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

    8881 Schaeffer St Mentor, OH 44060-5035

    • Assisted living facilities
    • 57,748 SF
    • 4.41 lot acres
    OFF-MARKET
    Last Sale
    May 15, 2023
    Value Estimations
    $1,210,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1411522
    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

    • Assisted living facilities

    Property Details for 8881 Schaeffer St

    Year built
    1993
    Construction
    WOOD
    Lot size
    4.41 lot acres
    Property size
    57,748 SF
    Property type
    Assisted living facilities
    Property subtype
    Retirement homes
    APN
    16-B-052-D-00-002-0
    APU
    16B052D000020

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $760,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,660,000
      Market price range: $625k - $2.44M

    • Alternative Use

      Use
      Estimation
      HOMES (RETIRED, HANDICAP, REST, CONVALESCENT, NURSING)
      $1,350,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Mentor
    County
    Lake
    State
    Ohio
    Longitude
    -81.3223
    Latitude
    41.6767
    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
    $110,808
    $402,640
    $1,140,940
    $1,543,580
    -
    $1,150,400
    $3,259,830
    $4,410,230

    Comparable in this City

    • Value Estimation
      $760,000
      70,748 SF

      9150 Lk Shr Blvd

      HOMES (RETIRED, NURSING) • 70,748 SF
      9150 Lk Shr Blvd, Mentor, OH 44060-1672
      View Details
    • Value Estimation
      $700,000
      74,622 SF

      8151 Norton Pkwy

      HOMES (RETIRED, NURSING) • 74,622 SF
      8151 Norton Pkwy, Mentor, OH 44060-6055
      View Details
    • Value Estimation
      $1,130,000
      47,306 SF

      7685 Lk Shr Blvd

      HOMES (RETIRED, NURSING) • 47,306 SF
      7685 Lk Shr Blvd, Mentor, OH 44060-3359
      View Details
    • Value Estimation
      $1,345,000
      57,904 SF

      5700 Emerald Ct

      HOMES (RETIRED, NURSING) • 57,904 SF
      5700 Emerald Ct, Mentor, OH 44060-1870
      View Details
    • Value Estimation
      $1,205,000
      64,930 SF

      8200 Mentor Hls Dr

      HOMES (RETIRED, NURSING) • 64,930 SF
      8200 Mentor Hls Dr, Mentor, OH 44060-7861
      View Details
    • Value Estimation by Request
      4,468 SF

      9415 Johnnycake Rdg Rd

      HOMES (RETIRED, NURSING) • 4,468 SF
      9415 Johnnycake Rdg Rd, Mentor, OH 44060-7178
      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
    • $200,000
      1.51 Acres

      Mentor Industrial Land - $200K

      1.51-acre commercial lot, prime location.
      0 Lindsay Dr, Mentor, 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
    • Contact for pricing
      0.92 Acres

      Mentor, OH Commercial Land Parcels

      Two prime commercial land parcels in Mentor, Ohio.
      0 Spinach Dr, Mentor, OH 44060
      View Details
    • $550,000
      0.87 Acres

      Commercial Land on High-Traffic Street

      Commercial land on a high-traffic street with excellent visibility.
      7530 Mentor Ave, Mentor, OH 44060
      View Details
    • $995,000
      2,992 SF

      Restaurant/Bar/Retail Site For Sale

      Restaurant, bar, and retail site with renovated space and outdoor patio.
      9528 Diamond Centre Dr, Mentor, OH 44060
      View Details

    Similar Nearby for Lease

    • $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
    • 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
    • $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
      1,450 SF

      Mentor Medical Office Building

      1,450 SF Suite, Prime Location
      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.
    8881 Schaeffer St
    Mentor, OH 44060-5035
    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.