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    4071 Lee Rd Cleveland, OH 44128

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    For Lease
    Contact for pricing

    Prime Retail Space, Cleveland, Ohio

    Lot size:
    201,491 SF

    Property Features for 4071 Lee Rd

    General Information

    Property type
    Retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    201,491 SF

    Spaces For Lease

    at 4071 Lee Rd, Cleveland, OH 44128 Contact us

    We can help!

    Listing Contact
    Candace Gschwind
    Candace Gschwind

    Listing Agency: First National Realty Partners Listing Agent: Candace Gschwind

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional retail opportunity presents itself in the form of the Lee Harvard Shopping Center, a well-established shopping center located at 4071 Lee Rd, Cleveland, Ohio, in Cuyahoga County, zip code 44128. The property boasts a total building area of 201,491 square feet and currently offers multiple spaces available for lease. The center features a diverse tenancy, providing a strong foundation for new businesses. Individual spaces range in size from a minimum of 1,500 square feet to a maximum contiguous space of 4,046 square feet, offering flexibility for various retail concepts. Currently, there are 5,546 square feet of vacant space available, presenting a unique chance to establish a presence in this thriving Cleveland location. The property's strategic location provides excellent visibility and accessibility, ensuring high foot traffic and customer exposure. This is an ideal opportunity for businesses seeking a well-established retail location in a bustling area of Cleveland. The property is classified as a retail shopping center with multiple tenants. The address is easily accessible and situated within a vibrant commercial district. This is a rare opportunity to secure retail space in a high-traffic location. Serious inquiries are encouraged to explore this promising investment.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    T-Mobile Mobile Phone Store Dr. Michael D. ... Physician Cleveland Dental Institute Dental Office Kozik James L ... Dental Office MetroHealth Department of Dentistry Dental Office

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.5640987
    Latitude
    41.448396

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    FAQs

    What type of property is this?
    Retail property - Prime Retail Space, Cleveland, Ohio
    Where is this retail property located?
    The property is located at 4071 Lee Rd Cleveland, OH.
    What are key features of this property?
    This property features: High-visibility corner location at Lee Road & Harvard Ave in Cleveland Heights (Cleveland MSA), 35,100 VPD.; Strong tenant mix including Dave's Market, Family Dollar, Wingstop, Goodwill, Subway, Little Caesars, T-Mobile, and Walgreens.; Dense trade area with over 291,000 residents and 261,000 employees.
    (513) 292-2652 Call to check price and availability
    Request Owner's contact information
    4071 Lee Rd Cleveland, OH 44128
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    Cleveland, OH 44128
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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
    4071 Lee Rd Cleveland, OH 44128
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Candace Gschwind
    Candace Gschwind
    (513) 292-2652 (800) 605-4966
    Learn more
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