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    7721-7723 Mentor Ave Mentor, OH 44060

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    7721-7723 Mentor Ave Mentor, OH 44060

    View on Map
    • Outlet malls
    • 22,500 SF
    • 9.13 lot acres
    Off-Market
    Last Sale Mar 30, 2022
    Property ID
    US66-2986217
    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
    $1,825,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Outlet malls

    Property Details for 7721-7723 Mentor Ave

    Year built
    1988
    Lot size
    9.13 lot acres
    Property size
    22,500 SF
    Zone code
    B-2
    Property type
    Outlet malls
    Property subtype
    Shopping centers
    APN
    16-B-031-B-00-015-0
    APU
    16B031B000150

    Description

    This prime Mentor, OH retail property offers exceptional opportunities for businesses seeking high visibility and strong demographics. Located at 7721-7723 Mentor Ave, 44060, this multi-tenant strip center boasts two significant spaces: a 22,000 square foot former Petco location (100' x 220') and a 42,500 square foot former Toys"R"Us space (180' x 220'). The property benefits from a robust trade area drawing from Lake and Northern Geauga counties, and enjoys a strategic location directly across from the Great Lakes Mall. This translates to a substantial customer base: over 105,000 people reside within a 5-mile radius, boasting an average household income exceeding $84,000. Furthermore, a significant daytime population of over 24,000 employees works within a 3-mile radius, ensuring consistent foot traffic and potential clientele. The minimum divisible space is 22,500 square feet, with a maximum contiguous space of 42,060 square feet, offering flexibility for various business needs. This exceptional location and substantial space make this property an ideal investment for businesses seeking significant market presence and high growth potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,096,000
      Market price range: $823k - $2.10M
      AI Estimate
      $1,502,000
      Market price range: $455k - $1.50M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,435,000
      Current use
      OFFICE BUILDING
      $2,205,000
      Change: +54% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,885,000
      Change: +32% Conversion: Difficult
      MEDICAL BUILDING
      $1,585,000
      Change: +10% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,570,000
      Change: +10% Conversion: Easy
      WAREHOUSE, STORAGE
      $1,465,000
      Change: +2% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Mentor
    County
    Lake
    State
    Ohio
    Longitude
    -81.3651
    Latitude
    41.6617
    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
    $131,085
    $613,210
    $648,310
    $1,261,520
    -
    $1,752,020
    $1,852,310
    $3,604,330

    Comparable in this City

    • Value Estimation
      $2,715,000
      99,616 SF

      9303 Mentor Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 99,616 SF
      9303 Mentor Ave, Mentor, OH 44060-6413
      View Details
    • Value Estimation
      $2,880,000
      125,994 SF

      9615 Diamond Ctr Dr

      WHOLESALE OUTLET, DISCOUNT STORE • 125,994 SF
      9615 Diamond Ctr Dr, Mentor, OH 44060-1879
      View Details
    • Value Estimation
      $1,640,000
      21,084 SF

      7200 Mentor Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 21,084 SF
      7200 Mentor Ave, Mentor, OH 44060-7522
      View Details
    • Value Estimation
      $3,240,000
      50,432 SF

      7767 Mentor Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 50,432 SF
      7767 Mentor Ave, Mentor, OH 44060-5533
      View Details
    • Value Estimation
      $5,095,000
      79,866 SF

      7830 Plz Blvd

      WHOLESALE OUTLET, DISCOUNT STORE • 79,866 SF
      7830 Plz Blvd, Mentor, OH 44060-5515
      View Details
    • Value Estimation
      $3,850,000
      136,138 SF

      5600 Emerald Ct

      WHOLESALE OUTLET, DISCOUNT STORE • 136,138 SF
      5600 Emerald Ct, Mentor, OH 44060-1869
      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.
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    • $575,000
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      Historical Retail Property in Mentor

      5,159 SF retail property with outdoor space for sale/lease.
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      Cardinal Auto Spa For Sale

      Locally owned car wash with high customer satisfaction and growing membership.
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    • $550,000

      Mentor Redevelopment Opportunity

      Free-standing building and single family dwelling ideal for redevelopment.
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      2,992 SF

      Restaurant/Bar/Retail Site For Sale

      Restaurant, bar, and retail site with renovated space and outdoor patio.
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    • $550,000
      0.85 Acres

      9047 Mentor Ave, Mentor, OH 44060

      Retail properties & Spaces • 0.85 Acres
      9047 Mentor Ave, 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
      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
    • 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
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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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