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    Property profile & analytics

    4071 Lee Rd Cleveland, OH 44128

    • Community centers
    • 95,184 SF
    • 1.48 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1099251
    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

    • T-Mobile / Mobile Phone Store / Electronics & Wireless Store
    • Dr. Michael D. Infeld, MD / Physician
    • Cleveland Dental Institute / Dental Office
    • Kozik James L DDS / Dental Office
    • MetroHealth Department of Dentistry / Dental Office

    Property Details for 4071 Lee Rd

    Year built
    1950
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.48 lot acres
    Property size
    95,184 SF
    Zone code
    SC
    Property type
    Community centers
    APN
    141-10-012
    APU
    14110012

    Description

    This exceptional retail opportunity presents itself in the form of the Lee Harvard Shopping Center, a well-established shopping center located at 4071 Lee Rd, Cleveland, Ohio, in Cuyahoga County, zip code 44128. The property boasts a total building area of 201,491 square feet and currently offers multiple spaces available for lease. The center features a diverse tenancy, providing a strong foundation for new businesses. Individual spaces range in size from a minimum of 1,500 square feet to a maximum contiguous space of 4,046 square feet, offering flexibility for various retail concepts. Currently, there are 5,546 square feet of vacant space available, presenting a unique chance to establish a presence in this thriving Cleveland location. The property's strategic location provides excellent visibility and accessibility, ensuring high foot traffic and customer exposure. This is an ideal opportunity for businesses seeking a well-established retail location in a bustling area of Cleveland. The property is classified as a retail shopping center with multiple tenants. The address is easily accessible and situated within a vibrant commercial district. This is a rare opportunity to secure retail space in a high-traffic location. Serious inquiries are encouraged to explore this promising investment.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $7,529,000
      Market price range: $5.19M - $17.8M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $9,640,000
      Current use
      MEDICAL BUILDING
      $10,345,000
      Change: +7% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $8,470,000
      Change: -12% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $7,890,000
      Change: -18% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.564
    Latitude
    41.4478
    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
    $199,541
    $45,190
    $1,952,790
    $1,997,980
    -
    $129,100
    $5,579,400
    $5,708,500

    Comparable in this City

    • Value Estimation
      $500,000
      16,611 SF

      4013 Lee Rd

      MINI-MALL • 16,611 SF
      4013 Lee Rd, Cleveland, OH 44128
      View Details
    • Value Estimation
      $1,980,000
      58,820 SF

      16820 Harvard Ave

      MINI-MALL • 58,820 SF
      16820 Harvard Ave, Cleveland, OH 44128-2208
      View Details
    • Value Estimation by Request
      1.59 Acres

      Richmond Rd

      SHOPPING CENTER COMMON AREA • 1.59 Acres
      Richmond Rd, Cleveland, OH 44128
      View Details
    • Value Estimation by Request
      0.66 Acres

      Miles Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 0.66 Acres
      Miles Rd, Cleveland, OH 44128
      View Details
    • Value Estimation
      $6,900,000
      110,392 SF

      18525 Miles Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 110,392 SF
      18525 Miles Rd, Cleveland, OH 44128-3444
      View Details
    • Value Estimation
      $1,205,000
      15,982 SF

      4610 Northfield Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 15,982 SF
      4610 Northfield Rd, North Randall, OH 44128-4522
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1,500 SF

      Freestanding Restaurant with Existing Equipment

      Freestanding restaurant with equipment, approximately 1500 square feet.
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      1,500 SF

      Lee Road Retail Opportunity

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      Cleveland Multifamily Building For Sale

      Multifamily property with storefronts needing renovation in Cleveland, OH.
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      3,600 SF

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      3,600 SF building for sale or lease near I-71.
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      Ohio Retail Investment Opportunity

      High-Cap Rate, Two-Tenant Property
      22019 Emery Rd, Warrensville Heights, OH 44128
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      Commercial Land Near Major Interstates

      High-profile commercial land, recently rezoned, near I-480 and I-271.
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    Similar Nearby for Lease

    • Contact for pricing
      201,491 SF

      Lee Harvard Shopping Center: Cleveland

      Prime Retail Space, Cleveland, Ohio
      4071 Lee Rd, Cleveland, OH 44128
      View Details
    • Contact for pricing
      23,259 SF

      North Randall Retail Center Investment

      High-traffic retail space available.
      4601 Northfield Rd, North Randall, OH 44128
      View Details
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      6,000 SF

      Affordable Office Suites Near I-480

      Convenient, affordable office suites near I-480 in Cleveland.
      4500 Lee Rd, Cleveland, OH 44128
      View Details
    • Contact for pricing
      304,920 SF

      Richmond Road Development Opportunity

      Prime Warrensville Heights land, commercial/residential.
      4914 Richmond Rd, Warrensville Heights, OH 44128
      View Details
    • $14 SF/Yr
      3,507 SF

      Garfield Heights Flex/Industrial Space

      Flex/industrial space for rent, convenient highway access.
      15401-15491 Neo Pkwy, Garfield Heights, OH 44128
      View Details
    • $6 SF/Yr
      13,614 SF

      Warehouse and Office Flex Space

      Warehouse and office flex park with spaces available for lease.
      15601 Neo Pkwy, Garfield Heights, OH 44128
      View Details
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    4071 Lee Rd
    Cleveland, OH 44128
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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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