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    7547 Mentor Ave Mentor, OH 44060

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    7547 Mentor Ave Mentor, OH 44060

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    • Strip malls
    • 22,680 SF
    • 0.66 lot acres
    For Lease
    View Listing →
    Office and Retail Spaces Available For Lease
    Contact for pricing
    3,000 SF

    Office and Retail Spaces Available

    Office and retail spaces for rent, from 98-3,000 SqFt.

    7547 Mentor Ave, Mentor, OH 44060
    View Listing
    Property ID
    US66-2379047
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Strip malls

    Property Details for 7547 Mentor Ave

    Year built
    1965
    Lot size
    0.66 lot acres
    Property size
    22,680 SF
    Zone code
    B-2
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    16-B-031-A-00-019-0
    APU
    16B031A000190

    Description

    Colonial Plaza Offices, located at 7547 Mentor Ave, Mentor, OH 44060 in Lake County, offers a diverse range of office spaces perfect for businesses of all sizes. This multi-tenant property features a traditional office layout within a convenient strip mall setting. Ten individual office spaces are currently available, ranging in size from a minimum of 150 square feet to a maximum contiguous space of 1,320 square feet. The flexible space options cater to a variety of business needs, from small startups requiring minimal space to larger companies needing more substantial office areas. The property's location on Mentor Ave provides excellent visibility and accessibility, making it an ideal location for businesses seeking a prominent presence in the Mentor community. The building's traditional office design offers a professional and functional workspace, suitable for a wide range of industries. Interested parties are encouraged to inquire about available space and lease terms. The property is classified as both Office and Retail, reflecting its versatile nature and potential for various business applications.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Mentor
    County
    Lake
    State
    Ohio
    Longitude
    -81.3718
    Latitude
    41.6569
    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
    $15,994
    $90,560
    $128,780
    $219,340
    -
    $258,750
    $367,940
    $626,690

    Comparable in this City

    • Value Estimation by Request
      3,460 SF

      7706 Lk Shr Blvd

      SHOPPING CENTER, STRIP CENTER • 3,460 SF
      7706 Lk Shr Blvd, Mentor, OH 44060-3321
      View Details
    • Value Estimation by Request
      25,879 SF

      7290 Lk Shr Blvd, Unit 7314

      SHOPPING CENTER, STRIP CENTER • 25,879 SF
      7290 Lk Shr Blvd, Mentor, OH 44060-3000
      View Details
    • Value Estimation by Request
      4,347 SF

      7339 Lk Shr Blvd, Unit 7341

      SHOPPING CENTER, STRIP CENTER • 4,347 SF
      7339 Lk Shr Blvd, Mentor, OH 44060-3029
      View Details
    • Value Estimation by Request
      106,553 SF

      5929 Andrews Rd

      Strip malls • 106,553 SF
      5929 Andrews Rd, Mentor-on-the-Lake, OH 44060
      View Details
    • Value Estimation by Request
      16,200 SF

      7541 Mentor Ave

      SHOPPING CENTER, STRIP CENTER • 16,200 SF
      7541 Mentor Ave, Mentor, OH 44060-5431
      View Details
    • Value Estimation by Request
      9,600 SF

      7260 Lk Shr Blvd

      SHOPPING CENTER, STRIP CENTER • 9,600 SF
      7260 Lk Shr Blvd, Mentor, OH 44060-3000
      View Details

    Similar Nearby for Sale

    • $575,000

      Historical Retail Property with Outdoor Space

      Full-service restaurant, event/party center, and bar in Mentor, OH.
      8455 Station St, 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
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    • Contact for pricing

      Cardinal Auto Spa For Sale

      Locally owned car wash with high customer satisfaction and growing membership.
      8694 Mentor Ave, Mentor, OH 44060
      View Details
    • $550,000

      Mentor Redevelopment Opportunity

      Free-standing building and single family dwelling ideal for redevelopment.
      9047 Mentor Ave, Mentor, 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
    • $299,000
      2,000 SF

      Turnkey Restaurant Opportunity in Mentor

      Freestanding building with patio, equipment, and parking included.
      7224 Center St, Mentor, OH 44060
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,300 SF

      Retail Space in High-Traffic Location

      Newly constructed retail space with abundant parking and great visibility.
      5899-5935 Andrews Rd, Mentor on the Lake, OH 44060
      View Details
    • Contact for pricing

      Regional Shopping Center Retail Space

      Retail spaces available in regional shopping center.
      7289 Mentor Ave, Mentor, OH 44060
      View Details
    • Contact for pricing
      574 SF

      Mentor-On-The-Lake Retail Opportunity

      Retail space in high-density area near Giant Eagle.
      6079 Andrews Rd, Mentor on the Lake, OH 44060
      View Details
    • Contact for pricing
      1,600 SF

      Lakeway Plaza Retail Space Available

      Retail space for lease in Lakeway Plaza shopping center.
      7865-7873 Munson Rd, Mentor on the Lake, OH 44060
      View Details
    • Contact for pricing
      5,500 SF

      Northgate Plaza Retail Space Available

      Retail spaces for lease in high-traffic Mentor location.
      9201 Mentor Ave, Mentor, OH 44060
      View Details
    • Contact for pricing
      10,095 SF

      Retail Space Near Great Lakes Mall

      Retail spaces available near the super-regional Great Lakes Mall.
      7900 Plaza Blvd, Mentor, OH 44060
      View Details
    View Listing
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    Mentor, OH 44060
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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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