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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2804 Som Ctr Rd Willoughby Hills, OH 44094-9163

    • Retail space
    • 12,480 SF
    • 2.00 lot acres
    OFF-MARKET
    Value Estimations
    $1,420,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1131839
    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.

    Current Use by Public Records

    • Retail space

    Property Details for 2804 Som Ctr Rd

    Year built
    1989
    Lot size
    2.00 lot acres
    Property size
    12,480 SF
    Zone code
    R
    Property type
    Retail space
    APN
    31-A-006-F-00-012-0
    APU
    31A006F000120

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,950,000
      6.5%
      $1,800,000
      7%
      $1,670,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,426,000
      Market price range: $526k - $1.58M
      AI Estimate
      $1,029,000
      Market price range: $299k - $1.24M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $980,000
      Current use
      RESTAURANT
      $1,790,000
      Change: +83% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,045,000
      Change: +7% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,000,000
      Change: +3% Conversion: Easy
      MEDICAL BUILDING
      $880,000
      Change: -10% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Willoughby Hills
    County
    Lake
    State
    Ohio
    Longitude
    -81.4404
    Latitude
    41.5847
    CBSA code
    17460
    CBSA name
    CLEVELAND-ELYRIA-MENTOR, 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
    $34,896
    $80,040
    $289,050
    $369,090
    -
    $228,690
    $825,870
    $1,054,560

    Comparable in this City

    • Value Estimation by Request
      7,185 SF

      9370 Chillicothe Rd, Unit 9378

      RETAIL STORES (PERSONAL SERVICES) • 7,185 SF
      9370 Chillicothe Rd, Willoughby, OH 44094-9299
      View Details
    • Value Estimation by Request
      5,800 SF

      4074 Clark Ave

      RETAIL STORES (PERSONAL SERVICES) • 5,800 SF
      4074 Clark Ave, Willoughby, OH 44094-6152
      View Details
    • Value Estimation by Request
      17,030 SF

      4099 Erie St

      RETAIL STORES (PERSONAL SERVICES) • 17,030 SF
      4099 Erie St, Willoughby, OH 44094-7804
      View Details
    • Value Estimation by Request
      6,730 SF

      4148 Erie St

      RETAIL STORES (PERSONAL SERVICES) • 6,730 SF
      4148 Erie St, Willoughby, OH 44094-7807
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    • Value Estimation by Request
      614 SF

      7899 Euclid Chardon Rd

      RETAIL STORES (PERSONAL SERVICES) • 614 SF
      7899 Euclid Chardon Rd, Kirtland, OH 44094-9536
      View Details
    • Value Estimation by Request
      2,317 SF

      1356 Lost Nation Rd

      RETAIL STORES (PERSONAL SERVICES) • 2,317 SF
      1356 Lost Nation Rd, Willoughby, OH 44094-7328
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      52,272 SF

      Willoughby Mixed-Use Development Opportunity

      Prime 54,000 SF Mixed-Use Property in Willoughby, OH
      1066 Lost Nation Rd, Willoughby, OH 44094
      View Details
    • $360,000
      10,800 SF

      Two-Story Building in Willoughby

      Freestanding building suitable for service, distribution, or light manufacturing.
      3511 Lost Nation Rd, Willoughby, OH 44094
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    • $2,800,000
      1.56 Acres

      Downtown Willoughby Investment Opportunity

      Modern two-story building in historic downtown Willoughby, suitable for various ventures.
      3941 Erie St, Willoughby, OH 44094
      View Details
    • $350,000
      6.82 Acres

      Sports Bar & Grill Opportunity

      Well-known sports bar and grill inside Lost Nation Sports Park.
      38630 Jet Center Pl, Willoughby, OH 44094
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    • $695,000
      1,760 SF

      Kirtland Flex Space & Rental House

      Prime Kirtland location, 3.3 acres, great income potential.
      10612 Chillicothe Rd, Kirtland, OH 44094
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    • $2,200,000
      11,250 SF

      Willoughby Retail Center - High ROI

      Nine-unit retail building, strong tenant base.
      37111 Euclid Ave, Willoughby, OH 44094
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    Similar Nearby for Lease

    • Contact for pricing
      10,000 SF

      Retail Plaza Space Available

      Retail spaces available in plaza near major retailers.
      36245-36301 Euclid Ave, Willoughby, OH 44094
      View Details
    • $13,000 /Mo
      67,954 SF

      Downtown Willoughby Commercial Opportunity

      Two-story, 8,700 SF building in historic downtown Willoughby.
      3941 Erie St, Willoughby, OH 44094
      View Details
    • Contact for pricing
      3,565 SF

      Former Bank Branch For Lease

      3,565 SF former bank branch available for lease or sale.
      9231 Chillicothe Rd, Willoughby, OH 44094
      View Details
    • Contact for pricing
      17,608 SF

      Willoughby Plaza Retail Space

      Prime Willoughby storefront, multiple suites available.
      34302 Euclid Ave, Willoughby, OH 44094
      View Details
    • Contact for pricing
      40,500 SF

      Willoughby Retail Space Available

      Prime Euclid Ave storefront, 1200 sq ft.
      36200 Euclid Ave, Willoughby, OH 44094
      View Details
    • Contact for pricing
      1,500 SF

      Retail Space in High-Traffic Area

      Retail space with ample parking and signage opportunities.
      35160 Topps Industrial Pkwy, Willoughby, OH 44094
      View Details
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    Willoughby Hills, OH 44094-9163
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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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