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    7939 Day Dr Parma, OH 44129-5611
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    Property profile & analytics

    7939 Day Dr, Parma, OH 44129-5611

    View on Map
    • Grocery and convenience stores
    • 92,553 SF
    • 11.61 lot acres
    Off-Market
    Property ID
    US66-6247654
    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
    $7,565,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Grocery and convenience stores

    Property Details for 7939 Day Dr

    Year built
    2008
    Construction
    TYPE NOT SPECIFIED
    Lot size
    11.61 lot acres
    Zone code
    CB
    Property type
    Grocery and convenience stores
    APN
    449-26-005
    APU
    44926005

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jun 26, 2018 $21,086,000 Nnn Parma Oh Owner LP Ge Day Drive Portfolio LP Grant Deed $158k · Athene USA Corporation
    Jun 8, 2010 — Ge Day Drive LP — Deed Of Trust · related $11M · Peoples United Bank
    Mar 8, 2010 $18,000,000 Ge Day Drive LP Day Drive Associates LLC Grant Deed · related —
    Jan 11, 2007 $1,550,000 Day Drive Associates LLC Parma LLC Grant Deed —

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $7,888,000
      Market price range: $3.67M - $7.89M
      AI Estimate
      $7,811,000
      Market price range: $2.26M - $7.89M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $5,465,000
      Current use
      MEDICAL BUILDING
      $10,055,000
      Change: +84% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $9,375,000
      Change: +71% Conversion: Moderate
      OFFICE BUILDING
      $8,355,000
      Change: +53% Conversion: Easy
      AUTO REPAIR, GARAGE
      $8,235,000
      Change: +51% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $7,670,000
      Change: +40% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $6,850,000
      Change: +25% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Parma
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.7395
    Latitude
    41.3787
    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
    $278,594
    $1,168,440
    $2,210,110
    $3,378,550
    -
    $3,338,400
    $6,314,600
    $9,653,000

    Comparable in this City

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      CONVENIENCE STORE
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    • Value Estimation
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      3,936 SF

      7250 Brookpark Rd

      CONVENIENCE STORE
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    • Value Estimation
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      4,330 SF

      8911 Day Dr

      CONVENIENCE STORE
      8911 Day Dr, Parma, OH 44129-5632
      View Details
    • Value Estimation
      $1,240,000
      37,040 SF

      6801 Rdg Rd

      GROCERY, SUPERMARKET
      6801 Rdg Rd, Parma, OH 44129-5626
      View Details
    • Value Estimation by Request
      1,960 SF

      5941 Rdg Rd

      CONVENIENCE STORE
      5941 Rdg Rd, Cleveland, OH 44129
      View Details
    • Value Estimation by Request
      1,906 SF

      7213 Pleasant Vly Rd

      CONVENIENCE STORE
      7213 Pleasant Vly Rd, Parma, OH 44129-6749
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,400 SF

      Parma Storefront Near Highways

      Storefront in Parma near major highways with open layout.
      5629 Pearl Rd, Parma, OH 44129
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    • Contact for pricing
      41,354 SF

      Air-Conditioned Warehouse/Retail Space Available

      Vacant, air-conditioned warehouse/retail space with ample parking.
      8303 Day Dr, Parma, OH 44129
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    • $650,000
      0.21 Acres

      Retail Property in Parma, Ohio

      Retail property available for sale in Parma, Ohio.
      5421 Pearl Rd, Parma, OH 44129
      View Details
    • Contact for pricing
      25,837 SF

      Retail Buildings on Brookpark Road

      Two buildings totaling 25,837 SF on 3.825 acres.
      9255 Brookpark Rd, Parma, OH 44129
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    • Contact for pricing
      2,707 SF

      Free-Standing Building with Large Parking

      Commercial building in a bustling suburban area near Cleveland.
      5522 Pearl Rd, Parma, OH 44129
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    • $55,000
      1.00 Acre

      Buildable Wooded Lot in Parma

      One-acre wooded lot, build your dream home near Cleveland.
      Orchard Park Dr, Parma, OH 44129
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    Similar Nearby for Lease

    • Contact for pricing
      761 SF

      Retail Space in Parma Center

      Retail opportunities available in a redeveloped power center.
      7729-7783 W Ridgewood Dr, Parma, OH 44129
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    • Contact for pricing
      910 SF

      Retail Space in Parma Center

      Retail opportunities available in a redeveloped mixed-use power center.
      7401 W Ridgewood Dr, Parma, OH 44129
      View Details
    • Contact for pricing
      2,250 SF

      Retail Space on Brookpark Road

      Retail space available on Brookpark Road in Parma, Ohio.
      7617-7619 Brookpark Rd, Parma, OH 44129
      View Details
    • Contact for pricing

      Retail Space Near Shoppes at Parma

      Up to 6,300 SF retail space for lease.
      6901 Ridge Rd, Parma, OH 44129
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    • Contact for pricing
      761 SF

      Retail Space in Parma Center

      Retail opportunities available in a redeveloped power center.
      7903-8253 W Ridgewood Dr, Parma, OH 44129
      View Details
    • $2,000 /Mo
      16,988 SF

      Prime Parma Commercial Building Available

      4,226 SF commercial building for lease in Parma, OH.
      5370 Ridge Rd, Parma, OH 44129
      View Details
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    Parma, OH 44129-5611
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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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