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Property profile & analytics
OFF-MARKET
Estimated value
$9,910,000
Manufacturing properties
1 Merit Dr Richmond Heights, OH 44143-1457
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US66-2374573
Property profile
Verified
Property type
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Year built
1988
Construction
TYPE NOT SPECIFIED
Total area
143,650 SF
Lot
40 ac (1,742,400 SF)
Zoning code
I-2
APN
661-10-041
UPID
US66-2374573
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$9.29M
CAP Approach
CAP
$9.08M
Comparable Approach
Comparable
$10.39M
Blend (final)
Blend
$9.91M
Owner & transaction history
Mtp 1 Merit Drive LLC · 4 yrs held
Mtp 1 Merit Drive LLC
since 2022
Last sale
$10.4M
3 recorded transactions
Zoning & alternative use
I-2 · Richmond Heights, OH
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
District is to provide locations for warehousing, wholesale and manufacturing establishments where infrastructure is sufficient to support and promote these uses and where their impacts on residential areas can be mitigated
Zone name
Industrial
General category
INDUSTRIAL
Zone area
47.33 ac
Source
Realmo
Top alternative use upside
Medical building
$15.6M
+152.0%
Neighborhood: shopping center
$14.6M
+134.9%
Auto repair, garage
$12.8M
+106.3%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Richmond Heights submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Richmond Heights submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$7,965,000
ML approach
$9,285,000
CAP Approach
CAP Return
Estimation
6%
$9,835,000
6.5%
$9,080,000
7%
$8,430,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$6,195,000
Current use
MEDICAL BUILDING
$15,610,000
Change: +152% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$14,550,000
Change: +135% · Conversion: Difficult
AUTO REPAIR, GARAGE
$12,780,000
Change: +106% · Conversion: Easy
COMMERCIAL (GENERAL)
$11,905,000
Change: +92% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$10,630,000
Change: +72% · Conversion: Difficult
Blend value · Realmo final
$9.91M
Range $8.92M – $10.90M · ±10% · vs last sale $10.40M (Mar 3 2022)
Last sale anchor
$10.40M
Mar 3 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$69 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$233,909
Tax year 2023
Assessed value
$2,353,760
Assessed 2023
Previous assessed
$1,933,930
+21.7% YoY
Effective rate
9.94%
On assessed value
Assessed land
$60,030
Assessed improvement
$2,293,730
Land market value
$171,500
Improvement market value
$6,553,500
Total market value
$6,725,000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Status
Off-Market
Year built
1988
Construction
TYPE NOT SPECIFIED
Heating
NONE
Cooling
NONE
Buildings
2
Stories
1
Bathrooms
6
Total area
143,650 SF
Lot
40 ac (1,742,400 SF)
Zoning code
I-2
APN
661-10-041
UPID
US66-2374573
Jurisdiction
CUYAHOGA
Zoning & alternative use
I-2 · Richmond Heights, OHZoning I-2 · permitted uses
I-2 · Richmond Heights, OH
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
District is to provide locations for warehousing, wholesale and manufacturing establishments where infrastructure is sufficient to support and promote these uses and where their impacts on residential areas can be mitigated
Zone name
Industrial
General category
INDUSTRIAL
Zone area
47.33 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$6.2M
MEDICAL BUILDING
Est. value
$15.6M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$14.6M
AUTO REPAIR, GARAGE
Est. value
$12.8M
COMMERCIAL (GENERAL)
Est. value
$11.9M
APARTMENT HOUSE (5+ UNITS)
Est. value
$10.6M
INDUSTRIAL (GENERAL) Current
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
APARTMENT HOUSE (5+ UNITS)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1988
Construction
TYPE NOT SPECIFIED
Heating
NONE
Cooling
Yes
Stories
1
Buildings
2
Bathrooms
6
Lot
40 ac
Current owner
From public records · entity-resolved
Mtp 1 Merit Drive LLC
Entity
Mailing address
130 W 42ND ST FL, NEW YORK, NY 10036-7804
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 3, 2022
$10,400,000
Mtp 1 Merit Drive LLC
Nl Ventures Xi Richmond Heights LLC
Limited Warranty Deed
$525,000,000 · Bank Of Montreal
Mar 6, 2019
$6,725,000
Nl Ventures Xi Richmond Hts Ll
S-l Investment Management LLC
Grant Deed
—
Jun 16, 2005
—
S-l Investment Management LLC
S-l Investment Ptshp
Quit Claim Deed
related
$4,880,000 · American General Life Ins
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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