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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1 Merit Dr Richmond Heights, OH 44143-1457

    • Manufacturing properties
    • 143,650 SF
    • 40.00 lot acres
    OFF-MARKET
    Last Sale
    Mar 03, 2022
    $10,400,000
    Value Estimations
    $8,740,000
    Show details
    Cap Rate Potential
    7.4%
    Manufacturing properties
    Location Intelligence
    Property ID
    US66-2374573
    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

    • Manufacturing properties

    Property Details for 1 Merit Dr

    Year built
    1988
    Construction
    TYPE NOT SPECIFIED
    Lot size
    40.00 lot acres
    Property size
    143,650 SF
    Zone code
    I-2
    Property type
    Manufacturing properties
    APN
    661-10-041
    APU
    66110041

    Value 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

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $10,388,000
      Market price range: $2.98M - $11.0M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $6,195,000
      Current use
      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

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond Heights
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.4899
    Latitude
    41.5731
    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
    $233,909
    $60,030
    $2,293,730
    $2,353,760
    -
    $171,500
    $6,553,500
    $6,725,000

    Comparable in this City

    • Value Estimation
      $195,000
      1,660 SF

      24400 Highland Rd

      MANUFACTURING (LIGHT) • 1,660 SF
      24400 Highland Rd, Richmond Heights, OH 44143-2503
      View Details
    • Value Estimation
      $850,000
      144,000 SF

      701 Beta Dr

      MANUFACTURING (LIGHT) • 144,000 SF
      701 Beta Dr, Mayfield, OH 44143-2367
      View Details
    • Value Estimation
      $260,000
      19,380 SF

      685 Miner Rd

      MANUFACTURING (LIGHT) • 19,380 SF
      685 Miner Rd, Highland Heights, OH 44143-2115
      View Details
    • Value Estimation
      $435,000
      16.61 Acres

      595 Miner Rd

      MANUFACTURING (LIGHT) • 16.61 Acres
      595 Miner Rd, Highland Heights, OH 44143-2131
      View Details
    • Value Estimation
      $275,000
      40.00 Acres

      Miner Rd

      MANUFACTURING (LIGHT) • 40.00 Acres
      Miner Rd, Highland Heights, OH 44143
      View Details
    • Value Estimation
      $590,000
      37,770 SF

      5405 Avion Park Dr

      MANUFACTURING (LIGHT) • 37,770 SF
      5405 Avion Park Dr, Highland Heights, OH 44143-1918
      View Details

    Similar Nearby for Sale

    • $345,000
      3.45 Acres

      Highland Heights Industrial Land

      3.45-acre Light Industrial Lot, $345,000
      0 Golfview Ln, Highland Heights, OH 44143
      View Details
    • $519,000
      2.97 Acres

      Richmond Heights Commercial Land

      2.97 Acres, Prime Development Site
      26220 White Rd, Richmond Heights, OH 44143
      View Details
    • $45,000
      1.03 Acres

      Wooded Acre Lot For Sale

      One acre wooded lot, build your dream home!
      27535 Highland Rd, Cleveland, OH 44143
      View Details
    • $38,000
      0.19 Acres

      Residential Land in Richmond Heights

      Undeveloped lot suitable for building a dream home.
      Loxley Dr, Richmond Heights, OH 44143
      View Details
    • $900,000
      2.16 Acres

      Residential Lot in Mayfield Village

      Vacant residential lot in desirable Mayfield Village location.
      Som Center Rd, Mayfield Village, OH 44143
      View Details
    • $175,000
      2.45 Acres

      Highland Heights Land Opportunity

      2.4+ acre home site with endless possibilities in Highland Heights.
      Bishop Rd, Highland Heights, OH 44143
      View Details

    Similar Nearby for Lease

    • $8 SF/Yr
      15,167 SF

      Highland Heights Warehouse Space Available

      15,167 SF warehouse space for lease in Highland Heights.
      5335 Avion Park Dr, Highland Heights, OH 44143
      View Details
    • Contact for pricing
      129,373 SF

      Richmond Heights Development Land

      2.97 Acres, Build-to-Suit
      26220 White Rd, Richmond Heights, OH 44143
      View Details
    • $7 SF/Yr
      3,450 SF

      Office and Technology Complex Space

      Flex/industrial space in park-like setting with on-site amenities.
      83 Alpha Dr, Highland Heights, OH 44143
      View Details
    • $7 SF/Yr
      10,435 SF

      Office and Technology Complex

      Office and technology complex in a park-like environment for lease.
      261 Alpha Dr, Highland Heights, OH 44143
      View Details
    • $975 /Mo
      5,445 SF

      Office/Warehouse Units For Lease

      Multiple office/warehouse units available, ranging from 1,800 – 8,727 SF.
      731 Beta Dr, Mayfield, OH 44143
      View Details
    • Contact for pricing
      64,904 SF

      Belle Oaks Marketplace

      Land
      641 Richmond Rd, Richmond Heights, OH 44143
      View Details
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    Richmond Heights, OH 44143-1457
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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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