Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    4 Summit Park Dr Independence, OH 44131

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $16 SF/Yr

    Office space for rent with conference rooms, fitness center.

    Property size:
    40,990 SF
    Lot size:
    40,990 SF

    Property Features for 4 Summit Park Dr

    General Information

    Size
    40,990 SF

    We can help!

    Listing Contact
    Bob Leibold
    Source: Cbre

    Listing Agency: CBRE | Cleveland Listing Agent: Bob Leibold

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Office Space with Tenant Amenities

    Summit Office Park provides office spaces for rent. The property includes amenities available to all tenants, such as conference rooms, an amphitheater, a fitness center, and a cafeteria offering both dine-in and take-out options. Located centrally, the property offers convenient access to major highways, including Interstate I-77 and Interstate I-480, facilitating travel to downtown Cleveland and Akron. The property contains 40,990 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Law Firm Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Independence
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.6542599
    Latitude
    41.3933212

    Nearby Similar for Lease

    • Sponsored
      Contact for pricing

      Independence

      Discover many ways to work your way in Independence
      6100 Oak Tree Blvd, Independence, OH 44131
      View Details
    • $17 SF/Yr
      5,000 SF

      Independence Office Space Available

      5000 sqft office space for rent in Independence, OH.
      6133 Rockside Rd, Independence, OH 44131
      View Details
    • Contact for pricing
      28,692 SF

      Rockside Medical Center Office Space

      Premier medical office building with access to major highways.
      6701 Rockside Rd, Independence, OH 44131
      View Details
    • Contact for pricing
      1,097 SF

      Remodeled Office Space Available

      Office space for rent with remodeled common areas.
      4500 Rockside Rd, Independence, OH 44131
      View Details
    • Contact for pricing
      2,250 SF

      Retail Space on Brookpark Road

      Retail space available on Brookpark Road near Ridge Road.
      7617-7619 Brecksville Rd, Independence, OH 44131
      View Details
    • $21 SF/Yr
      7,361 SF

      Office Space in Summit Park

      Office space with amenities and highway access for lease.
      3 Summit Park Dr, Independence, OH 44131
      View Details
    • $19 SF/Yr
      34,047 SF

      Office Space in Summit Park

      Office space for rent with amenities and highway access.
      2 Summit Park Dr, Independence, OH 44131
      View Details
    • $16 SF/Yr
      30,525 SF

      Office Space Near I-77

      Centrally located office space with highway access and city views.
      4700 Rockside Rd, Independence, OH 44131
      View Details
    • Contact for pricing

      Six-Story Office Building Near I-77

      138,000 RSF office building with modern amenities and easy access.
      6000 Lombardo Ctr, Independence, OH 44131
      View Details
    • Contact for pricing
      1,839 SF

      Class A Office Building

      Three-story office building with lush landscaping and wooded surroundings.
      7100 Pleasant Valley Rd, Independence, OH 44129
      View Details
    • $17 SF/Yr
      1,176 SF

      Office Space Near Major Highways

      Two-floor office space with highway access, near Cleveland.
      5701 Lombardo Ctr, Independence, OH 44131
      View Details
    • $16 SF/Yr
      5,295 SF

      Four-Story Office Building Available

      42,050 RSF office building near I-77 and amenities.
      4401 Rockside Rd, Independence, OH 44131
      View Details

    FAQs

    What type of property is this?
    Office units - Office space for rent with conference rooms, fitness center.
    Where is this office units located?
    The property is located at 4 Summit Park Dr Independence, OH.
    What is the lease rate?
    The lease rate is $16 SF/Yr.
    What are key features of this property?
    This property features: - Central location with **easy access to I-77 and I-480**.; - **On-site amenities including conference rooms, amphitheater, fitness center and cafeteria**.; - Convenient access to downtown Cleveland and Akron.
    (216) 363-6449
    Request Owner's contact information
    4 Summit Park Dr Independence, OH 44131
    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.
    4 Summit Park Dr
    Independence, OH 44131
    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
    4 Summit Park Dr Independence, OH 44131
    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

    We can help!
    Listing Contact
    Bob Leibold
    (216) 363-6449 (216) 687-1800
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!