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    29225 Chagrin Blvd Beachwood, OH 44122

    Sponsored
    For Lease
    $20 SF/Yr

    Prestigious Cuyahoga County office space.

    Lot size:
    33,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    408
    The Courtlands Building offers exceptional executive office space in a desirable Cuyahoga County location. This Class B, three-story building, constructed in 1979 and extensively renovated in 2021, boasts a total of 33,000 square feet. The property features three suites, with a minimum divisible space of 1,930 square feet and a maximum contiguous space of 7,595 square feet. Currently, there are multiple suites available for lease. The building provides ample parking with 200+ spaces and convenient elevator access. Its prime location offers easy access to premier shopping destinations such as Eton Collection, Harvard Park, and Pinecrest shopping centers. Available spaces offer a combination of perimeter offices, well-appointed conference rooms, and adaptable open work areas, ideal for a variety of business needs. This is a first-class office community, perfect for businesses seeking a sophisticated and convenient location. Immediate occupancy is available for spaces ranging from 1,930 to 7,595 square feet on the third floor.

    Property Features for 29225 Chagrin Blvd

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    33,000 SF
    Class
    B
    Total Rate
    55000

    Building Details

    Year Built/Renovated
    1979/2021
    Buildings
    1
    Stories
    3

    Unit(s) available at that property

    Space
    Unit 100
    Size
    1,474 SF
    Rate per SF
    $20
    Space
    Unit 150
    Size
    880 SF
    Rate per SF
    $20
    Space
    Unit 3
    Size
    7,106 SF
    Rate per SF
    $20
    Space
    Unit 1
    Size
    7,595 SF
    Rate per SF
    $20
    Space
    Unit 2
    Size
    7,106 SF
    Rate per SF
    $20

    We can help!

    Listing Contact
    Eric Purcell
    Eric Purcell

    Learn more

    Property Insight Report

    HighLights

    • Class B office building totaling 33,000 square feet.
    • Multiple suites available, ranging from 1,930 to 7,595 contiguous square feet.
    • Located in Cuyahoga County, Ohio, near premier shopping destinations.
    • Building features include 200+ parking spaces and elevators.
    • Recently renovated in 2021, originally built in 1979.
    • Three‑story building with three total suites.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Law Firm Spa & Massage Hair Salon Dental Office Nail Salon Building Supply Auto Repair Shop Realty agency Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Beachwood
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.472139
    Latitude
    41.4629033

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    FAQs

    What type of property is this?
    Office Property Space - Prestigious Cuyahoga County office space.
    Where is this office property space located?
    The property is located at 29225 Chagrin Blvd Beachwood, OH.
    What is the lease rate?
    The lease rate is $20 SF/Yr.
    What are key features of this property?
    This property features: Class B office building totaling 33,000 square feet.; Multiple suites available, ranging from 1,930 to 7,595 contiguous square feet.; Located in Cuyahoga County, Ohio, near premier shopping destinations.
    Request Owner's contact information
    29225 Chagrin Blvd Beachwood, OH 44122
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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
    29225 Chagrin Blvd Beachwood, OH 44122
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    We can help!
    Listing Contact
    Eric Purcell
    Eric Purcell
    Real Estate License ID: 2015003222
    Learn more
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