Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    36255 Reading Ave Willoughby, OH 44094-8227

    • Flex space
    • 12,000 SF
    • 1.00 lot acres
    OFF-MARKET
    Last Sale
    Jan 17, 2020
    $425,000
    Value Estimations
    $440,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2041634
    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

    • DSH Machine Products / Machine Shop
    • Police Car Factory / Police Department
    • TEK Equipment Services, Inc. / Forklift Dealer / Material Handling Equipment Supplier
    • Smart Car Care Inc. / Muffler Shop / Auto Repair Shop

    Property Details for 36255 Reading Ave

    Year built
    1984
    Construction
    WOOD
    Lot size
    1.00 lot acres
    Property size
    12,000 SF
    Zone code
    L-1
    Property type
    Flex space
    APN
    27-A-013-0-00-032-0
    APU
    27A0130000320

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $385,000
      ML approach
      $395,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $606,000
      Market price range: $301k - $850k
      AI Estimate
      $239,000
      Market price range: $173k - $347k

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $595,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Willoughby
    County
    Lake
    State
    Ohio
    Longitude
    -81.4293
    Latitude
    41.6351
    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
    $11,257
    $61,210
    $75,290
    $136,500
    -
    $174,890
    $215,110
    $390,000

    Comparable in this City

    • Value Estimation
      $230,000
      1,920 SF

      3836 Erie St

      LIGHT INDUSTRIAL • 1,920 SF
      3836 Erie St, Willoughby, OH 44094
      View Details
    • Value Estimation
      $490,000
      20,243 SF

      38119 Stevens Blvd

      LIGHT INDUSTRIAL • 20,243 SF
      38119 Stevens Blvd, Willoughby, OH 44094-6239
      View Details
    • Value Estimation
      $315,000
      6,818 SF

      37939 Stevens Blvd

      LIGHT INDUSTRIAL • 6,818 SF
      37939 Stevens Blvd, Willoughby, OH 44094-6235
      View Details
    • Value Estimation
      $200,000
      9,880 SF

      38411 Apollo Pkwy

      LIGHT INDUSTRIAL • 9,880 SF
      38411 Apollo Pkwy, Willoughby, OH 44094-7725
      View Details
    • Value Estimation
      $205,000
      11,022 SF

      4727 355th St

      LIGHT INDUSTRIAL • 11,022 SF
      4727 355th St, Willoughby, OH 44094-4631
      View Details
    • Value Estimation
      $225,000
      12,000 SF

      38131 Airport Pkwy

      LIGHT INDUSTRIAL • 12,000 SF
      38131 Airport Pkwy, Willoughby, OH 44094-8040
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      10,480 SF

      Willoughby Freestanding Office/Warehouse Building

      Clean 10,480 SF office/warehouse/light industrial building for sale.
      38227 Western Pkwy, Willoughby, OH 44094
      View Details
    • $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
      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
      View Details
    • $1,000,000
      17,526 SF

      Office, Garage, and Storage Buildings

      Three buildings on 2.74 acres with secure, fenced yard.
      37401 Stevens Blvd, Willoughby, OH 44094
      View Details
    • Contact for pricing
      53,438 SF

      Willoughby Industrial Warehouse Duo

      53,438 SF Warehouse, Two Buildings
      37877 Elm St, Willoughby, OH 44094
      View Details
    • Contact for pricing
      53,438 SF

      Willoughby Industrial Warehouse

      53,438 SF Warehouse, Two Buildings
      37877 Elm St, Willoughby, OH 44094
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      600 SF

      Downtown Willoughby Flex Space Available

      600 SF flex space in a unique walking community.
      4084-4098 Erie St, Willoughby, OH 44094
      View Details
    • Contact for pricing
      32,000 SF

      Industrial Land with Development Potential

      Available land for industrial development with flexible building options.
      1397 Lost Nation Rd, Willoughby, OH 44094
      View Details
    • $7 SF/Yr
      2,000 SF

      Willoughby Industrial Park Flex Space

      Flex space in Willoughby Industrial Park with quick freeway access.
      38127 Willoughby Pkwy, Willoughby, OH 44094
      View Details
    • Contact for pricing
      3,075 SF

      Vine Street Suites Available

      Office and warehouse suites for lease with utilities included.
      36615-36625 Vine St, Willoughby, OH 44094
      View Details
    • $1,200 /Mo
      127,761 SF

      Willoughby Commercial Space For Lease

      Office, retail, and warehouse spaces available in Kirtland Shopping Plaza.
      9177 Chillicothe Rd, Willoughby, OH 44094
      View Details
    • Contact for pricing
      87,543 SF

      Willoughby Industrial Property For Lease

      Large industrial space, excellent location.
      7085 Mentor Ave, Willoughby, OH 44094
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    36255 Reading Ave
    Willoughby, OH 44094-8227
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.