Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Fairview Park Medical/Office Space Title is generated by Realmo AI

    21245 Lorain Rd, Cleveland, OH 44126

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    Medical/office space available in Fairview Park's business corridor.

    Type:Office
    Property size:
    3,528 SF
    Added:
    Jun 8, 2022
    Days on Market:
    1456
    Last Refresh:
    May 12 at 10:38 pm

    Property Features for 21245 Lorain Rd

    General Information

    Standard status
    Active
    Size
    3,528 SF
    Property subtype
    Office

    Building Details

    Year Built
    1975

    Spaces For Lease

    at 21245 Lorain Rd Contact us

    Suite 202 $1,400/Mo

    Size
    1,025 SF
    Type
    Office
    Contact us

    Suite 208 $750/Mo

    Size
    515 SF
    Type
    Office
    Contact us

    Suite 1 $17/Mo

    Size
    2,221 SF
    Type
    Office
    Suitee 1 is 3525 SF with 14 private offices,nreception, large bullpen area and two...
    show more
    Contact us

    We can help!

    Listing Contact
    Michelle Masica

    Listing agent Michelle Masica License #OH BRK.2019006823

    Listing office Sperry Commercial Global Affiliates

    Listing date Jun 8, 2022

    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 Sperry Commercial Global Affiliates

    HighLights

    • Flexible spaces available, ranging from 515 SF to 3528 SF.
    • Located on busy Lorain Road in Fairview Park's business and retail corridor.
    • Suite 1 (3525 SF) features 14 private offices, a reception area, a large bullpen area, and two private restrooms.
    • Common area includes an elevator.
    • Ample parking available.
    • Former medical office space, potentially suitable for similar uses.

    Overview

    Located on Lorain Road in Fairview Park's business and retail corridor, this property offers multiple suites of former medical office space. Suite 1 provides 3525 square feet, featuring 14 private offices, a reception area, a large bullpen area, and two private restrooms. Common restrooms and an elevator are available in the common area. Suite 202 offers 1025 square feet, including a reception area and three private offices. Suite 208 comprises 515 square feet, with a small reception area and a private office. The property provides ample parking.
    Location Intelligence

    Current Use by Public Records

    Thaddeus Mandato, DDS Dental Office University Filmworks Film Production Emergency Dentist 24/7 ... Dental Office Hanaa Dental Lab Dental Office Hlavaty & Associates Accounting Firm

    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.

    Similar Places Nearby

    • West Park Animal Hospital — 4117 Rocky River Dr, Cleveland, OH 44135
    • Culler M Megan DVM — 4117 Rocky River Dr, Cleveland, OH 44135
    • Zielinski Scott DVM — 4117 Rocky River Dr, Cleveland, OH 44135
    • Swedenborg L Kari DVM — 4117 Rocky River Dr, Cleveland, OH 44135
    • Henderson R Kane DVM — 4117 Rocky River Dr, Cleveland, OH 44135

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.8555379
    Latitude
    41.4448587

    Nearby Similar for Lease

    • $4,000/Mo
      1,360 SF

      Cleveland Commercial Space For Rent

      Commercial space within the newly established Cleveland Pickleball Center.
      12400 Crossburn Avenue, Cleveland, OH 44135
      View Details
    • $1,000/Mo
      1,360 SF

      Cleveland Commercial Space For Rent

      Commercial space within Cleveland Pickleball Center, suitable for various businesses.
      12400 Crossburn Avenue, Cleveland, OH 44135
      View Details
    • $1,000/Mo
      1,500 SF

      Professional Office Space Available

      1,500 SF office space suitable for various professional uses.
      3101 W 25th Street, Cleveland, OH 44109
      View Details
    • $3,380/Mo

      Restaurant Space on Lorain Avenue

      Turnkey restaurant space in high-traffic Cleveland location.
      9918 Lorain Avenue, Cleveland, OH 44144
      View Details
    • $1,300/Mo

      Versatile Cleveland Live/Work Space

      First-floor space ideal for commercial or residential use.
      3849 Lakeside Avenue, Cleveland, OH 44114
      View Details
    • $12 SF/Yr

      Historic Building Office/Retail Space

      Charming, versatile space in a historic building, ideal for various businesses.
      2082 W 65th, Cleveland, OH 44102
      View Details
    • $4,500/Mo

      Turn-Key Restaurant Opportunity in Cleveland

      City-approved restaurant space with fully equipped commercial kitchen.
      6140 Broadway Avenue, Cleveland, OH 44127
      View Details
    • $1,200/Mo

      Retail/Office Space in Cleveland, OH

      1,200 sq ft retail/office space in thriving West Park.
      12222 Lorain Avenue, Cleveland, OH 44111
      View Details
    • $129-$3,996/Mo
      11-1,292 SF

      Cleveland City Center

      600 5 3 Bldg, Unit 1300, Cleveland, OH 44114
      View Details
    • $2 SF/Yr
      16,253 SF

      Cleveland Industrial Building with Renovated Office

      16,253 SF industrial building with renovated office space for lease.
      7500 Bessemer Ave, Cleveland, OH 44127
      View Details
    • $14,115/Mo
      14,115 SF

      Functional Industrial Space in Cleveland

      14,115 SF industrial space with office and warehouse areas.
      1789 E 45th St, Cleveland, OH 44103
      View Details
    • $19 SF/Yr
      4,237 SF

      Warehouse District Retail/Office Space

      Retail or office space in Cleveland's Warehouse District.
      1210-1228 W 6 St, Cleveland, OH
      View Details

    FAQs

    What type of property is this?
    Medical Office Space - Medical/office space available in Fairview Park's business corridor.
    Where is this medical office space located?
    The property is located at 21245 Lorain Rd Cleveland, OH.
    What is the lease rate?
    The lease rate is $17 SF/Yr.
    What are key features of this property?
    This property features: Flexible spaces available, ranging from 515 SF to 3528 SF.; Located on busy Lorain Road in Fairview Park's business and retail corridor.; Suite 1 (3525 SF) features **14 private offices, a reception area, a large bullpen area, and two private restrooms.**
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Michelle Masica
    Real Estate License ID: OH BRK.2019006823
    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

    Thank You for Inquiry
    21245 Lorain Rd, Cleveland, OH 44126
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!