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    198 Crocker Park Blvd Westlake, OH 44145

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    For Lease
    Contact for pricing

    Westlake, OH: Prime Retail Opportunity

    Lot size:
    2,000,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    404
    This exceptional Class A retail space, located at 198 Crocker Park Blvd in Westlake, Ohio (44145), within the vibrant Crocker Park development, offers multiple tenancy options. The property boasts a total of 2,000,000 square feet, with available spaces ranging from a minimum of 1,555 square feet to a maximum contiguous space of 25,350 square feet. Ideally suited for a variety of retail businesses, this mixed-use development underwent renovations in 2016, ensuring modern and attractive facilities. Situated in Cuyahoga County, this location benefits from its integration within a thriving community featuring shops, restaurants, cafes, luxury residences, and Class A office space, all nestled within a park-like setting. The property's prime location offers excellent visibility and accessibility, making it an attractive option for businesses seeking a high-traffic area. The flexible space options allow for customization to suit diverse business needs. This is a unique opportunity to establish a presence in a highly desirable and well-established development. Contact us today to learn more about leasing opportunities and explore the potential of this exceptional retail space.

    Property Features for 198 Crocker Park Blvd

    General Information

    Property type
    Retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    2,000,000 SF
    Class
    A

    Building Details

    Year Renovated
    2016

    Unit(s) available at that property

    Space
    Available Space 3
    Size
    3,200 SF
    Space
    Available Space 4
    Size
    1,929 SF

    We can help!

    Listing Contact
    Lidia Saluan Richani
    Lidia Saluan Richani

    Learn more

    HighLights

    • Class A retail space in Crocker Park, Westlake, OH (44145).
    • 2,000,000 square feet total, with suites ranging from 1,555 to 25,350 square feet.
    • Modern facilities, renovated in 2016, in a mixed‑use development.
    • High‑traffic location with excellent visibility and accessibility in a thriving community.
    • Flexible space options available for customization.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Westlake
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.952221470604
    Latitude
    41.459695912446

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    FAQs

    What type of property is this?
    Retail property - Westlake, OH: Prime Retail Opportunity
    Where is this retail property located?
    The property is located at 198 Crocker Park Blvd Westlake, OH.
    What are key features of this property?
    This property features: Class A retail space in Crocker Park, Westlake, OH (44145).; 2,000,000 square feet total, with suites ranging from 1,555 to 25,350 square feet.; Modern facilities, renovated in 2016, in a mixed-use development.
    Request Owner's contact information
    198 Crocker Park Blvd Westlake, OH 44145
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    Westlake, OH 44145
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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.

    More about this property
    198 Crocker Park Blvd Westlake, OH 44145
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    We can help!
    Listing Contact
    Lidia Saluan Richani
    Lidia Saluan Richani
    Real Estate License ID: OH
    Learn more
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