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    82 Interstate 71 & State Rte Strongsville, OH 44136

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    82 Interstate 71 & State Rte Strongsville, OH 44136

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    • Neighborhood centers
    • 312,000 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Neighborhood centers

    Property Details for 82 Interstate 71 & State Rte

    Property size
    312,000 SF
    Property type
    Neighborhood centers
    Property subtype
    Retail properties & Spaces

    Description

    The Plaza at Southpark, a 312,000 square foot super-regional shopping center in Strongsville, Ohio, presents a prime investment opportunity. This multi-tenant strip center boasts a coveted location in the southwest Cleveland trade area, directly across from the major SouthPark Mall (featuring Macy's, Dillard's, JCPenney, and Dick's Sporting Goods). The center is anchored by a strong lineup of national retailers including Costco, Best Buy, Jared, Ulta Beauty, Five Below, Petco, and La-Z-Boy, ensuring consistent high foot traffic. Its strategic position at the intersection of Interstate 71 and Royalton Road (State Route 82) benefits from exceptional visibility and accessibility, with a daily traffic count exceeding 56,696 vehicles passing the northwest corner. Currently available spaces include a significant 26,086 square foot big box anchor opportunity (124' x 196') and a 3,000 square foot (30' x 100') unfinished space, offering flexibility for various retail concepts. This property represents a rare chance to acquire a well-established retail center in one of Northeast Ohio's highest-traffic areas. The existing tenant mix and location provide a strong foundation for future growth and profitability. The available spaces offer significant potential for expansion or new retail ventures within this thriving commercial hub. Located in Cuyahoga County, this property is ideally situated to capitalize on the robust consumer base of the surrounding community.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Strongsville
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.8168
    Latitude
    41.315

    Comparable in this City

    • Value Estimation by Request

      13311 Pearl Rd

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      17748 Pearl Rd

      Neighborhood centers • 46,446 SF
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    • Value Estimation
      $2,155,000
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      17578 Pearl Rd, Unit 17908

      SHOPPING CENTER, STRIP CENTER • 23,783 SF
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    • Value Estimation
      $580,000
      15,968 SF

      14122 Pearl Rd, Unit 14206

      SHOPPING CENTER, STRIP CENTER • 15,968 SF
      14122 Pearl Rd, Strongsville, OH 44136-8708
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    • Value Estimation
      $3,630,000
      46,335 SF

      15167 Pearl Rd

      SHOPPING CENTER, STRIP CENTER • 46,335 SF
      15167 Pearl Rd, Strongsville, OH 44136-5034
      View Details
    • Value Estimation
      $3,025,000
      37,440 SF

      15201 Pearl Rd, Unit 15323

      SHOPPING CENTER, STRIP CENTER • 37,440 SF
      15201 Pearl Rd, Strongsville, OH 44136-5020
      View Details

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      2,700 SF

      7-Eleven NNN Investment Opportunity

      NNN leased 7-Eleven in Strongsville, OH with scheduled rent increases.
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      Prime Corner Land for Sale

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      Retail Space Available For Lease

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      Super Regional Shopping Center Space

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      Retail Space at Lit Intersection

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    Strongsville, OH 44136
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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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    82 Interstate 71 & State Rte, Strongsville, OH, 44136

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