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    7960 Plaza Blvd Mentor, OH 44060

    Sponsored
    For Lease
    Contact for pricing

    Prime Mentor, OH retail spaces available.

    Lot size:
    87,965 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    404
    Exceptional retail opportunity in Mentor, Ohio's thriving Great Lakes Plaza & Erie Commons. These adjacent, yet separately owned, power centers boast a strong tenant mix including At Home, Burlington, Michaels, JOANN, Petitti Garden Center, Chuck E. Cheese, and Discount Fashion Warehouse. The properties enjoy a highly visible location on Plaza Boulevard, directly adjacent to the super-regional Great Lakes Mall, ensuring significant foot traffic and brand recognition. Multiple spaces are available, ranging from a substantial 69,490 square foot former grocery store to smaller units of 10,095, 4,200, 3,100, and 1,080 square feet. Specific details on the 10,095 square foot space are available upon request. This presents a unique chance to establish a presence in a robust market. Mentor's diverse economy, encompassing advanced manufacturing, biomedical, aerospace, and polymer industries, supports a large and stable workforce of over 59,000 employees across more than 1,700 companies. The strategic location and established tenant base make this an ideal investment for businesses seeking high visibility and strong consumer traffic in a dynamic and growing community. While connected, Great Lakes Plaza and Erie Commons operate under separate ownership and have distinct property restrictions. Inquire today to learn more about these exceptional retail spaces and secure your place in this thriving commercial hub.

    Property Features for 7960 Plaza Blvd

    General Information

    Property type
    Power centers
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    87,965 SF

    Unit(s) available at that property

    Space
    Available Space 1
    Size
    69,490 SF
    Space
    Available Space 3
    Size
    3,100 SF
    Space
    Available Space 4
    Size
    1,080 SF
    Space
    Call For Details
    Size
    10,095 SF
    Space
    Available Space 2
    Size
    4,200 SF

    We can help!

    Listing Contact
    Zack Sogoloff
    Zack Sogoloff

    Learn more

    Property Insight Report

    HighLights

    • High‑traffic retail center adjacent to Great Lakes Mall in Mentor, OH.
    • Strong tenant mix including At Home, Burlington, Michaels, JOANN, and more.
    • Available spaces ranging from 1,080 SF to 69,490 SF.
    • Located in Mentor, OH, a thriving community with a diverse business base and over 59,000 employees.
    • Two connected centers (Great Lakes Plaza & Erie Commons) with separate ownership and restrictions.
    Property Profile Location Intelligence

    Current Use by Public Records

    Power centers

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Pharmacy Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Mentor
    County
    Lake
    State
    Ohio
    Longitude
    -81.365748725386
    Latitude
    41.657505050699

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    FAQs

    What type of property is this?
    Power center - Prime Mentor, OH retail spaces available.
    Where is this power center located?
    The property is located at 7960 Plaza Blvd Mentor, OH.
    What are key features of this property?
    This property features: High-traffic retail center adjacent to Great Lakes Mall in Mentor, OH.; Strong tenant mix including At Home, Burlington, Michaels, JOANN, and more.; Available spaces ranging from 1,080 SF to 69,490 SF.
    Request Owner's contact information
    7960 Plaza Blvd Mentor, OH 44060
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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
    7960 Plaza Blvd Mentor, OH 44060
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    We can help!
    Listing Contact
    Zack Sogoloff
    Zack Sogoloff
    Real Estate License ID: OH SAL.0000436288
    Learn more
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