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    203 Royalton Rd Broadview Heights, OH 44147

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    For Lease
    Contact for pricing

    Medical & Traditional Office Suites Available

    Lot size:
    28,160 SF

    Property Features for 203 Royalton Rd

    General Information

    Property type
    Medical offices
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    28,160 SF

    Building Details

    Year Built/Renovated
    1995/2003

    Spaces For Lease

    at 203 Royalton Rd, Broadview Heights, OH 44147 Contact us

    We can help!

    Listing Contact
    Ann Ertle
    Ann Ertle

    Listing Agency: Passov Real Estate Group Listing Agent: Ann Ertle

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

    Learn more

    Overview

    Wellpoint Plaza, located at 203 E Royalton Rd in Broadview Heights, Ohio, presents a unique investment opportunity. This multi-tenant property, built in 1995 and renovated in 2003, offers a combined 25,178 square feet of vacant space across six available units ranging from 1,005 to 22,000 square feet. The property is classified as both retail and office space, specifically catering to medical and traditional office tenants. Situated in Cuyahoga County, zip code 44147, the plaza enjoys a prime location, just 1.9 miles (a five-minute drive) from highway 77. Its convenient location offers easy access for both employees and clients. The plaza is part of a thriving retail center, boasting high foot traffic and popular establishments such as Handel's Ice Cream and The Boneyard. Furthermore, its proximity to Broadview Heights City Hall and the Recreation Center adds to its appeal. The property benefits from being within the Brecksville-Broadview Heights school district, consistently ranked among the top 20 in Ohio. This combination of convenient location, strong tenant mix, and desirable amenities makes Wellpoint Plaza an attractive proposition for businesses seeking a well-established and accessible location.
    Property Profile Location Intelligence

    Current Use by Public Records

    Medical offices

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Broadview Heights
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.682535548433
    Latitude
    41.314343481874

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    FAQs

    What type of property is this?
    Medical office - Medical & Traditional Office Suites Available
    Where is this medical office located?
    The property is located at 203 Royalton Rd Broadview Heights, OH.
    What are key features of this property?
    This property features: Wellpoint Plaza is situated in a high-traffic retail center anchored by Handel's Ice Cream and The Boneyard.; Located in the top 20 Brecksville-Broadview Heights school district in Ohio.; Just 1.9 miles (5-minute drive) from Highway 77.
    (216) 831-8100 Call to check price and availability
    Request Owner's contact information
    203 Royalton Rd Broadview Heights, OH 44147
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    Broadview Heights, OH 44147
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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
    203 Royalton Rd Broadview Heights, OH 44147
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    Contact for Pricing
    Please call us for current price
    and status of this listing Ann Ertle
    Ann Ertle
    Real Estate License ID: SAL2007000365
    (216) 831-8100 (440) 537-5445
    Learn more
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