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

    4043 Erie St Willoughby, OH 44094-7844

    • Office buildings
    • 9,024 SF
    • 0.14 lot acres
    OFF-MARKET
    Value Estimations
    $330,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-0646815
    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

    • Heights Driving School Inc / Driving School
    • Schade Surveying Co / Land Surveyor

    Property Details for 4043 Erie St

    Year built
    1910
    Lot size
    0.14 lot acres
    Property size
    9,024 SF
    Zone code
    G-B
    Property type
    Office buildings
    APN
    27-A-030-B-00-004-0
    APU
    27A030B000040

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $250,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $410,000
      Market price range: $217k - $980k

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

    Location Insight

    • Map
    • Local Demand
    City
    Willoughby
    County
    Lake
    State
    Ohio
    Longitude
    -81.4062
    Latitude
    41.6417
    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
    $9,283
    $33,170
    $83,090
    $116,260
    -
    $94,770
    $237,390
    $332,160

    Comparable in this City

    • Value Estimation
      $250,000
      3,192 SF

      3937 Erie St

      OFFICE BUILDING • 3,192 SF
      3937 Erie St, Willoughby, OH 44094-7704
      View Details
    • Value Estimation
      $525,000
      25,108 SF

      32 Public Sq

      OFFICE BUILDING • 25,108 SF
      32 Public Sq, Willoughby, OH 44094-7854
      View Details
    • Value Estimation
      $230,000
      4,560 SF

      37121 Euclid Ave

      OFFICE BUILDING • 4,560 SF
      37121 Euclid Ave, Willoughby, OH 44094-5667
      View Details
    • Value Estimation
      $535,000
      37,142 SF

      35104 Euclid Ave

      OFFICE BUILDING (MULTI-STORY) • 37,142 SF
      35104 Euclid Ave, Willoughby, OH 44094-4516
      View Details
    • Value Estimation by Request
      0.32 Acres

      4709 Glenwood Ave

      OFFICE BUILDING (MULTI-STORY) • 0.32 Acres
      4709 Glenwood Ave, Willoughby, OH 44094-5856
      View Details
    • Value Estimation
      $245,000
      2,020 SF

      9175 Chillicothe Rd

      OFFICE BUILDING • 2,020 SF
      9175 Chillicothe Rd, Willoughby, OH 44094-9262
      View Details

    Similar Nearby for Sale

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      30,341 SF

      Professional Office Campus on Route 20

      Two-building office campus on 4.06 acres near major routes.
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    • $360,000
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      46,531 SF

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      Medical office building with stable tenancy near University Hospitals.
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    • $995,000
      14,533 SF

      Two-Building Industrial Property For Sale

      Two buildings on 1.38 acres with warehouse and office space.
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    • $1,950,000
      4,600 SF

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      Willoughby, OH Medical/Office Complex
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      View Details
    • Contact for pricing
      10,480 SF

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      Clean 10,480 SF office/warehouse/light industrial building for sale.
      38227 Western Pkwy, Willoughby, OH 44094
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    Similar Nearby for Lease

    • $975,000
      1,400 SF

      Willoughby Office Building For Rent

      6,500 SF office building in the heart of Willoughby.
      35403 Euclid Ave, Willoughby, OH 44094
      View Details
    • Contact for pricing
      21,874 SF

      Renovated Office Building Near I-90

      Two-story office building with convenient highway access and renovated common areas.
      35010 Chardon Rd, Willoughby, OH 44094
      View Details
    • $15 SF/Yr
      3,550 SF

      Downtown Willoughby Office Space Available

      Free-standing office building in prime downtown Willoughby location for lease.
      38029 3Rd St, Willoughby, OH 44094
      View Details
    • Contact for pricing
      28,000 SF

      Parkhill Office: Willoughby, OH

      Prime Willoughby Office Space Available
      35104 Euclid Ave, Willoughby, OH 44094
      View Details
    • $1,650 /Mo
      4,560 SF

      Medical Office Space Available

      Well-constructed office building with high traffic and strong demographics.
      37121 Euclid Ave, Willoughby, OH 44094
      View Details
    • $22 SF/Yr
      1,693 SF

      Class A Office Near I-90

      Class A office/medical building with access to I-90.
      4212 Chillicothe Rd, Willoughby, OH 44094
      View Details
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    4043 Erie St
    Willoughby, OH 44094-7844
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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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