Add Listing
    For Sale
    • 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

    3663 Park East Dr Beachwood, OH 44122

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

    9.98 AC site for mixed-use development near I-271.

    Lot size:
    10.00 Acres

    Property Features for 3663 Park East Dr

    General Information

    Standard status
    Active
    Zoning
    Commercial, U-4C
    Lot size
    10.00 Acres

    We can help!

    Listing Contact
    Rico Pietro
    Rico Pietro
    Source: Crexi

    Listing Agency: Cushman & Wakefield CRESCO Real Estate Listing Agent: Rico Pietro

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

    Learn more

    Overview

    Redevelopment Opportunity in Beachwood, Ohio

    Located at 3663 Park East Drive in Beachwood, Ohio, this 9.98-acre property presents a redevelopment opportunity within a submarket with limited supply. The fully entitled site is situated at the intersection of I-271 and Chagrin Boulevard, providing regional visibility and access. The property, formerly a full-service hotel, has undergone due diligence, including zoning approvals, Phase I environmental work, ALTA survey, and demolition planning. Zoned U-4C, the property allows for various uses, including multifamily, office, retail, hospitality, and medical, enabling phased or master-planned development strategies. The site benefits from exposure to over 160,000 vehicles per day along I-271 and is located within a trade area characterized by high household incomes, dense employment, and established luxury retail, healthcare, and office anchors. The municipality is open to economic incentives and tax abatement based on project scope, offering a platform for near-term development and long-term value creation.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Beachwood
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.5121
    Latitude
    41.4698

    Nearby Similar for Sale

    • $3,450,000
      40,700 SF

      Former Steinmart Anchor Store Opportunity

      40,700 SF retail space on 3.21 acres for sale.
      23949 Chagrin Blvd, Beachwood, OH 44122
      View Details
    • Contact for pricing
      15,000 SF

      Modern Office Space For Sale

      Class A office space with modern design and premium amenities.
      25435 Harvard Rd, Beachwood, OH 44122
      View Details
    • Contact for pricing
      22,944 SF

      Beachwood Office Building For Sale

      Centrally located Beachwood office building with strong tenant mix.
      3781-99 S Green Rd, Beachwood, OH 44122
      View Details
    • Contact for pricing
      25,684 SF

      NNN Retail Center For Sale

      Two-tenant retail center in affluent Chagrin Corridor submarket.
      27100 Chagrin Blvd, Beachwood, OH 44122
      View Details
    • Contact for pricing
      128,729 SF

      Iconic Medical Office Building

      Medical office building in Beachwood, Ohio, with highway exposure.
      3690 Orange Pl, Beachwood, OH 44122
      View Details

    FAQs

    What type of property is this?
    Commercial land - 9.98 AC site for mixed-use development near I-271.
    Where is this commercial land located?
    The property is located at 3663 Park East Dr Beachwood, OH.
    What are key features of this property?
    This property features: - Prime location at the intersection of I-271 and Chagrin Boulevard with exceptional visibility and access.; - Fully entitled 9.98 AC site with zoning (U-4C) allowing for diverse development options: multifamily, office, retail, hospitality, and medical.; - Key upfront due diligence completed: zoning approvals, Phase I environmental, ALTA survey, and demolition planning.
    Request Owner's contact information
    3663 Park East Dr Beachwood, OH 44122
    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.
    3663 Park East Dr
    Beachwood, OH 44122
    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
    3663 Park East Dr Beachwood, OH 44122
    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
    Rico Pietro
    Rico Pietro
    Real Estate License ID: BRK.2016000871
    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!