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    261 Alpha Dr Highland Heights, OH

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    Office and technology complex in a park-like environment for lease.

    Type:INDUSTRIAL
    Property size:
    10,435 SF
    Lot size:
    11.03 Acres
    Added:
    Oct 25, 2024
    Days on Market:
    553
    Last Refresh:
    Apr 5 at 9:14 pm

    Property Features for 261 Alpha Dr

    General Information

    Standard status
    Active
    Size
    10,435 SF
    Lot size
    11.03 Acres
    Property subtype
    INDUSTRIAL

    Spaces For Lease

    at 261 Alpha Dr Contact us

    We can help!

    Listing Contact
    Robert Wetzel
    Robert Wetzel

    Listing agent Robert Wetzel

    Listing office Cresco Real Estate | Cleveland

    Listing date Oct 25, 2024

    Source Moodyscre

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

    All listing content including descriptions, pricing, images are the copyrighted material of Cresco Real Estate | Cleveland

    Overview

    Office and Technology Complex

    Alpha Park is an office and technology complex situated in a park-like environment. The property offers on-site banking, child care, and doggy day care services. Ownership and management are located on-site. The complex features docks and drive-in doors, along with a high-speed diverse fiber connection. The property offers competitively priced modified gross lease terms with flexible space configurations. The property is suitable for flex space, industrial, and office uses. The available space is 10,435 square feet.
    Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Highland Heights
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.4507
    Latitude
    41.5445

    Nearby Similar for Lease

    • $10 SF/Yr

      Available Office Space in Highland

      38,350 SF office space for rent near I-271.
      734 Alpha Drive, Highland Heights, OH, 44143
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    • $12 SF/Yr

      Office Space in Alpha Park

      Office and technology complex in a park-like environment for rent.
      667-677 Alpha Dr, Highland Heights, OH
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    • $7 SF/Yr

      Office and Technology Complex Space

      Flex/industrial space in park-like setting with on-site amenities.
      83 Alpha Dr, Highland Heights, OH
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      Highland Heights Mixed-Use Property

      Mixed-use property available for rent in Highland Heights, Ohio.
      340 Alpha Drive, Highland Heights, OH 44143
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      Highland Heights Office Space Available

      Office space for rent in a well-located building.
      6151 Wilson Mills Rd, Highland Heights , OH
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      Retail Spaces Available on Alpha

      Retail spaces for lease with high visibility and signage.
      759-783 Alpha Park Dr, Highland Heights, OH
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      Retail Space on Wilson Mills

      High-visibility retail spaces available near I-271 and Wilson Mills.
      6345 Wilson Mills Rd, Highland Heights, OH
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      Retail Space Near I-271

      1,900 SF retail space with high traffic volume.
      6267 Wilson Mills Rd, Highland Heights, OH
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      Retail Space Available For Rent

      Retail space for rent at 5612 Wilson Mills Rd.
      5612 Wilson Mills Rd, Highland Heights, OH 44143
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      Highland Heights Commercial Property

      Commercial property for rent in rapidly growing Highland Heights, Ohio.
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      Renovated Office/Medical Space Available

      Newly renovated office/medical space with ample parking and signage.
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      Retail Space in Highland Plaza

      Retail space for lease in Highland Heights, Ohio.
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    FAQs

    What type of property is this?
    Flex space - Office and technology complex in a park-like environment for lease.
    Where is this flex space located?
    The property is located at 261 Alpha Dr Highland Heights, OH.
    What is the lease rate?
    The lease rate is $7 SF/Yr.
    What are key features of this property?
    This property features: Flexible space configurations to suit tenant needs; Competitively priced modified gross lease terms; High‑speed diverse fiber connection
    (216) 520-1200 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Robert Wetzel
    Robert Wetzel
    Learn More
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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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