Westwood Town Center is a 242,385 square foot power center in Rocky River, OH.; The property boasts strong co-tenancy with The Home Depot, AMC Theatres, Marc's, and other national and regional retailers.; Its location on Center Ridge Road provides excellent access to affluent western Cuyahoga County suburbs including Rocky River, Westlake, Lakewood, and Fairview Park.
    Request Owner's contact information
    21653 Center Ridge Rd Rocky River, OH 44116
    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.
    21653 Center Ridge Rd
    Rocky River, OH 44116
    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
    21653 Center Ridge Rd Rocky River, OH 44116
    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

    We can help!
    Listing Contact
    Zack Sogoloff
    Zack Sogoloff
    Real Estate License ID: OH SAL.0000436288
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.