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    2420 Wedgewood Dr Akron, OH 44312
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    2420 Wedgewood Dr, Akron, OH 44312

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    • Community centers
    • 209,280 SF
    • 17.99 lot acres
    For Lease
    $5,090,000
    View Listing →
    Ellet Acme Plaza Retail Space For Lease
    $5,090,000

    Ellet Acme Plaza Retail Space

    Grocery-anchored shopping center in Akron's Ellet neighborhood.

    2420 Wedgewood Dr, Akron, OH 44312
    View Listing
    Property ID
    US66-1338382
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Mr. Beane's This & That / Home Decor Store / Department Store
    • Vital Records Control / Recycling Center / Waste Management Facility
    • Summit County Training & Work / County Government Office
    • Acme Pharmacy / Pharmacy
    • Amazon Counter - Mr. Beane’s This & That / Courier Service / Postal Service

    Property Details for 2420 Wedgewood Dr

    Year built
    1970
    Lot size
    17.99 lot acres
    Property type
    Community centers
    Property subtype
    Shopping centers
    APN
    68-60657
    APU
    6860657

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jul 5, 2006 — Albrecht INC Albrecht INC Quit Claim Deed —

    Description

    Ellet Acme Plaza, a vibrant shopping center in Akron's Ellet neighborhood, offers exceptional retail opportunities. This 2.5-acre property is anchored by a thriving Acme Fresh Market and Ace Hardware, ensuring high foot traffic and strong community presence. Currently, there are two available spaces, ranging from a minimum of 1,000 square feet to a maximum contiguous space of 7,376 square feet. A total of 3,091 square feet is currently vacant, providing flexibility for various retail concepts. The center boasts a diverse tenant mix of retail, service, and convenience-oriented businesses, catering to the densely populated and stable Ellet community. Its prime location offers excellent visibility and convenient access, making it an ideal destination for shoppers. The property's strategic positioning within a busy grocery-anchored center guarantees a steady stream of potential customers. This presents a unique chance to establish or expand a business in a thriving, well-established commercial area. The available space is perfect for businesses seeking high visibility and a strong local customer base. Consider this opportunity to become part of a successful and well-regarded shopping center in a desirable Akron neighborhood.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $3,702,000
      Market price range: $3.70M - $8.77M

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Akron
    County
    Summit
    State
    Ohio
    Longitude
    -81.4424
    Latitude
    41.0481
    CBSA code
    10420
    CBSA name
    AKRON, OH METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $164,202
    $426,170
    $1,471,940
    $1,898,110
    -
    $1,217,630
    $4,205,550
    $5,423,180

    Comparable in this City

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      3333 Massillon Rd

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      1503 Canton Rd

      MINI-MALL
      1503 Canton Rd, Akron, OH 44312-4042
      View Details
    • Value Estimation
      $8,945,000
      117,060 SF

      1492 Canton Rd, Unit 1542

      MINI-MALL
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      View Details
    • Value Estimation by Request
      252,297 SF

      1492-1540 Canton Rd

      Neighborhood centers
      1492-1540 Canton Rd, Akron, OH 44312
      View Details
    • Value Estimation by Request
      3,000 SF

      2796-2798 Albrecht Ave

      SHOPPING CENTER, STRIP CENTER
      2796-2798 Albrecht Ave, Akron, OH 44312
      View Details

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      Akron Investment Opportunity For Sale

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      Retail and Residential Income Property

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      Spacious duplex in Akron, OH, with tenant-occupied upper unit.
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    Similar Nearby for Lease

    • Contact for pricing

      Ellet Acme Plaza Retail Space

      Grocery-anchored shopping center in Akron's Ellet neighborhood.
      2420 Wedgewood Dr, Akron, OH 44312
      View Details
    • Contact for pricing

      Retail/Office Space For Rent

      Multiple retail and office spaces available in Akron, Ohio.
      1492-1540 Canton Rd, Akron, OH 44312
      View Details
    • Contact for pricing

      Retail Space in Harvest Plaza

      Retail space for lease anchored by Giant Eagle.
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      Ellet Acme Plaza Retail Space

      Grocery-anchored shopping center in Akron's Ellet neighborhood.
      2420 Wedgewood Dr, Akron, OH 44312
      View Details
    • Contact for pricing

      Former Hair Salon Retail Space

      1,100 SF retail space, formerly a hair salon.
      2794 Albrecht Ave, Akron, OH 44312
      View Details
    • Contact for pricing
      3,827 SF

      Retail Space Near Aldi

      3,827 SF retail space adjacent to new ALDI.
      2981 S Arlington Rd, Akron, OH 44312
      View Details
    View Listing
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    Akron, OH 44312
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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.

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