This exceptional Willoughby, Ohio industrial property offers 53,438 square feet of warehouse space across two buildings situated on a 1.88-acre lot. The property, zoned L-1 (Light Industrial), boasts a prime location at 37877-37941 Elm St, offering easy access to US Route 20 (Vine Street) and State Route 2. Building one, constructed in 1947 and renovated in 1975, comprises approximately 15,674 square feet, including 11,750 square feet of warehouse space with 10-foot ceiling height under the joists, 3,924 square feet of office space, one drive-in door (12' x 10'), and a ½-ton crane. It features 800-amp, 480-volt, 3-phase power and two new Concord gas-fired furnaces. Building two, a 37,764 square foot warehouse built in 1929 and renovated in 2020, includes four dock-high doors (various sizes), bus duct, and an impressive array of cranes: one 25-ton crane on a rail, one 15-ton crane, two 6-ton cranes (one needing service), two 5-ton cranes, three 2-ton cranes, four 1 ½-ton cranes, twelve 1-ton cranes, and two ½-ton cranes. Ceiling heights range from 22 feet (under the hook of the 25-ton and 15-ton cranes) to 34 feet 5 inches. This building also features 800-amp, 480-volt, 3-phase power, radiant heat, LED lighting, and a variable speed compressor serviced twice yearly. A 4,000 square foot quonset hut/shed (not included in the square footage) is available for cold storage or removal to create additional parking. The property's APN numbers are 27B0360000560, 27B0360000550, 27B0360000580, 27B0360000590, 27B0360000570, 27B0360000600, and 27B0360000610. This is a rare opportunity to acquire a substantial industrial property with significant existing infrastructure in a highly desirable location.
Property Features for 37877 Elm St
General Information
Property type
Distribution properties
Square Feet
53,438 SF
Class
B
Lot Size
81,893 SF
Building Details
Buildings
2
Stories
1
HighLights
53,438± SF two‑building industrial facility on 1.88± acres.
Zoned L‑I (Light Industrial).
15,674± SF Building (37877 Elm St): 11,750± SF warehouse with one 12' x 10' drive‑in door, 10' ceiling height, one 1⁄2‑ton crane, 800‑amp 480‑volt 3‑phase power, and two new gas furnaces. 3,924± SF office space. Built 1947, renovated 1975.
37,764± SF warehouse (37941 Elm St): Four overhead doors (OHD) ranging from 12'x13' to 24'x14', 27 cranes (including one 25‑ton and one 15‑ton), 22' clear height under the largest cranes, up to 34'5" ceiling height, monorail system, 800‑amp 480‑volt 3‑phase power, radiant heat, LED lighting, and variable speed compressor. Built 1929, renovated 2020.
4,000± SF Quonset hut/shed (not included in square footage) suitable for cold storage or removal for additional parking; two 10'x8.5" and 10'x9' OHD.
Corner lot at Elm St and Church St, with easy access to Vine St (US Route 20) and State Route 2.
Distribution property - 53,438 SF Warehouse, Two Buildings
Where is this distribution property located?
The property is located at 37877 Elm St Willoughby, OH.
What are key features of this property?
This property features: 53,438± SF two-building industrial facility on 1.88± acres.; Zoned L-I (Light Industrial).; 15,674± SF Building (37877 Elm St): 11,750± SF warehouse with one 12' x 10' drive-in door, 10' ceiling height, one 1⁄2-ton crane, 800-amp 480-volt 3-phase power, and two new gas furnaces. 3,924± SF office space. Built 1947, renovated 1975.
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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.
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
37877 Elm St Willoughby, OH 44094
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37877 Elm St, Willoughby, OH
David Sigg, CCIM, Broker
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37877 Elm St, Willoughby, OH
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37877 Elm St, Willoughby, OH
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David Sigg, CCIM, Broker
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