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

    50 Brg St Berea, OH 44017-1510

    • Strip malls
    • 53,553 SF
    • 1.67 lot acres
    OFF-MARKET
    Last Sale
    Oct 03, 2024
    $7,600,000
    Value Estimations
    $7,330,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-0064895
    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

    • Giant Eagle Supermarket / Grocery Store / Supermarket
    • Huntington Mortgage Group / Mortgage Lender
    • Kira Pilat / Store
    • April Heidenhoffer, PharmD / Pharmacy
    • Huntington Insurance / Insurance Agency

    Property Details for 50 Brg St

    Year built
    1995
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.67 lot acres
    Property size
    53,553 SF
    Zone code
    CC
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    364-08-004
    APU
    36408004

    Description

    This exceptional retail opportunity presents itself at Parkway Shoppes, located at 50 W Bridge St, Berea, Ohio 44017, in Cuyahoga County. The property offers a total of 74,257 square feet of commercial space, currently featuring two suites. There are 2,441 square feet of vacant space immediately available, divisible into units ranging from a minimum of 1,084 square feet to a maximum contiguous space of 1,357 square feet. This prime location in Berea offers excellent visibility and accessibility for businesses seeking a thriving retail environment. The property's multiple tenancy structure provides a diverse and dynamic atmosphere, attracting a wide range of customers. The building is well-maintained and ready for immediate occupancy. This is an ideal opportunity for businesses looking to establish or expand their presence in a vibrant and growing community. The property is classified as retail commercial space and is situated in a convenient location within Berea, Ohio, offering easy access for both customers and employees. Serious inquiries are encouraged to explore this promising retail investment. Contact us today to schedule a viewing and discuss your business needs.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $9,765,000
      6.5%
      $9,015,000
      7%
      $8,370,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,106,000
      Market price range: $2.92M - $11.0M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $5,675,000
      Current use
      RESTAURANT
      $9,560,000
      Change: +68% Conversion: Difficult
      OFFICE BUILDING
      $8,735,000
      Change: +54% Conversion: Moderate
      MEDICAL BUILDING
      $5,870,000
      Change: +3% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $5,005,000
      Change: -12% Conversion: Easy
      AUTO REPAIR, GARAGE
      $4,870,000
      Change: -14% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Berea
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.8558
    Latitude
    41.3675
    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
    $121,419
    $254,100
    $1,048,290
    $1,302,390
    -
    $726,000
    $2,995,100
    $3,721,100

    Comparable in this City

    • Value Estimation
      $4,740,000
      59,887 SF

      350 Bagley Rd, Unit 94

      SHOPPING CENTER, STRIP CENTER • 59,887 SF
      350 Bagley Rd, Berea, OH 44017-1348
      View Details
    • Value Estimation by Request
      4,318 SF

      7 Grand St

      SHOPPING CENTER, STRIP CENTER • 4,318 SF
      7 Grand St, Berea, OH 44017-1925
      View Details
    • Value Estimation by Request
      1.16 Acres

      Ww Brg St

      SHOPPING CENTER, STRIP CENTER • 1.16 Acres
      Ww Brg St, Berea, OH 44017
      View Details
    • Value Estimation by Request
      0.03 Acres

      Mary Ln

      SHOPPING CENTER, STRIP CENTER • 0.03 Acres
      Mary Ln, Berea, OH 44017
      View Details
    • Value Estimation
      $3,300,000
      36,470 SF

      379 Bagley Rd

      SHOPPING CENTER, STRIP CENTER • 36,470 SF
      379 Bagley Rd, Berea, OH 44017
      View Details
    • Value Estimation
      $1,925,000
      59,296 SF

      555 Bagley Rd

      SHOPPING CENTER, STRIP CENTER • 59,296 SF
      555 Bagley Rd, Berea, OH 44017-1328
      View Details

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    • Contact for pricing
      6,000 SF

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      Berea Storefront: Prime Retail Space

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      Retail Property in Berea, Ohio

      Retail property with parking and frontage on two streets.
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    • $275,000
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      Berea Commercial Building with Dual Frontage

      Single-story commercial building in Berea with excellent visibility.
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      Corner Lot Near University

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    Similar Nearby for Lease

    • Contact for pricing
      1,357 SF

      Retail Space in Berea, OH

      Retail spaces available in Giant Eagle anchored shopping center.
      50-60 W Bridge St, Berea, OH 44017
      View Details
    • Contact for pricing
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      West Valley Plaza Retail Center

      Berea, Ohio: Prime Retail Space Available
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      View Details
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      Updated Office Space For Rent

      Highly visible, updated office space near Browns training facility.
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    • $1,300,000
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      Renovated Office Space Available

      Contiguous office space for rent, renovated in 1989.
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    • $15 SF/Yr
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    • Contact for pricing
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      Industrial Property with Loading Docks

      Multi-tenant industrial property featuring loading docks and ample parking.
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      View Details
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    50 Brg St
    Berea, OH 44017-1510
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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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