Anchored Shopping
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9501-9591 Vista Way, Garfield Heights, OH 44125
Retail center anchored by Starbucks and Chipotle with 97% leased occupancy.
Property Size41,520 SF
Price / SF$207.37
Days on Market130
Property Features for 9501-9591 Vista Way
General Information
Standard status
Active
Size
41,520 SF
Property subtype
Retail
Occupancy
97%
Net Operating Income
$688,910
Site & Location
Anchor Co-Tenants
Starbucks, Chipotle
Highway Access
Yes
Building Details
Year Built
2005
Units
18
Tenancy
Multi
Listing Agency:
Matthews
(216) 503-3610
Listed By:
Jonah Yulish · License #2018004451
Source:
Crexi
Added: Apr 24
Changed: Aug 30
Last Checked: Aug 30 at 8:57PM
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 Matthews
Investment Insights
Based on property information with market context.
This shopping center at 9501-9591 Vista Way includes Starbucks and Chipotle as anchor tenants and is reported at 97% leased occupancy. The property was built in 2005 and is positioned along I-480 in Garfield Heights, Ohio. The center’s recorded property size is 41,520, with the source data not specifying a unit of measurement.
Key Highlights
- Starbucks and Chipotle serve as anchor tenants
- 97% leased occupancy
- Located at 9501‑9591 Vista Way, Garfield Heights, OH 44125
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$396,724
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.61%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$7,934,480
$7.9M
Cap Rate 7%
$5,667,486
$5.7M
Cap Rate 9%
$4,408,044
$4.4M
Market Conditions
NOI Build-Up for 41,520 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$622.8K $15.00/SF
− Vacancy
−$56.1K −$1.35/SF
EGI
$566.7K $13.65/SF
− OpEx
−$170.0K −$4.10/SF
NOI
$396.7K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$7,934,480
Cap Rate 7%
$5,667,486
Cap Rate 9%
$4,408,044
Alternative Uses
Best Use
Retail
$5.67M
$4.96M – $6.61M
NOI $396,724 @ 7.0% cap · market cap 4.61%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$33.27M
$29.11M – $38.81M
NOI $2,328,734 @ 7.0% cap · market cap 27.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
430
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44125, OH
29,663
Population
12,849
Households
2.3
Avg Household Size
39
Median Age
17%
College-Educated
90%
High-School Grad
14.0 sq mi
ZIP Area
2,119
Density / Sq Mi
$55,524
Median Household Income
$37,292
Median Earnings
$1,103
Median Rent
$107,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Retail center anchored by Starbucks and Chipotle with 97% leased occupancy.
Where is this shopping center located?
The property is located at 9501-9591 Vista Way Garfield Heights, OH.
What is the asking price?
The asking price for this property is $8,610,000.
What are key features of this property?
This property features: Starbucks and Chipotle serve as anchor tenants; 97% leased occupancy; Located at 9501‑9591 Vista Way, Garfield Heights, OH 44125
