Mixed-Use Retail and Event
For Sale
Contact for pricing
9620 Johnnycake Ridge Rd, Mentor, OH 44060
Commercial facility combining retail, restaurant, and event functions in Mentor.
Property Size16,704 SF
Lot Size1.38 Acres
Price / SF$203.54
Days on Market166
Property Features for 9620 Johnnycake Ridge Rd
General Information
Standard status
Active
Size
16,704 SF
Lot size
1.38 Acres
Property subtype
RETAIL
Financials
Asking Price
$3,400,000
Business Included
Yes
Additional Details
Traffic Count
12,220 vehicles/day
Listing Agency:
CBRE | Cleveland
(216) 577-1517
Listed By:
Kevin Moss · License #SAL.2015001299
(216) 577-1517
Source:
Moodyscre
Added: Mar 18
Changed: Aug 29
Last Checked: Aug 29 at 8:38PM
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.
Located at 9620 Johnnycake Ridge Rd in Mentor, Ohio, this mixed-use commercial property contains 16,704 square feet across retail, restaurant, and event-center functions. The improvements occupy 1.38 acres and are configured for multiple customer-facing commercial uses within one property.
The site records traffic of 12,220 VPD, according to ODOT TIMS. Mentor’s retail market includes Walmart, Target, Kohl’s, HomeGoods, Ulta, PopShelf, TJ Maxx, and Ross Dress For Less. The property is also positioned within a five-mile radius containing 103,654 people.
The site records traffic of 12,220 VPD, according to ODOT TIMS. Mentor’s retail market includes Walmart, Target, Kohl’s, HomeGoods, Ulta, PopShelf, TJ Maxx, and Ross Dress For Less. The property is also positioned within a five-mile radius containing 103,654 people.
Key Highlights
- 16,704 SF mixed‑use retail, restaurant, and event center
- 1.38‑acre commercial site in Mentor, OH
- 12,220 VPD traffic count from ODOT TIMS
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
$185,455
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
5.45%
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%
$3,709,100
$3.7M
Cap Rate 7%
$2,649,357
$2.6M
Cap Rate 9%
$2,060,611
$2.1M
Market Conditions
NOI Build-Up for 16,704 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
$385.9K $23.10/SF
− Vacancy
−$89.1K −$5.34/SF
EGI
$296.7K $17.76/SF
− OpEx
−$111.3K −$6.66/SF
NOI
$185.5K $11.10/SF
Area
Lake County, OH
Vacancy
23.10%
Lease Rate
$23.10 /SF/Yr
Expense Ratio
37.50%
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%
$3,709,100
Cap Rate 7%
$2,649,357
Cap Rate 9%
$2,060,611
Alternative Uses
Best Use
Mixed Use
$2.65M
$2.32M – $3.09M
NOI $185,455 @ 7.0% cap · market cap 5.45%
Second Best
Specialty Retail
$2.56M
$2.24M – $2.99M
NOI $179,276 @ 7.0% cap · market cap 5.27%
Theoretical Best
Office A
$3.86M
$3.38M – $4.50M
NOI $270,061 @ 7.0% cap · market cap 7.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12,220 VPD
Traffic count
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
824
Businesses Nearby
Explore this area
Business Placement
Demographics for 44060, OH
60,360
Population
27,276
Households
2.2
Avg Household Size
47
Median Age
35%
College-Educated
96%
High-School Grad
39.9 sq mi
ZIP Area
1,513
Density / Sq Mi
$85,881
Median Household Income
$51,736
Median Earnings
$1,156
Median Rent
$227,200
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?
Mixed-use property - Commercial facility combining retail, restaurant, and event functions in Mentor.
Where is this mixed-use property located?
The property is located at 9620 Johnnycake Ridge Rd Mentor, 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: 16,704 SF mixed‑use retail, restaurant, and event center; 1.38‑acre commercial site in Mentor, OH; 12,220 VPD traffic count from ODOT TIMS
