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    Property profile & analytics

    7960 Plaza Blvd Mentor, OH 44060

    • Outlet malls
    • 159,043 SF
    • 11.61 lot acres
    For Lease
    View listing
    Last Sale
    May 31, 2023
    $9,670,000
    Value Estimations
    $10,450,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1553884
    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

    • Outlet malls

    Property Details for 7960 Plaza Blvd

    Year built
    1973
    Lot size
    11.61 lot acres
    Property size
    159,043 SF
    Zone code
    B2
    Property type
    Outlet malls
    APN
    16-A-003-0-00-014-0
    APU
    16A0030000140

    Description

    Exceptional retail opportunity in Mentor, Ohio's thriving Great Lakes Plaza & Erie Commons. These adjacent, yet separately owned, power centers boast a strong tenant mix including At Home, Burlington, Michaels, JOANN, Petitti Garden Center, Chuck E. Cheese, and Discount Fashion Warehouse. The properties enjoy a highly visible location on Plaza Boulevard, directly adjacent to the super-regional Great Lakes Mall, ensuring significant foot traffic and brand recognition. Multiple spaces are available, ranging from a substantial 69,490 square foot former grocery store to smaller units of 10,095, 4,200, 3,100, and 1,080 square feet. Specific details on the 10,095 square foot space are available upon request. This presents a unique chance to establish a presence in a robust market. Mentor's diverse economy, encompassing advanced manufacturing, biomedical, aerospace, and polymer industries, supports a large and stable workforce of over 59,000 employees across more than 1,700 companies. The strategic location and established tenant base make this an ideal investment for businesses seeking high visibility and strong consumer traffic in a dynamic and growing community. While connected, Great Lakes Plaza and Erie Commons operate under separate ownership and have distinct property restrictions. Inquire today to learn more about these exceptional retail spaces and secure your place in this thriving commercial hub.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $10,450,000
      ML approach
      $10,295,000

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $10,130,000
      Current use
      OFFICE BUILDING
      $15,600,000
      Change: +54% Conversion: Easy
      AUTO REPAIR, GARAGE
      $13,335,000
      Change: +32% Conversion: Difficult
      MEDICAL BUILDING
      $11,190,000
      Change: +10% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $11,105,000
      Change: +10% Conversion: Easy
      WAREHOUSE, STORAGE
      $10,375,000
      Change: +2% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Mentor
    County
    Lake
    State
    Ohio
    Longitude
    -81.3663
    Latitude
    41.6547
    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
    $188,643
    $1,150,830
    $1,037,160
    $2,187,990
    -
    $3,288,080
    $2,963,300
    $6,251,380

    Comparable in this City

    • Value Estimation
      $520,000
      136,138 SF

      5600 Emerald Ct

      WHOLESALE OUTLET, DISCOUNT STORE • 136,138 SF
      5600 Emerald Ct, Mentor, OH 44060-1869
      View Details
    • Value Estimation
      $1,690,000
      10,938 SF

      7796 Munson Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 10,938 SF
      7796 Munson Rd, Mentor, OH 44060-3745
      View Details
    • Value Estimation
      $205,000
      13,624 SF

      6101 Andrews Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 13,624 SF
      6101 Andrews Rd, Mentor On The Lake, OH 44060-2864
      View Details
    • Value Estimation
      $250,000
      15,475 SF

      7530 Mentor Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 15,475 SF
      7530 Mentor Ave, Mentor, OH 44060-5418
      View Details
    • Value Estimation
      $430,000
      30,849 SF

      9620 Diamond Ctr Dr

      WHOLESALE OUTLET, DISCOUNT STORE • 30,849 SF
      9620 Diamond Ctr Dr, Mentor, OH 44060-1892
      View Details
    • Value Estimation
      $535,000
      125,994 SF

      9615 Diamond Ctr Dr

      WHOLESALE OUTLET, DISCOUNT STORE • 125,994 SF
      9615 Diamond Ctr Dr, Mentor, OH 44060-1879
      View Details

    Similar Nearby for Sale

    • $2,500,000
      0.94 Acres

      8694 Mentor Ave

      Automotive properties • 0.94 Acres
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      View Details
    • $400,000
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      Cleared Commercial Land Redevelopment Opportunity

      Cleared commercial land near Munson and Andrews Rd, ready for development.
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    • $995,000
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      Restaurant/Bar/Retail Site For Sale

      Restaurant, bar, and retail site with renovated space and outdoor patio.
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    • $550,000
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      Redevelopment Opportunity in Mentor, Ohio

      Free-standing building and single-family dwelling ideal for retail redevelopment.
      9047 Mentor Ave, Mentor, OH 44060
      View Details
    • $675,000
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      Mentor Avenue Retail Space

      High-traffic retail space, 7,520 SF
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    • $550,000
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      9047 Mentor Ave, Mentor, OH 44060

      Retail properties • 0.85 Acres
      9047 Mentor Ave, Mentor, OH 44060
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      106,553 SF

      Lakeside Center Retail Space for Lease

      Prime Mentor-on-the-Lake retail center with multiple spaces available.
      5929 Andrews Rd, Mentor-on-the-Lake, OH 44060
      View Details
    • Contact for pricing
      4,555 SF

      Mentor Office Suites Available

      Lake County Ohio office space, 10 units.
      7547 Mentor Ave, Mentor, OH 44060
      View Details
    • Contact for pricing
      65,100 SF

      Mentor Retail Space Available

      High-traffic retail spaces, ideal for large tenants.
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    • $15 SF/Yr
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      Center Station Plaza Retail Space

      1,500 SF Retail Space in Mentor, OH
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      View Details
    • Contact for pricing
      1,030 SF

      Walmart-Anchored Mentor Retail Space

      High-traffic retail space, excellent visibility.
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    • Contact for pricing
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      Mentor Corners Retail Space

      Five retail spaces available in Mentor, OH
      8900 Mentor Ave, Mentor, OH 44060
      View Details
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    7960 Plaza Blvd
    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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