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    Property profile & analytics

    500 Aurora Rd Macedonia, OH 44056

    • Retail space
    • 42,648 SF
    • 3.93 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1220535
    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

    • Smiles Chinese Restaurant / Restaurant
    • Sagamore Square Shopping Center / Business Service Center / Corporate Office
    • Burlington / Clothing Store / Baby Clothing Store
    • OfficeMax / (Bike/Boat/Book/etc) Store
    • OfficeMax Tech Services / Tech Support Center / IT Consulting Firm

    Property Details for 500 Aurora Rd

    Year built
    1981
    Lot size
    3.93 lot acres
    Property size
    42,648 SF
    Property type
    Retail space
    APN
    33-03335
    APU
    3303335

    Description

    This exceptional retail opportunity is located at Macedonia Gateway in Macedonia, Ohio, a thriving retail hub situated between Cleveland and Akron. The property offers multiple tenancy options, with spaces ranging from 3,500 square feet to 20,000 square feet (larger spaces available upon inquiry). This location boasts maximum visibility and convenient access, ensuring high traffic and customer exposure. The center is anchored by a strong lineup of national retailers, including Best Buy, Burlington, Nordstrom Rack, Office Max, Petco, T.J. Maxx, and Sephora (opening June 2024). This established retail corridor benefits from its position within a dominant trade area, attracting a significant customer base. The surrounding area also features a robust mix of retailers such as Giant Eagle, The Home Depot, Kohl's, Lowe's, Target, and Walmart, further solidifying the area's retail strength and drawing significant consumer traffic. This is an unparalleled opportunity to establish or expand your business in a high-demand location with exceptional visibility and access to a large customer base. Contact us today to discuss available space and lease terms. The property is classified as an anchor retail space with multiple tenancy options. The county is Summit County.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,418,000
      Market price range: $1.37M - $4.10M
      AI Estimate
      $2,881,000
      Market price range: $1.04M - $4.61M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $2,505,000
      Current use
      AUTO REPAIR, GARAGE
      $4,240,000
      Change: +69% Conversion: Difficult
      MEDICAL BUILDING
      $3,995,000
      Change: +59% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $3,985,000
      Change: +59% Conversion: Moderate
      OFFICE BUILDING
      $3,310,000
      Change: +32% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $2,615,000
      Change: +4% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $2,410,000
      Change: -4% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Macedonia
    County
    Summit
    State
    Ohio
    Longitude
    -81.5193
    Latitude
    41.313
    CBSA code
    10420
    CBSA name
    AKRON, 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
    $68,953
    $340,440
    $774,080
    $1,114,520
    -
    $972,680
    $2,211,650
    $3,184,330

    Comparable in this City

    • Value Estimation
      $5,095,000
      111,620 SF

      8211 Macedonia Cmns Blvd

      RETAIL STORES (PERSONAL SERVICES) • 111,620 SF
      8211 Macedonia Cmns Blvd, Macedonia, OH 44056-1849
      View Details
    • Value Estimation
      $1,850,000
      18,640 SF

      2011 Alexandria Way

      RETAIL STORES (PERSONAL SERVICES) • 18,640 SF
      2011 Alexandria Way, Macedonia, OH 44056-1998
      View Details
    • Value Estimation by Request
      7,731 SF

      1071 Aurora Rd

      RETAIL STORES (PERSONAL SERVICES) • 7,731 SF
      1071 Aurora Rd, Macedonia, OH 44056-1907
      View Details
    • Value Estimation
      $825,000
      9,600 SF

      631 Aurora Rd

      RETAIL STORES (PERSONAL SERVICES) • 9,600 SF
      631 Aurora Rd, Macedonia, OH 44056-1805
      View Details
    • Value Estimation by Request
      10,792 SF

      903 Aurora Rd, Unit 913

      RETAIL STORES (PERSONAL SERVICES) • 10,792 SF
      903 Aurora Rd, Macedonia, OH 44056-1905
      View Details
    • Value Estimation
      $600,000
      5,970 SF

      265 Highland E Rd

      RETAIL STORES (PERSONAL SERVICES) • 5,970 SF
      265 Highland E Rd, Macedonia, OH 44056-2101
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

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      23,500 SF

      Macedonia Gateway Retail Space

      Prime Retail Space, High Visibility, Strong Area
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      Macedonia Commons Retail Space

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      2,700 SF

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      2,700 SF retail space in prime Northeast Ohio location.
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    • Contact for pricing
      5,200 SF

      Former Bank Building For Rent

      Former bank building suitable for restaurant, office, or retail use.
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      21,555 SF

      Macedonia Retail Anchor Space Available

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      470-500 E Aurora Rd, Macedonia, OH 44056
      View Details
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    500 Aurora Rd
    Macedonia, OH 44056
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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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