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    30275 Detroit Rd Westlake, OH 44145

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    30275 Detroit Rd Westlake, OH 44145

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    • Neighborhood centers
    • 278,500 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Neighborhood centers

    Property Details for 30275 Detroit Rd

    Property size
    278,500 SF
    Property type
    Neighborhood centers
    Property subtype
    Retail properties & Spaces

    Description

    The Promenade at Crocker Park offers a 278,500 square foot retail strip center with a currently available 2,016 square foot space. This vibrant center is strategically located at 30275 Detroit Rd, Westlake, OH 44145, within a thriving commercial area known for its affluence and business activity. The property boasts a diverse tenant mix including national retailers, a grocery store, fast-casual dining options, specialty stores, and personal service businesses, creating a dynamic and attractive destination for shoppers. The center's design and amenities contribute to a convenient and stylish shopping experience. This particular space offers 2,016 square feet of vacant space within a larger 4,010 square foot unit, presenting a unique opportunity for businesses seeking a high-visibility location in a well-established retail center. Its connection to Crocker Park further enhances its accessibility and exposure to a large customer base. The property's total building size is 278,500 square feet, indicating a substantial and successful retail environment. This space is ideal for businesses seeking a prime location in a bustling and affluent community. The surrounding area is characterized by significant growth and business activity, ensuring a strong potential for customer traffic and business success.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Westlake
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.9558
    Latitude
    41.4624

    Comparable in this City

    • Value Estimation
      $1,155,000
      10,200 SF

      25887 Detroit Rd, Unit 939

      SHOPPING CENTER, STRIP CENTER • 10,200 SF
      25887 Detroit Rd, Westlake, OH 44145-2424
      View Details
    • Value Estimation by Request
      6,900 SF

      26615 Ctr Rdg Rd

      SHOPPING CENTER, STRIP CENTER • 6,900 SF
      26615 Ctr Rdg Rd, Westlake, OH 44145-4056
      View Details
    • Value Estimation by Request
      0.60 Acres

      Ctr Rdg Rd

      SHOPPING CENTER, STRIP CENTER • 0.60 Acres
      Ctr Rdg Rd, Westlake, OH 44145
      View Details
    • Value Estimation
      $665,000
      1,156 SF

      1737 Bradley Rd

      SHOPPING CENTER, STRIP CENTER • 1,156 SF
      1737 Bradley Rd, Westlake, OH 44145-1727
      View Details
    • Value Estimation
      $1,875,000
      0.58 Acres

      27000 Ctr Rdg Rd

      SHOPPING CENTER, STRIP CENTER • 0.58 Acres
      27000 Ctr Rdg Rd, Westlake, OH 44145
      View Details
    • Value Estimation
      $775,000
      25,510 SF

      26485 Ctr Rdg Rd

      SHOPPING CENTER, STRIP CENTER • 25,510 SF
      26485 Ctr Rdg Rd, Westlake, OH 44145-4031
      View Details

    Similar Nearby for Sale

    • $500,000
      0.03 Acres

      Westlake Restaurant Business For Sale

      Successful Japanese Sushi, Hibachi, Steak House Restaurant for sale.
      30006 Detroit Rd, Westlake, OH 44145
      View Details
    • Contact for pricing
      11,089 SF

      Westlake Retail Property For Sale

      Retail property available for sale in Westlake, Ohio.
      26800 Detroit Rd, Westlake, OH 44145
      View Details
    • $895,000
      3 SF

      Westlake Land with Rental Homes

      3.02 acres with general business zoning near Metroparks.
      30525 Center Ridge Rd, Westlake, OH 44145
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    • $575,000
      2 SF

      Westlake Land Along Center Ridge

      2.91 AC of commercial land in Westlake, Ohio.
      27060 Center Ridge Rd, Westlake, OH 44145
      View Details
    • $200,000
      0.38 Acres

      Westlake Land Opportunity

      Land available in new Westlake subdivision, near amenities.
      2187 Vuila Way, Westlake, OH 44145
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      8,986 SF

      Westlake Office Building with Restaurant

      Three-story office building with attached restaurant and banquet center.
      25651 Detroit Rd, Westlake, OH 44145
      View Details
    • Contact for pricing

      Promenade at Crocker Park Retail

      300,000 SF specialty center in Westlake, Ohio.
      30275 Detroit Rd, Westlake, OH 44145
      View Details
    • Contact for pricing

      Westlake Retail Spaces Available

      Retail spaces for lease in Westlake Commons shopping center.
      26489 Center Ridge Rd, Westlake, OH 44145
      View Details
    • Contact for pricing

      Retail and Office Space Available

      Retail and office spaces in a mixed-use destination.
      198 Crocker Park Blvd, Westlake, OH 44145
      View Details
    • Contact for pricing
      3,100 SF

      Crocker Road Retail/Medical Space

      Move-in ready space with upgraded finishes and ample parking.
      2035 Crocker Rd, Westlake, OH 44145
      View Details
    • Contact for pricing
      6,962 SF

      Westlake Retail Space Available

      Retail space in Westlake with high traffic and income.
      30235-30297 Detroit Rd, Westlake, OH 44145
      View Details
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    30275 Detroit Rd
    Westlake, OH 44145
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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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    30275 Detroit Rd, Westlake, OH, 44145

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