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    Property profile & analytics

    23290 Broadway Ave Bedford, OH 44146

    • Lifestyle centers
    • 23,840 SF
    • 8.56 lot acres
    For Lease
    View listing
    $10 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Lifestyle centers

    Property Details for 23290 Broadway Ave

    Lot size
    8.56 lot acres
    Property size
    23,840 SF
    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    This exceptional retail opportunity is located within the bustling Hawthorn Valley Shopping Center in Oakwood Village, Ohio, a thriving eastern suburb of Cleveland within the Greater Cleveland MSA. The center boasts a total of 23,840 square feet situated on 8.56 acres of land in Cuyahoga County. This particular offering features 6,500 square feet of commercial space, ideally positioned for high visibility directly off I-480, ensuring significant exposure to a large customer base. The shopping center enjoys a strong tenant mix, including established national brands such as Sam's Club, Ollie's Bargain Outlet, Wendy's, The Tile Shop, and WoodCraft, creating a vibrant and attractive retail environment. The property's address is 23290 Broadway Ave, Oakwood Village, OH 44146. This location offers unparalleled access and convenience for both customers and employees, making it an exceptional investment opportunity for businesses seeking high traffic and strong brand synergy. The property is classified as a multi-tenant shopping center. This space presents a unique chance to establish or expand your business within a well-established and successful retail center.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Bedford
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.5132
    Latitude
    41.3677

    Comparable in this City

    • Value Estimation
      $3,440,000
      23,840 SF

      23000 Broadway Ave, Unit 23230

      MINI-MALL • 23,840 SF
      23000 Broadway Ave, Bedford, OH 44146-6010
      View Details
    • Value Estimation by Request
      1,284 SF

      Broadway Ave

      SHOPPING CENTER, STRIP CENTER • 1,284 SF
      Broadway Ave, Bedford, OH 44146
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    • Value Estimation
      $805,000
      22,985 SF

      25680 Aurora Rd

      SHOPPING CENTER, STRIP CENTER • 22,985 SF
      25680 Aurora Rd, Bedford Heights, OH 44146-2531
      View Details
    • Value Estimation by Request
      0.40 Acres

      Perkins Rd

      SHOPPING CENTER, STRIP CENTER • 0.40 Acres
      Perkins Rd, Bedford Heights, OH 44146
      View Details
    • Value Estimation
      $1,425,000
      37,340 SF

      22737 Rockside Rd, Unit 22773

      SHOPPING CENTER, STRIP CENTER • 37,340 SF
      22737 Rockside Rd, Bedford, OH 44146-1512
      View Details
    • Value Estimation by Request
      8,275 SF

      468 Northfield Rd

      SHOPPING CENTER, STRIP CENTER • 8,275 SF
      468 Northfield Rd, Bedford, OH 44146-2203
      View Details

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    Similar Nearby for Lease

    • $10 SF/Yr
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      Hawthorn Valley Shopping Center Space

      Prime Retail Space, I-480 Visibility, High Traffic
      23290 Broadway Ave, Bedford, OH 44146
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    • $2,500 /Mo
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      12,531 SF

      Rockside Road Retail Opportunity

      Retail space available on Rockside Road in Bedford, Ohio.
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    23290 Broadway Ave
    Bedford, OH 44146
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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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