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

    5500 Wallings Rd North Royalton, OH 44133

    • Outlet malls
    • 43,900 SF
    • 4.34 lot acres
    For Lease
    View listing
    $13 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1571561
    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

    • Outlet malls

    Property Details for 5500 Wallings Rd

    Year built
    1978
    Construction
    TYPE NOT SPECIFIED
    Lot size
    4.34 lot acres
    Property size
    43,900 SF
    Zone code
    LB
    Property type
    Outlet malls
    APN
    489-11-004
    APU
    48911004

    Description

    This exceptional single-story, 43,900 square foot commercial property, located at 5500 Wallings Road in North Royalton, Ohio, presents a unique investment opportunity. The building, situated on a 4.84-acre lot, features a mix of retail and office space, currently offering 7,197 square feet of vacant space. The property is zoned LB and is conveniently located at the northwest corner of State Road and Wallings Road, providing excellent visibility and accessibility. The site boasts a substantial 247-space parking lot, ensuring ample parking for tenants and customers. The building is anchored by Discount Drug Mart, providing a strong draw for foot traffic. Available space ranges from a minimum of 1,260 square feet to a maximum contiguous space of 5,937 square feet, making it suitable for a variety of businesses. The property benefits from easy access to I-77, enhancing its appeal to commuters and businesses. Recent improvements include a new storefront and patio. The high traffic count of 21,668 vehicles per day (ADT) on Wallings Road and State Road further underscores the property's prime location and potential for success. This is a rare opportunity to secure a well-located, versatile commercial space in a thriving Cuyahoga County market. The property's features, including ample parking and high visibility, make it an ideal location for a variety of businesses. Contact us today to learn more about this exceptional opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,066,000
      Market price range: $1.26M - $4.84M
      AI Estimate
      $1,814,000
      Market price range: $1.21M - $4.05M

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

    Location Insight

    • Map
    • Local Demand
    City
    North Royalton
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.7255
    Latitude
    41.3314
    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
    $70,387
    $327,710
    $639,490
    $967,200
    -
    $936,300
    $1,827,100
    $2,763,400

    Comparable in this City

    • Value Estimation
      $1,600,000
      14,700 SF

      5253 Wallings Rd

      SHOPPING CENTER, STRIP CENTER • 14,700 SF
      5253 Wallings Rd, North Royalton, OH 44133-3135
      View Details
    • Value Estimation
      $840,000
      21,500 SF

      13000 Royalton Rd

      SHOPPING CENTER, STRIP CENTER • 21,500 SF
      13000 Royalton Rd, North Royalton, OH 44133-4232
      View Details
    • Value Estimation
      $865,000
      28,500 SF

      9199 Sprague Rd, Unit 9391

      SHOPPING CENTER, STRIP CENTER • 28,500 SF
      9199 Sprague Rd, North Royalton, OH 44133-1207
      View Details
    • Value Estimation by Request
      6,520 SF

      8735 Rdg Rd

      SHOPPING CENTER, STRIP CENTER • 6,520 SF
      8735 Rdg Rd, North Royalton, OH 44133-1861
      View Details
    • Value Estimation
      $690,000
      10,500 SF

      10009 130th St

      SHOPPING CENTER, STRIP CENTER • 10,500 SF
      10009 130th St, North Royalton, OH 44133-1048
      View Details
    • Value Estimation by Request
      15,000 SF

      6000 Royalton Rd

      Shopping malls • 15,000 SF
      6000 Royalton Rd, North Royalton, OH 44133
      View Details

    Similar Nearby for Sale

    • $575,000
      1.15 Acres

      North Royalton Development Site

      1.15-Acre Commercial Land, High Traffic
      5389 Royalton Rd, North Royalton, OH 44133
      View Details
    • $349,900
      1.10 Acres

      Royalton Road Retail Opportunity

      High-traffic location, 1.1-acre lot.
      5213 Royalton Rd, North Royalton, OH 44133
      View Details
    • $110,000

      Residential Unit with Garage Space

      Apartment unit with garage space available for purchase.
      8381 N Akins Rd, North Royalton, OH 44133
      View Details
    • $274,900
      Pending

      Commercial Land on Royalton Road

      1.10 acre commercial land parcel on a major thoroughfare.
      5213 Royalton Rd, North Royalton, OH 44133
      View Details
    • $235,000
      Pending

      Land Overlooking Mill Stream Reservation

      3.18 acres with panoramic views in North Royalton, Ohio.
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    • $1,350,000
      18,920 SF

      Industrial Building with Crane

      Well-maintained industrial building featuring a 5-ton crane.
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    Similar Nearby for Lease

    • Contact for pricing
      15,000 SF

      Prime Retail Space, Royalton Road

      15,000 SF Retail Space Available
      6000 Royalton Rd, North Royalton, OH 44133
      View Details
    • $1,200 /Mo
      2,200 SF

      North Royalton Retail Space Available

      Prime retail space in high-traffic North Royalton location.
      12627-12671 State Rd, North Royalton, OH 44133
      View Details
    • $13 SF/Yr
      43,900 SF

      North Royalton Office Space for Lease

      Prime Office & Retail Space Available
      5500 Wallings Rd, North Royalton, OH 44133
      View Details
    • Contact for pricing
      50,094 SF

      North Royalton Development Land

      1.15-Acre Site, High-Demand Location
      5389 Royalton Rd, North Royalton, OH 44133
      View Details
    • $11 SF/Yr
      1,090 SF

      North Royalton Executive Office Suites

      Prime location, two suites available.
      6785 Wallings Rd, North Royalton, OH 44133
      View Details
    • $10 SF/Yr
      500 SF

      North Royalton Retail Space

      Prime North Royalton retail space, two suites available.
      13901 Ridge Rd, North Royalton, OH 44133
      View Details
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    North Royalton, OH 44133
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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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