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    33315 Aurora Rd Solon, OH 44139

    Sponsored
    For Lease
    Contact for pricing

    High-traffic Solon retail spaces available.

    Lot size:
    95,817 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    403
    This exceptional Solon, Ohio retail property, located at 33315 Aurora Rd, 44139, offers a variety of spaces within a thriving shopping center. The property boasts a Class B designation and C-3 Commercial zoning, providing flexibility for a range of businesses. Multiple units are available, including a significant 30,600 square foot anchor space (Unit 33321), a 6,636 square foot unit (Unit 33331), a 6,064 square foot unit (Unit 33351), a 1,897 square foot unit (Unit 33569), and an 8,576 square foot unit (Unit 33625). Some spaces can be combined for a total of 37,390 square feet. The property benefits from a prime location with strong traffic counts of 12,076 vehicles per day (VPD) on Aurora Road, according to ODOT TIMES. This location is surrounded by successful businesses including Planet Fitness, X-Golf, KeyBank, Chipotle, Advance Auto Parts, Dollar Tree, 56 Kitchen, Hand & Stone Massage, and Champs Sports, ensuring high visibility and foot traffic. The area also demonstrates strong demographics, with average household incomes exceeding $184,134 within a three-mile radius. A ground-level opportunity is also available between KeyBank and Chipotle. This is a unique chance to establish or expand your business in a high-demand location. Total vacant space amounts to 53,773 square feet.

    Property Features for 33315 Aurora Rd

    General Information

    Property type
    Neighborhood centers
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    95,817 SF
    Class
    B

    Unit(s) available at that property

    Space
    Pad Available for Ground Lease
    Size
    4,500 SF
    Space
    8,576 SF Endcap
    Size
    8,576 SF
    Space
    6,636 SF Inline
    Size
    37,390 SF
    Space
    Anchor Space
    Size
    37,390 SF
    Space
    6,064 SF Inline
    Size
    6,064 SF
    Space
    1,897 SF Inline
    Size
    1,897 SF

    We can help!

    Listing Contact
    Joseph Khouri
    Joseph Khouri

    Learn more

    HighLights

    • 30,600 SF anchor space (Unit 33321), 6,636 SF (Unit 33331), 6,064 SF (Unit 33351), 1,897 SF (Unit 33569), and 8,576 SF (Unit 33625) available; combinable to 37,290 SF total.
    • $184,134 average household income within a 3‑mile radius.
    • C‑3 Commercial zoning.
    • High traffic counts: 12,076 vehicles per day (VPD) on Aurora Rd (ODOT).
    • Excellent co‑tenancy including Planet Fitness, X‑Golf, KeyBank, Chipotle, and other national and local retailers.
    Property Profile Location Intelligence

    Current Use by Public Records

    Neighborhood centers

    Suggested Use

    Law Firm Realty agency Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Solon
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.4427573
    Latitude
    41.3863307

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    FAQs

    What type of property is this?
    Neighborhood center - High-traffic Solon retail spaces available.
    Where is this neighborhood center located?
    The property is located at 33315 Aurora Rd Solon, OH.
    What are key features of this property?
    This property features: 30,600 SF anchor space (Unit 33321), 6,636 SF (Unit 33331), 6,064 SF (Unit 33351), 1,897 SF (Unit 33569), and 8,576 SF (Unit 33625) available; combinable to 37,290 SF total.; $184,134 average household income within a 3-mile radius.; C-3 Commercial zoning.
    Request Owner's contact information
    33315 Aurora Rd Solon, OH 44139
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    Solon, OH 44139
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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
    33315 Aurora Rd Solon, OH 44139
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    We can help!
    Listing Contact
    Joseph Khouri
    Joseph Khouri
    Real Estate License ID: OH 2008000837
    Learn more
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