Add Listing
    For Lease
    • 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

    23366 Commerce Park Rd Beachwood, OH

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Flex/office building in Chagrin Corridor with redevelopment potential.

    Type:FLEX_R_AND_D
    Property size:
    24,970 SF
    Lot size:
    1.39 Acres
    Added:
    Nov 24, 2025
    Days on Market:
    129
    Last Refresh:
    Mar 29 at 8:53 pm

    Property Features for 23366 Commerce Park Rd

    General Information

    Standard status
    Active
    Size
    24,970 SF
    Lot size
    1.39 Acres
    Property subtype
    FLEX_R_AND_D

    Spaces For Lease

    at 23366 Commerce Park Rd Contact us

    We can help!

    Listing Contact
    Rico A. Pietro, SIOR

    Listing agent Rico A. Pietro, SIOR

    Listing office Cresco Real Estate | Cleveland

    Listing date Nov 24, 2025

    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

    Chagrin Corridor Flex/Office Opportunity

    This property presents a rare opportunity to own flex/office space in the Chagrin Corridor. The building is currently configured with 12,295 square feet of warehouse/flex space, along with a two-story office component at the front, totaling 12,675 square feet. The property is well-maintained and offers 24,970 square feet of total space. With 60% occupancy and mostly short-term leases, it provides flexibility for an owner-user or repositioning by a developer. Potential incentives may be available from the city.
    Location Intelligence

    Current Use by Public Records

    Flex space

    Similar Places Nearby

    • City Barbeque — 24325 Chagrin Blvd, Beachwood, OH 44122
    • cater4u2 — 3333 Richmond Rd, Beachwood, OH 44122

    Map

    City
    Beachwood
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.5087
    Latitude
    41.4645

    Nearby Similar for Lease

    • Sponsored
      Contact for pricing

      Chagrin Highlands

      2000 Auburn Dr 1 Chagrin Highlands, Unit 200, Beachwood, OH 44122
      View Details
    • $12/mo

      Office and Warehouse Building For Rent

      Multi-occupant office and warehouse building with flexible use suites.
      23500 Mercantile Rd., Beachwood, OH 44122
      View Details
    • Contact for pricing

      Beachwood Office Building For Sale

      Modern office building in Beachwood with high occupancy.
      24300 Chagrin Blvd, Beachwood, OH
      View Details
    • $22/mo

      Enterprise Parkway Office Space Available

      Move-in ready office space in Beachwood, near I-271.
      3300 Enterprise Parkway, Beachwood, OH, 44122
      View Details
    • $14/mo

      Office Building on Chagrin Boulevard

      Office space for rent near restaurants and shopping.
      23980 N. Chagrin Blvd. | Beachwood, OH 44122, OH 44122
      View Details
    • $22/mo

      Contemporary Office Building For Rent

      Upscale office building with easy access to I-271.
      3401 Enterprise Pkwy, Beachwood, OH
      View Details
    • $17/mo

      Office Suite with Abundant Sunlight

      First-floor office suite featuring windowed offices and open area.
      3659 Green Rd, Beachwood, OH
      View Details
    • $19/mo

      Beachwood Office or Medical Space

      Office or medical space available for lease in Beachwood.
      23875 Commerce Park, Beachwood, OH
      View Details
    • $11/mo

      Flex Space in Commerce Park

      Flex space available for lease in Beachwood's Mercantile Park.
      23632 Mercantile Rd. | Beachwood, OH 44122, OH 44122
      View Details
    • $16/mo

      Beachwood Office Space For Rent

      Office space for lease in Beachwood's Commerce Park district.
      23625 Commerce Park | Beachwood, OH 44122, OH 44122
      View Details
    • $9/mo

      Premier Office Space in Beachwood

      Distinguished property in Beachwood's thriving Commerce Park, ideal for businesses.
      23293 Commerce Park Road, Beachwood, OH 44122
      View Details
    • $7/mo

      Flexible Suites in Chagrin Corridor

      Flexible use suites with ample parking and highway access.
      23945 Mercantile Rd, Beachwood , OH
      View Details

    FAQs

    What type of property is this?
    Flex space - Flex/office building in Chagrin Corridor with redevelopment potential.
    Where is this flex space located?
    The property is located at 23366 Commerce Park Rd Beachwood, OH.
    What are key features of this property?
    This property features: Rare flex/office property in the Chagrin Corridor.; Significant warehouse/flex space (12,295 SF) combined with a 2‑story office component (12,675 SF).; Flexibility for owner‑user or developer repositioning.
    (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
    Rico A. Pietro, SIOR
    Learn More
    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.
    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.
    Sign Up Successful!
    You now have access to more from Realmo!