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

    8224 Mentor Ave Mentor, OH

    • Medical offices
    • 31,288 SF
    • 2.72 lot acres
    For Lease
    View listing
    Last Sale
    Feb 21, 2020
    $1,896,260
    Value Estimations
    $1,805,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1098380
    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

    • Medical offices

    Property Details for 8224 Mentor Ave

    Year built
    1973
    Construction
    WOOD
    Lot size
    2.72 lot acres
    Property size
    31,288 SF
    Zone code
    R-2
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    16-A-010-D-00-012-0
    APU
    16A010D000120

    Description

    This exceptional investment opportunity presents two, two-story brick buildings situated on a 3.474-acre lot in the desirable Mentor Office Park. Built in 1973, this Class B property offers a total of 166 parking spaces, ensuring ample convenience for tenants and visitors. The property is zoned R-2 and features a mix of professional and medical office tenants, creating a diverse and stable tenant base. Currently, one suite of 1,809 square feet is available for lease. The buildings boast a park-like setting, enhancing the professional atmosphere. Located at 8224 Mentor Avenue in Mentor, Ohio (zip code 44060), this property enjoys a prime location directly across from the public library, providing excellent visibility and accessibility. Its convenient proximity to I-90 and public transportation ensures easy commutes for employees and clients. The property's APN numbers are 16A010D000120 and 16A010D000280, located in Lake County, Ohio. This is a rare opportunity to acquire a well-maintained, established medical office complex in a high-demand location. The property's strong location and existing tenant base make it an attractive investment for both seasoned and new investors seeking a stable and growing income stream. The total number of suites within the buildings is not currently specified.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,720,000
      ML approach
      $1,710,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,247,000
      Market price range: $1.23M - $3.42M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $2,200,000
      Current use
      AUTO REPAIR, GARAGE
      $2,625,000
      Change: +19% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $2,185,000
      Change: -1% Conversion: Easy
      WAREHOUSE, STORAGE
      $2,040,000
      Change: -7% Conversion: Difficult
      RETAIL STORES
      $1,995,000
      Change: -9% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Mentor
    County
    Lake
    State
    Ohio
    Longitude
    -81.3464
    Latitude
    41.664
    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
    $45,976
    $171,190
    $458,130
    $629,320
    -
    $489,120
    $1,308,950
    $1,798,070

    Comparable in this City

    • Value Estimation
      $5,210,000
      5,832 SF

      7676 Reynolds Rd

      MEDICAL BUILDING • 5,832 SF
      7676 Reynolds Rd, Mentor, OH 44060-5110
      View Details
    • Value Estimation by Request
      9,000 SF

      8877 Mentor Ave

      MEDICAL BUILDING • 9,000 SF
      8877 Mentor Ave, Mentor, OH 44060-6211
      View Details
    • Value Estimation by Request

      8900 Tyler Blvd

      MEDICAL BUILDING
      8900 Tyler Blvd, Mentor, OH 44060-2185
      View Details
    • Value Estimation by Request
      6,440 SF

      8346 Mentor Ave

      MEDICAL BUILDING • 6,440 SF
      8346 Mentor Ave, Mentor, OH 44060-5748
      View Details
    • Value Estimation by Request
      2,736 SF

      9140 Lk Shr Blvd

      MEDICAL BUILDING • 2,736 SF
      9140 Lk Shr Blvd, Mentor, OH 44060-1637
      View Details
    • Value Estimation by Request
      4,437 SF

      6303 Ctr St

      MEDICAL BUILDING • 4,437 SF
      6303 Ctr St, Mentor, OH 44060-2467
      View Details

    Similar Nearby for Sale

    • $675,000
      3,880 SF

      Unique Spa and Wellness Opportunity

      Turnkey spa and wellness business with real estate for sale.
      9124-9146 Tyler Blvd, Mentor, OH 44060
      View Details
    • $475,000
      3,335 SF

      Established Medical Practice For Sale

      Medical practice with equipment and staff on high-traffic street.
      7439 Tyler Blvd, 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
    • Contact for pricing
      5,000 SF

      Mentor Office Building - 5,000 SF

      High-traffic location, immediate occupancy. Excellent investment.
      7211 Center St, Mentor, OH 44060
      View Details
    • $925,000
      2.15 Acres

      Prime Mentor Development Site

      2.15 Acres, High-Traffic Location
      8366 Tyler Blvd, Mentor, OH 44060
      View Details
    • $4,000,000
      32,840 SF

      Two-Story Office Building in Mentor

      32,840 SF two-story office building on 2.53 acres.
      8445 Munson Rd, Mentor, OH 44060
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      6,200 SF

      Mentor West Center: Premier Office Space

      Lake County, OH: Executive & Medical Suites
      7314 Industrial Park Blvd, Mentor, OH 44060
      View Details
    • $16 SF/Yr
      1,650 SF

      Mentor Medical Office Space

      1,650 SF Medical Office Suite in Mentor, OH
      8300 Tyler Blvd, Mentor, OH 44060
      View Details
    • $6 SF/Yr
      11,283 SF

      Mentor, OH Flex Space Available

      High-visibility warehouse/office space in prime location.
      6111 Heisley Rd, Mentor, OH 44060
      View Details
    • $15 SF/Yr
      12,000 SF

      Lindsay Professional Center: Mentor Office Space

      Modern medical & creative office suites available.
      6990 Lindsay Dr, Mentor, OH 44060
      View Details
    • $15 SF/Yr
      14,058 SF

      Mentor Ave Medical Office Space

      Prime Medical/Dental Office Space Available
      9179 Mentor Ave, Mentor, OH 44060
      View Details
    • $16 SF/Yr
      6,232 SF

      Prime Medical Office Space in Lake County

      6,232 SF Medical Office, Subdividable
      8300 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.
    8224 Mentor Ave
    Mentor, OH
    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.