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    2797 75Th St Cleveland, OH 44104
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    2797 75Th St, Cleveland, OH 44104

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    • Refrigerated & Cold Storage
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • NOR-AM COLD STORAGE / Storage Facility / Warehouse & Storage

    Property Details for 2797 75Th St

    Year built
    2023
    Property type
    Refrigerated & Cold Storage
    Property subtype
    Warehouses

    Description

    This exceptional Class A industrial property, located at 2797 E 75th St, Cleveland, OH 44104, presents a unique investment opportunity. Built in 2023, this single-tenant warehouse and refrigerated/cold storage facility sits on a generous 3.229-acre lot within the SI-G2 zoning district of Cuyahoga County (APN: 12428087). The building boasts 105,225 square feet of space, featuring a 36-foot ceiling height. The property includes ample parking with 36 paved spaces and 34 land-banked spaces, ensuring convenient access for both employees and deliveries. Loading and unloading is facilitated by 16 truck docks and a single drive-in door, complemented by 10 dedicated trailer spaces. On-site amenities include a 3,200 square foot office space and a retention pond. This property is ideally suited for businesses requiring significant storage capacity and efficient logistics. Future expansion plans are in place to add approximately another 105,225 square feet of cold storage space, further enhancing the property's potential. This is a rare opportunity to acquire a state-of-the-art industrial facility in a prime Cleveland location. The property's modern design, expansive space, and strategic location make it an attractive investment for discerning buyers.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.6361
    Latitude
    41.4831

    Comparable in this City

    • Value Estimation by Request
      230,000 SF

      4900 Woodland Ave

      Refrigerated & Cold Storage
      4900 Woodland Ave, Cleveland, OH 44104
      View Details
    • Value Estimation by Request
      30,000 SF

      3184 79Th St

      Distribution properties
      3184 79Th St, Cleveland, OH 44104
      View Details
    • Value Estimation
      $3,330,000
      39,334 SF

      2700 55th St

      COLD STORAGE
      2700 55th St, Cleveland, OH 44104-2865
      View Details
    • Value Estimation by Request
      0.42 Acres

      2451 Woodhill Rd

      WAREHOUSE, STORAGE
      2451 Woodhill Rd, Cleveland, OH 44104-2401
      View Details
    • Value Estimation by Request
      0.11 Acres

      Holyoke Ave

      STORAGE YARD (JUNK, SALVAGE)
      Holyoke Ave, Cleveland, OH 44104
      View Details
    • Value Estimation by Request
      0.07 Acres

      Crayton Ave

      WAREHOUSE, STORAGE
      Crayton Ave, Cleveland, OH 44104
      View Details

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    Cleveland, OH 44104
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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.

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