Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    7408 Tyler Blvd Mentor, OH 44060-5402

    • Parking lots & garages
    • 5,232 SF
    • 0.49 lot acres
    OFF-MARKET
    Last Sale
    Oct 28, 2024
    Value Estimations
    $245,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-0638636
    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

    • Parking lots & garages

    Property Details for 7408 Tyler Blvd

    Year built
    2005
    Construction
    WOOD
    Lot size
    0.49 lot acres
    Property size
    5,232 SF
    Zone code
    B-2
    Property type
    Parking lots & garages
    APN
    16-B-031-D-01-050-0
    APU
    16B031D010500

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $275,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $214,000
      Market price range: $122k - $404k
      AI Estimate
      $219,000
      Market price range: $115k - $457k

    • Alternative Use

      Use
      Estimation
      PARKING LOT
      $270,000
      Current use
      AUTO REPAIR, GARAGE
      $440,000
      Change: +62% Conversion: Difficult
      MEDICAL BUILDING
      $370,000
      Change: +36% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $365,000
      Change: +35% Conversion: Difficult
      WAREHOUSE, STORAGE
      $340,000
      Change: +26% Conversion: Difficult
      RETAIL STORES
      $335,000
      Change: +23% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Mentor
    County
    Lake
    State
    Ohio
    Longitude
    -81.3759
    Latitude
    41.6584
    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
    $8,401
    $29,130
    $51,720
    $80,850
    -
    $83,240
    $147,770
    $231,010

    Comparable in this City

    • Value Estimation
      $220,000
      0.88 Acres

      7402 Tyler Blvd

      PARKING GARAGE, PARKING STRUCTURE • 0.88 Acres
      7402 Tyler Blvd, Mentor, OH 44060-5402
      View Details
    • Value Estimation
      $220,000
      2,532 SF

      7382 Ctr St

      PARKING GARAGE, PARKING STRUCTURE • 2,532 SF
      7382 Ctr St, Mentor, OH 44060
      View Details
    • Value Estimation
      $490,000
      30,000 SF

      8195 Tyler Blvd

      PARKING GARAGE, PARKING STRUCTURE • 30,000 SF
      8195 Tyler Blvd, Mentor, OH 44060-4854
      View Details
    • Value Estimation
      $270,000
      8,200 SF

      7508 Tyler Blvd

      PARKING GARAGE, PARKING STRUCTURE • 8,200 SF
      7508 Tyler Blvd, Mentor, OH 44060-5443
      View Details
    • Value Estimation
      $195,000
      4,000 SF

      8509 Ee Ave

      PARKING GARAGE, PARKING STRUCTURE • 4,000 SF
      8509 Ee Ave, Mentor, OH 44060-4301
      View Details
    • Value Estimation
      $235,000
      5,984 SF

      8595 Market St

      PARKING GARAGE, PARKING STRUCTURE • 5,984 SF
      8595 Market St, Mentor, OH 44060-4124
      View Details

    Similar Nearby for Sale

    • $2,500,000
      0.94 Acres

      8694 Mentor Ave

      Automotive properties • 0.94 Acres
      8694 Mentor Ave, Mentor, OH 44060
      View Details
    • $575,000
      2.05 Acres

      Historical Retail Property in Mentor

      5,159 SF retail property with outdoor space for sale/lease.
      8455 Station St, Mentor, OH 44060
      View Details
    • $995,000
      2,992 SF

      Restaurant/Bar/Retail Site For Sale

      Restaurant, bar, and retail site with renovated space and outdoor patio.
      9528 Diamond Centre Dr, Mentor, OH 44060
      View Details
    • $550,000
      0.85 Acres

      Redevelopment Opportunity in Mentor, Ohio

      Free-standing building and single-family dwelling ideal for retail redevelopment.
      9047 Mentor Ave, Mentor, OH 44060
      View Details
    • $400,000
      0.48 Acres

      Cleared Commercial Land Redevelopment Opportunity

      Cleared commercial land near Munson and Andrews Rd, ready for development.
      6082 Andrews Rd, Mentor on the Lake, OH 44060
      View Details
    • $750,000
      6,000 SF

      Mentor Retail Building: Prime Location

      6,000 SF Retail Space, High Visibility
      6970 Heisley Rd, Mentor, OH 44060
      View Details

    Similar Nearby for Lease

    • $1.00 SF/Yr
      49,658 SF

      Prime Retail Corner in Mentor

      High-visibility retail space with drive-through potential and outdoor seating.
      7474 Mentor Ave, Mentor, OH 44060
      View Details
    • Contact for pricing
      1,030 SF

      Walmart-Anchored Mentor Retail Space

      High-traffic retail space, excellent visibility.
      6989 Heisley Rd, Mentor, OH 44060
      View Details
    • Contact for pricing
      40,254 SF

      Colonial Plaza: Mentor Office Space

      Prime Mentor office suites, 10 spaces available.
      7501 Mentor Ave, Mentor, OH 44060
      View Details
    • Contact for pricing
      32,670 SF

      Lowe's Outparcel: Prime Mentor Location

      High-traffic Outparcel, Ground Lease Only
      9600 Mentor Ave, Mentor, OH 44060
      View Details
    • $18 SF/Yr
      1,512 SF

      Mentor Office Space - Heisley Rd

      Prime 1,512 sq ft office space.
      6966 Heisley Rd, Mentor, OH 44060
      View Details
    • $18 SF/Yr
      1,000 SF

      Tyler Blvd Retail Opportunity

      Prime Retail Space, High Traffic Area
      8310 Tyler Blvd, Mentor, OH 44060
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    7408 Tyler Blvd
    Mentor, OH 44060-5402
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.