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    785 Alpha Dr Highland Heights, OH 44143
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    785 Alpha Dr, Highland Heights, OH 44143

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    • Neighborhood centers
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    Current Use by Public Records

    • Neighborhood centers

    Property Details for 785 Alpha Dr

    Property type
    Neighborhood centers
    Property subtype
    Retail properties & Spaces

    Description

    The Shoppes at Alpha Place, located at 785 Alpha Dr, Highland Heights, OH 44143, offers exceptional retail opportunities in a convenient location. This single-story, Class C strip center is situated at the intersection of Alpha Dr. and Wilson Mills Rd., providing excellent visibility and accessibility. Four spaces are currently available, ranging from 600 to 11,700 square feet, allowing for flexibility to accommodate various business needs. The total vacant space amounts to 12,300 square feet. The property lacks elevators. This prime location offers easy access to Interstates 271 and 90, as well as Route 2, ensuring convenient access for both employees and customers. Highland Heights is a thriving community within the Greater Cleveland area, approximately 12 miles northeast of downtown Cleveland. The property's strategic location and flexible space options make it an ideal choice for businesses seeking a strong presence in a growing market. The minimum divisible space is 600 square feet, while the maximum contiguous space available is 11,700 square feet. This presents a unique opportunity for businesses of various sizes to establish themselves in a high-traffic area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Highland Heights
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.452
    Latitude
    41.539

    Comparable in this City

    • Value Estimation by Request

      5612 Wilson Mills Rd

      Neighborhood centers
      5612 Wilson Mills Rd, Highland Heights, OH 44143
      View Details
    • Value Estimation by Request
      80,371 SF

      6245 Wilson Mills Rd

      Individual retail properties
      6245 Wilson Mills Rd, Highland Heights, OH 44143
      View Details
    • Value Estimation by Request
      0.84 Acres

      Wilson Mls Rd

      SHOPPING CENTER, STRIP CENTER
      Wilson Mls Rd, Richmond Heights, OH 44143
      View Details
    • Value Estimation by Request
      7,176 SF

      27115 Chardon Rd

      SHOPPING CENTER, STRIP CENTER
      27115 Chardon Rd, Richmond Heights, OH 44143
      View Details
    • Value Estimation by Request
      10,100 SF

      25861 Chardon Rd

      SHOPPING CENTER, STRIP CENTER
      25861 Chardon Rd, Richmond Heights, OH 44143-1201
      View Details
    • Value Estimation
      $935,000
      10,250 SF

      818 Som Ctr Rd, Unit 30

      SHOPPING CENTER, STRIP CENTER
      818 Som Ctr Rd, Mayfield, OH 44143-3532
      View Details

    Similar Nearby for Sale

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      7,373 SF

      Retail Space with Signage Opportunities

      Retail space with new storefront, ample parking, and great signage.
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      80,371 SF

      Highland Heights Retail Property

      Retail property available for sale in Highland Heights, Ohio.
      6245 Wilson Mills Rd, Highland Heights, OH 44143
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    • $1,750,000
      1.07 Acres

      Retail Property in Richmond Heights

      Retail property for sale in Richmond Heights, Ohio.
      26000 Chardon Rd, Richmond Heights, OH 44143
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      Walgreens Corporate Lease Investment Opportunity

      Corporate-guaranteed Walgreens lease in Richmond Heights, Ohio with extension.
      751 Richmond Rd, Richmond Heights, OH 44143
      View Details
    • Contact for pricing
      13,216 SF

      Walgreens Corporate Lease Investment Opportunity

      Corporate-backed Walgreens lease with mixed-use development upside.
      751 Richmond Rd, Richmond Heights, OH 44143
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      56 SF

      56.5 Acres Commercial Land Available

      56.5 acres of commercial land along I-271.
      520 Som Center Rd, Cleveland, OH 44143
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    Similar Nearby for Lease

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      5,250 SF

      Retail Spaces Available on Alpha

      Retail spaces for lease with high visibility and signage.
      759-783 Alpha Park Dr, Highland Heights, OH 44143
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      5,100 SF

      Retail Space on Wilson Mills

      High-visibility retail spaces available near I-271 and Wilson Mills.
      6345 Wilson Mills Rd, Highland Heights, OH 44143
      View Details
    • Contact for pricing
      1,900 SF

      Retail Space Near I-271

      1,900 SF retail space with high traffic volume.
      6267 Wilson Mills Rd, Highland Heights, OH 44143
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    • Contact for pricing

      Retail Space in Highland Plaza

      Retail space for lease in Highland Heights, Ohio.
      6235 Wilson Mills Rd, Highland Heights, OH 44143
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    • Contact for pricing

      Belle Oaks Marketplace Retail Space

      Retail spaces and outparcels available in mixed-use development.
      641 Richmond Rd, Richmond Heights, OH 44143
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    • Contact for pricing

      Retail Space Available For Rent

      Retail space for rent at 5612 Wilson Mills Rd.
      5612 Wilson Mills Rd, Highland Heights, OH 44143
      View Details
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    Highland Heights, OH 44143
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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
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