Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    12450 Merritt Rd Chardon, OH 44024-9010

    • Commercial real estate
    • 67,386 SF
    • 15.87 lot acres
    OFF-MARKET
    Value Estimations
    $9,200,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2446326
    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

    • Commercial real estate

    Property Details for 12450 Merritt Rd

    Year built
    2004
    Lot size
    15.87 lot acres
    Property size
    67,386 SF
    Property type
    Commercial real estate
    APN
    21-703216
    APU
    21703216

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $11,370,000
      6.5%
      $10,495,000
      7%
      $9,745,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $8,577,000
      Market price range: $2.37M - $8.58M
      AI Estimate
      $8,522,000
      Market price range: $2.27M - $8.52M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $12,170,000
      OFFICE BUILDING
      $5,975,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Chardon
    County
    Geauga
    State
    Ohio
    Longitude
    -81.1921
    Latitude
    41.5049
    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
    $0.00
    $237,410
    $4,013,840
    $4,251,250
    -
    $678,300
    $11,468,100
    $12,146,400

    Comparable in this City

    • Value Estimation by Request
      1.00 Acre

      9949 Mentor Rd

      COMMERCIAL (GENERAL) • 1.00 Acre
      9949 Mentor Rd, Chardon, OH 44024-9601
      View Details
    • Value Estimation by Request
      0.92 Acres

      10505 Chardon Rd

      COMMERCIAL (GENERAL) • 0.92 Acres
      10505 Chardon Rd, Chardon, OH 44024
      View Details
    • Value Estimation by Request
      2.81 Acres

      Gar Hwy

      COMMERCIAL (GENERAL) • 2.81 Acres
      Gar Hwy, Chardon, OH 44024
      View Details
    • Value Estimation by Request
      0.67 Acres

      100 Industrial Pkwy

      COMMERCIAL (GENERAL) • 0.67 Acres
      100 Industrial Pkwy, Chardon, OH 44024
      View Details
    • Value Estimation by Request
      0.05 Acres

      470 Ctr St Bldg, Unit 4

      COMMERCIAL (GENERAL) • 0.05 Acres
      470 Ctr St Bldg, Chardon, OH 44024-1071
      View Details
    • Value Estimation by Request
      23.54 Acres

      Aquilla Rd

      COMMERCIAL (GENERAL) • 23.54 Acres
      Aquilla Rd, Chardon, OH 44024
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1.10 Acres

      Chardon, OH Commercial Land Parcel

      1.1-acre commercial lot, prime location.
      0 Chardon Ohio, Chardon, OH 44024
      View Details
    • Contact for pricing
      0.34 Acres

      Huntsburg, OH Land For Sale

      Residential land in Huntsburg, Ohio, suitable for building a house.
      11352 Old State Rd, Huntsburg, OH 44024
      View Details
    • $209,900
      Pending

      Land Ready For Development

      10 acre lot suitable for residential development.
      1 Chardon Windsor Rd, Chardon, OH 44024
      View Details
    • $63,900
      0.24 Acres

      Residential Lot in Fox Pointe

      Build your dream home in desirable Chardon neighborhood.
      108 Gentry Ct, Chardon, OH 44024
      View Details
    • $1,025,000
      54.00 Acres

      54 Acres Ideal Nature Retreat

      54-acre retreat for nature lovers, hunters, and privacy seekers.
      14700 Rock Creek Rd, Chardon, OH 44024
      View Details
    • $105,900
      5.28 Acres

      Chardon, OH Corner Lot

      Open corner lot, build your dream home!
      2 Chardon Windsor Rd, Chardon, OH 44024
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      150,000 SF

      Grand River Walk: Retail Spaces

      Prime Painesville retail, restaurant space.
      257 Main St, Chardon, OH 44024
      View Details
    • Contact for pricing
      7,400 SF

      Chardon Retail Space - 7,400 SF

      Prime retail space in thriving Chardon, OH.
      255 Meadowlands Dr, Chardon, OH 44024
      View Details
    • Contact for pricing
      8,125 SF

      Free Standing Retail Building

      8,125 SF retail building in close proximity to downtown.
      11180 Chardon Rd, Chardon, OH 44024
      View Details
    • $750 /Mo

      Chardon Square Office Space Available

      Office space for rent in a prime Chardon location.
      107 Water St, Chardon, OH 44024
      View Details
    • Contact for pricing
      20,000 SF

      Chardon, Ohio Commercial Land for Lease

      1.1-Acre Commercial Lot, Geauga County
      0 Chardon Ohio, Chardon, OH 44024
      View Details
    • Contact for pricing
      6,367 SF

      Office Space Near Chardon Square

      Office space available on 5th Avenue near Chardon Square.
      521 5Th Ave, Chardon, OH 44024
      View Details
    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.
    12450 Merritt Rd
    Chardon, OH 44024-9010
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.