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

    24610 Detroit Rd Westlake, OH 44145

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Westlake office space with scenic landscaping available for lease.

    Type:Office
    Property size:
    6,200 SF
    Added:
    Aug 19, 2024
    Days on Market:
    611
    Last Refresh:
    Mar 16 at 10:33 am

    Property Features for 24610 Detroit Rd

    General Information

    Standard status
    Active
    Size
    6,200 SF
    Property subtype
    Office

    Spaces For Lease

    at 24610 Detroit Rd Contact us

    $18 /Mo

    Size
    6,200 SF
    Type
    Office
    Contact us

    We can help!

    Listing Contact
    Nick Smith
    Nick Smith

    Listing agent Nick Smith License #2024004120

    Listing office CBRE - Cleveland

    Listing date Aug 19, 2024

    Source Crexi

    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 CBRE - Cleveland

    Overview

    Westlake Office Space For Lease

    This office space, located in Westlake, within Cleveland’s West Office Submarket, is situated 15 miles west of downtown Cleveland’s Central Business District. Built in 1989 and renovated in 2012, the property overlooks a 0.50-acre pond and scenic landscaping. The available suite size is 6,200 square feet. It features 24-hour access, an active security system, and visible signage. There are 140 surface parking spaces available.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Westlake
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.8932506
    Latitude
    41.4719774

    Nearby Similar for Lease

    • $1.00/mo

      Versatile Commercial Space in Westlake

      Flexible retail, office, and warehouse space with high visibility.
      26949 Center Ridge Road, Westlake, OH 44145
      View Details
    • Sponsored
      Contact for pricing

      Crocker Park

      159 Crocker Park Blvd, Unit 4TH, Westlake, OH 44145
      View Details
    • $18/mo

      Westlake Office Space Available

      6,200 SF office space for lease in Westlake, Ohio.
      24610 Detroit Road, Westlake, OH, 44145
      View Details
    • $16/mo

      Westlake Office Space for Lease

      Office suites available in Westlake, Ohio, with newly renovated common areas.
      24700 Center Ridge Road, Westlake, OH, 44145
      View Details
    • Contact for pricing

      Westlake Office and Retail Space

      Office and retail spaces available near I-90 and Crocker Park.
      24441-24481 Detroit Rd, Westlake, OH
      View Details
    • $15/mo

      Westlake Office Space For Lease

      Office space available for lease in Westlake, Ohio.
      27881 Clemens Rd, Westlake, OH
      View Details
    • $20/mo

      Westlake Office Space For Rent

      Office spaces available in Westlake, from 641 to 6,324 RSF.
      30400 Detroit Road, Westlake, OH, 44145
      View Details
    • Contact for pricing

      Retail Opportunity in High-Traffic Area

      Retail space suitable for brewery in affluent Westlake neighborhood.
      677 Dover Center Road, Westlake, OH, 44145
      View Details
    • $19/mo

      Westlake Office Space Available

      Office space available for lease in Westlake, Ohio.
      29101 Health Campus Dr., Westlake, OH, 44145
      View Details
    • Contact for pricing

      Westlake Office Space Available

      Office space available for lease in Westlake, Ohio.
      27881 Clemens Rd, Westlake, OH 44145
      View Details
    • $17/mo

      Westlake Office Building with Restaurant

      Three-story office building with attached restaurant and banquet center.
      25651 Detroit Rd, Westlake, OH
      View Details
    • $16/mo

      Westlake Office/Medical Space For Lease

      Single-story 1,689 SF suite ideal for office or medical use.
      815 Crocker Rd, Westlake, OH
      View Details

    FAQs

    What type of property is this?
    Office units - Westlake office space with scenic landscaping available for lease.
    Where is this office units located?
    The property is located at 24610 Detroit Rd Westlake, OH.
    What is the lease rate?
    The lease rate is $18 SF/Yr.
    What are key features of this property?
    This property features: Large 6,200 SF Suite Size; Renovated in 2012; Ample Parking with 140 Surface Spaces
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Nick Smith
    Nick Smith
    Real Estate License ID: 2024004120
    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!