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    5900 Som Center Rd Willoughby, OH 44094

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    5900 Som Center Rd Willoughby, OH 44094

    View on Map
    • Strip malls
    • 49,616 SF
    • 5.45 lot acres
    For Lease
    $970,000
    View Listing →
    Retail Space Near Heinen's Foods For Lease
    $970,000
    1,600 SF

    Retail Space Near Heinen's Foods

    Retail spaces available in established Willoughby shopping center.

    5900 Som Center Rd, Willoughby, OH
    View Listing
    Property ID
    US66-2336304
    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.
    Value Estimations
    $970,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Omega Plumbing / Plumbing Service / General Contractor
    • The UPS Store / Courier Service / Postal Service
    • Dr. Alan B. Schlesinger, DDS / Dental Office
    • Pineridge Family Dental / Dental Office
    • PC Solutions Plus / Electronics & Wireless Store

    Property Details for 5900 Som Center Rd

    Year built
    1985
    Lot size
    5.45 lot acres
    Property size
    49,616 SF
    Zone code
    L-B
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    27-A-003-E-00-001-0
    APU
    27A003E000010

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $645,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,297,000
      Market price range: $613k - $1.51M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $1,040,000
      Current use
      WAREHOUSE, STORAGE
      $1,190,000
      Change: +15% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Willoughby
    County
    Lake
    State
    Ohio
    Longitude
    -81.441
    Latitude
    41.6072
    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
    $100,383
    $580,290
    $651,670
    $1,231,960
    -
    $1,657,960
    $1,861,910
    $3,519,870

    Comparable in this City

    • Value Estimation by Request
      10,400 SF

      36440 Euclid Ave

      SHOPPING CENTER, STRIP CENTER • 10,400 SF
      36440 Euclid Ave, Willoughby, OH 44094-4416
      View Details
    • Value Estimation
      $775,000
      40,584 SF

      36210 Euclid Ave

      SHOPPING CENTER, STRIP CENTER • 40,584 SF
      36210 Euclid Ave, Willoughby, OH 44094
      View Details
    • Value Estimation by Request
      18,070 SF

      4821 Robinhood Dr, Unit 4927

      SHOPPING CENTER, STRIP CENTER • 18,070 SF
      4821 Robinhood Dr, Willoughby, OH 44094-4422
      View Details
    • Value Estimation by Request
      1,370 SF

      9177 Chillicothe Rd, Unit 9209

      SHOPPING CENTER, STRIP CENTER • 1,370 SF
      9177 Chillicothe Rd, Willoughby, OH 44094-9263
      View Details
    • Value Estimation by Request
      22,386 SF

      38033 Euclid Ave

      SHOPPING CENTER, STRIP CENTER • 22,386 SF
      38033 Euclid Ave, Willoughby, OH 44094-6162
      View Details
    • Value Estimation by Request
      8,286 SF

      34302 Euclid Ave

      SHOPPING CENTER, STRIP CENTER • 8,286 SF
      34302 Euclid Ave, Willoughby, OH 44094-3334
      View Details

    Similar Nearby for Sale

    • $1,800,000
      11,250 SF

      Willoughby Retail/Office Investment Opportunity

      Meticulously maintained retail/office asset in the heart of Willoughby, Ohio.
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      Retail with Drive-Thru For Sale

      2,134 SF retail space with drive-thru on 1 AC.
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    • $2,800,000
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      Downtown Willoughby Investment Opportunity

      Modern two-story building in historic downtown Willoughby, suitable for various ventures.
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      3,700 SF

      Willoughby Retail/Industrial Building For Sale

      3,700 SF retail/industrial building near Downtown Willoughby.
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      3,565 SF

      Former Bank Branch For Lease

      3,565 SF former bank branch available for lease or sale.
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      Willoughby Retail/Office Investment Opportunity

      Meticulously maintained retail/office asset in Willoughby's business district.
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    Similar Nearby for Lease

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      11,211 SF

      Retail Space in Willoughby Commons

      Retail spaces available in high-traffic Willoughby Commons shopping center.
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      Willoughby Retail Space For Lease

      Retail spaces available in Willoughby's central trade area.
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      2,080 SF

      Willoughby Retail Space for Lease

      Retail spaces available in Willoughby's central trade area.
      4821-4927 Robinhood Dr, Willoughby, OH 44094
      View Details
    • Contact for pricing
      900 SF

      Retail Space in Willoughby Commons

      Retail spaces available in high-traffic Willoughby shopping center.
      36155 Euclid Ave, Willoughby, OH 44094
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    • Contact for pricing

      Retail Space in Willoughby, Ohio

      Retail spaces available in established neighborhood shopping center.
      34601 Ridge Rd, Willoughby, OH 44094
      View Details
    • Contact for pricing
      1,678 SF

      Retail Space Near Heinen's Foods

      Retail spaces available in established Willoughby shopping center.
      5900 Som Center Rd, Willoughby, OH 44094
      View Details
    View Listing
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    Willoughby, OH 44094
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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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