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Former Car Dealership on Highway
For Sale
$3,400,000

940 Babbitt Road, Euclid, OH 44123

27,192 SF former car dealership on 5.6 acres for sale.

Property Size27,192 SF
Lot Size5.60 Acres
Price / SF$125.04
Days on Market205

Property Features for 940 Babbitt Road

General Information

Standard status Active
Size 27,192 SF
Lot size 5.60 Acres
Property subtype Retail
Listing Agency: CBRE | Cleveland
Listed By: Joseph Khouri · License #2008000837
Source: Cbre
Added: Mar 25 Changed: Oct 8 Last Checked: Oct 14 at 7:33PM

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 CBRE | Cleveland

Investment Insights

Based on property information with market context.

This 27,192 square foot property on 5.6 acres is a former car dealership. The building features concrete block knee-walls, concrete block fire walls, square cut concrete block exterior walls, and steel stud and glass split face block curtain walls in the showroom and general office areas. The foundation consists of continuous reinforced concrete trench footers, and the framing includes steel columns and girders. The showroom and office areas have an approximate clear ceiling height of 10 feet, while other areas have heights between 10 and 12 feet with finished ceilings. Exterior walls are constructed with metal panel facia and storefront, painted square cut concrete block, split face block, and aluminum framed thermopane glass curtain walls. The roof structure is a standing seam painted steel roof with a metal panel cover. The service area is heated by a mezzanine-mounted gas-fired forced air furnace with a make-up air unit, supplemented by suspended gas-fired radiant units. The showroom and general office area are heated by a mezzanine-mounted gas-fired forced air furnace with two air handling units and three exterior cooling condensers. The property is zoned U4 Retail and Services and has approximately 800 feet of frontage along Babbitt Road and 530 feet along Lakeland. The location has high traffic counts, with 106,839 vehicles per day on Route 2 and 9,806 vehicles per day on Babbitt Road. The site is located across from a new 600,000+ square foot Amazon distribution center and Lincoln Electric, at the gateway to the Euclid industrial market, which has a total of 12.2 million square feet with a 1.8% vacancy rate. The surrounding submarket is densely populated with 77,969 residents within a 3-mile radius and a daytime population of 73,700.

Key Highlights

  • High Traffic Counts: See over 106,000 vehicles per day on Route 2.
  • Strategic Location: Located across from the new Amazon distribution center and Lincoln Electric.
  • High Visibility: Highway visible with frontage along Babbitt and Lakeland.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr
$259,820
Cap Rate
7.64%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,196,400 $5.2M
Cap Rate 7%
$3,711,714 $3.7M
Cap Rate 9%
$2,886,889 $2.9M
Market Conditions
NOI Build-Up for 27,192 SF
Gross rent
$407.9K $15.00/SF
− Vacancy
−$36.7K −$1.35/SF
EGI
$371.2K $13.65/SF
− OpEx
−$111.4K −$4.10/SF
NOI
$259.8K $9.56/SF
Area
Cuyahoga County, OH
Vacancy
9.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,196,400
Cap Rate 7%
$3,711,714
Cap Rate 9%
$2,886,889

Alternative Uses

Best Use
Industrial
$17.94M
$15.70M – $20.93M (±1% cap)
NOI $1,255,980 @ 7.0% cap · market cap 36.94%
Second Best
Retail
$3.71M
$3.25M – $4.33M (±1% cap)
NOI $259,820 @ 7.0% cap · market cap 7.64%
Theoretical Best
Warehouse
$21.79M
$19.06M – $25.42M (±1% cap)
NOI $1,525,119 @ 7.0% cap · market cap 44.86%
Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Showrooms

Suggested Use

Top Pick Real Estate Agency Computer & Electronic Repair (Bike/Boat/Book/etc) Store Cafe & Coffee Shop Grocery & Convenience Store Bakery

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

426
Businesses Nearby
Under-served
Demand for This Use

Demographics for 44123, OH

17,620
Population
9,176
Households
1.9
Avg Household Size
39
Median Age
23%
College-Educated
90%
High-School Grad
2.5 sq mi
ZIP Area
7,048
Density / Sq Mi
$54,979
Median Household Income
$39,047
Median Earnings
$1,036
Median Rent
$103,400
Median Home Value
Check the figures for this property Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics

Market

Vacancy Rate% for Retail in Midwest region

8% 2020
7.3% 2021
6.5% 2022
6% 2023
5.7% 2024
6.3% 2025
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Similar Off Market Nearby

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Frequently Asked Questions

What type of property is this?
Automotive property - 27,192 SF former car dealership on 5.6 acres for sale.
Where is this automotive property located?
The property is located at 940 Babbitt Road Euclid, OH.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: High Traffic Counts: See over 106,000 vehicles per day on Route 2.; Strategic Location: Located across from the new Amazon distribution center and Lincoln Electric.; High Visibility: Highway visible with frontage along Babbitt and Lakeland.
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