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    Property profile & analytics

    6060 Rockside Woods Blvd Independence, OH 44131

    • Office Properties & Spaces
    • 33,535 SF
    For Lease
    View listing
    $21 SF/Yr
    Last Sale
    Nov 22, 2021
    $13,000,000
    Value Estimations
    $10,830,000
    Cap Rate Potential
    4.1%
    Office Properties & Spaces
    Location Intelligence
    Property ID
    US66-2429038
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Office Properties & Spaces

    Property Details for 6060 Rockside Woods Blvd

    Year built
    1983
    Construction
    TYPE NOT SPECIFIED
    Property size
    33,535 SF
    Zone code
    BOR
    Property type
    Office Properties & Spaces
    APN
    561-25-801C
    APU
    56125801C

    Description

    The Spectrum Building, a prestigious Class A office property located at 6060 Rockside Woods Blvd N in Independence, Ohio (44131), offers exceptional executive office space for lease. This four-story building, constructed in 1984, boasts a total of 122,000 square feet situated on a 6.02-acre lot. The building is zoned U-5 and falls within the South submarket's Rockside Corridor cluster in Cuyahoga County. Multiple tenancy options are available, with spaces ranging from a minimum of 2,167 square feet to a maximum contiguous space of 6,180 square feet. Currently, 8,693 square feet of space is vacant and ready for immediate occupancy. Amenities include a newly expanded and updated conference/training center and fitness center, along with convenient food service in the building's atrium offering a wide variety of options. Future enhancements include a community green scape plaza. Lease rates are $21.50 per square foot, full service gross (FSG). This prime location provides easy access to major transportation routes and offers a vibrant work environment. Inquire today to learn more about leasing opportunities within this exceptional office building.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $11,940,000
      ML approach
      $7,560,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $8,115,000
      6.5%
      $7,490,000
      7%
      $6,955,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Independence
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.6464
    Latitude
    41.3975
    CBSA code
    17460
    CBSA name
    CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $71,210
    $171,360
    $540,440
    $711,800
    -
    $489,600
    $1,544,100
    $2,033,700

    Comparable in this City

    • Value Estimation
      $10,830,000
      33,535 SF

      6060 Rockside Woods N Blvd, Unit 3

      CONDOMINIUM OFFICES • 33,535 SF
      6060 Rockside Woods N Blvd, Independence, OH 44131-7303
      View Details
    • Value Estimation
      $10,830,000
      33,535 SF

      6060 Rockside Woods N Blvd, Unit 2

      CONDOMINIUM OFFICES • 33,535 SF
      6060 Rockside Woods N Blvd, Independence, OH 44131-7303
      View Details
    • Value Estimation by Request
      55,310 SF

      6527 Brecksville Rd

      Medical offices • 55,310 SF
      6527 Brecksville Rd, Independence, OH 44131
      View Details
    • Value Estimation by Request
      26,690 SF

      6100 Oak Tree Blvd

      Office space • 26,690 SF
      6100 Oak Tree Blvd, Independence, OH 44131
      View Details
    • Value Estimation by Request
      422,259 SF

      6050-6150 Oak Tree Blvd

      Office space • 422,259 SF
      6050-6150 Oak Tree Blvd, Independence, OH 44131
      View Details
    • Value Estimation
      $380,000
      2,291 SF

      6 Granger Rd

      CONDOMINIUM OFFICES • 2,291 SF
      6 Granger Rd, Independence, OH 44131
      View Details

    Similar Nearby for Sale

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      Renovated Office Building Near I-77

      Office building with recent renovations, parking, and highway access.
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      Land For Sale Independence, OH

      3.13 acre land parcel available in Independence, Ohio.
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    • $179,000
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      Residential Lot in Independence, OH

      Ready-to-build residential lot in a desirable suburban location.
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    • $260,000
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      Vacant Land in Independence, Ohio

      3.31 acre vacant lot to build your dream home.
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    Similar Nearby for Lease

    • Contact for pricing
      79,998 SF

      Keynote Circle Executive Suites

      Cuyahoga County Office Space Available
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    • $21 SF/Yr
      122,000 SF

      Spectrum Building: Independence Office Space

      Class A Office Suites, Rockside Corridor
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      Independence Medical Office Building

      Prime Medical Office Space For Lease
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      Independence Office Space for Lease

      Modern Executive Suites & Coworking
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    • Contact for pricing
      12,000 SF

      Brooklyn Heights Office Space

      Office space available for rent in Brooklyn Heights, Ohio.
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      View Details
    • Contact for pricing
      134,000 SF

      Premier Suburban Office Building

      Class A office building in Independence, Ohio.
      6055 Rockside Woods Blvd, Independence, OH 44131
      View Details
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    Independence, OH 44131
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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
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