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    3038 117th St Cleveland, OH 44111-1645
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    Property profile & analytics

    3038 117th St, Cleveland, OH 44111-1645

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    • Grocery and convenience stores
    • 2,016 SF
    • 1.18 lot acres
    Off-Market
    Property ID
    US66-2679839
    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

    • Giant Eagle Getgo / Gas Station
    • GetGo Gas Station & WetGo Car Wash / Car Wash
    • First National Bank ATM / Atm
    • Coinhub Bitcoin ATM Teller / Atm

    Property Details for 3038 117th St

    Year built
    2008
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.18 lot acres
    Zone code
    GR
    Property type
    Grocery and convenience stores
    APN
    021-18-012
    APU
    2118012

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Sep 30, 2008 — Echo Getgo Partners 2004 — Trustees Deed · related $13.5M · Nationwide Life Insurance Co
    Nov 15, 2007 $500,000 Echo Getgo Partners 2004 Target Corp Grant Deed —
    Oct 3, 2005 $2,450,000 Target Corp Handy,ida Warranty Deed —

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.7694
    Latitude
    41.4692
    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
    $53,947
    $289,000
    $251,160
    $540,160
    -
    $825,700
    $717,600
    $1,543,300

    Comparable in this City

    • Value Estimation by Request
      0.13 Acres

      3387 117th St

      GROCERY, SUPERMARKET
      3387 117th St, Cleveland, OH 44111-3602
      View Details
    • Value Estimation by Request
      3,674 SF

      3654 117th St

      CONVENIENCE STORE
      3654 117th St, Cleveland, OH 44111-5275
      View Details
    • Value Estimation
      $8,085,000
      70,200 SF

      10604 Lorain Ave, Unit 10950

      GROCERY, SUPERMARKET
      10604 Lorain Ave, Cleveland, OH 44111-5411
      View Details
    • Value Estimation by Request
      1,276 SF

      14902 Lorain Ave

      CONVENIENCE STORE
      14902 Lorain Ave, Cleveland, OH 44111
      View Details
    • Value Estimation by Request
      1,456 SF

      3638 Warren Rd

      CONVENIENCE STORE
      3638 Warren Rd, Cleveland, OH 44111
      View Details
    • Value Estimation
      $720,000
      4,248 SF

      13951 Triskett Rd

      CONVENIENCE STORE
      13951 Triskett Rd, Cleveland, OH 44111-1525
      View Details

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      Kamm's Corner Redevelopment Opportunity

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      Lorain Avenue Retail Land Parcels

      Seven land parcels available for sale or land lease.
      14734 Lorain Ave, Cleveland, OH 44111
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    • $915,000
      10,346 SF

      Freestanding Retail Building For Sale

      Freestanding 10,346 SF building with long-term tenant in place.
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    Similar Nearby for Lease

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      Retail Opportunity Inside Giant Eagle

      Prime retail spaces available within Giant Eagle grocery stores.
      15325 Edgecliff Ave, Cleveland, OH 44111
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      3,000 SF

      Retail Space with Apartments Above

      Retail space with three apartments above near I-90.
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      1,185 SF

      Freestanding Retail Building For Lease

      Freestanding retail building in high-density area with drive-thru potential.
      14002 Triskett Rd, Cleveland, OH 44111
      View Details
    • Contact for pricing
      3,400 SF

      Lorain Avenue Retail Space Available

      Retail space with parking lot and public transportation access.
      12833 Lorain Ave, Cleveland, OH 44111
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    • $1,200 /Mo
      4,722 SF

      Retail/Office Space in Cleveland, OH

      1,200 sq ft retail/office space in thriving West Park.
      12222 Lorain Ave, Cleveland, OH 44111
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    • Contact for pricing
      6,617 SF

      Retail Space on Warren Road

      6,617 sq ft retail space available for rent.
      3300-3362 Warren Rd, Cleveland, OH 44111
      View Details
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    Cleveland, OH 44111-1645
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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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