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    Property profile & analytics

    1362 116th St Cleveland, OH 44102

    • Grocery and convenience stores
    • 15,282 SF
    • 1.69 lot acres
    OFF-MARKET
    Last Sale
    Jun 19, 2020
    $2,812,255
    Value Estimations
    $2,260,000
    Show details
    Cap Rate Potential
    6.4%
    Grocery and convenience stores
    Location Intelligence
    Property ID
    US66-2335408
    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

    • Grocery and convenience stores

    Property Details for 1362 116th St

    Year built
    2014
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.69 lot acres
    Property size
    15,282 SF
    Zone code
    SI
    Property type
    Grocery and convenience stores
    APN
    001-20-057
    APU
    120057

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,300,000
      ML approach
      $2,545,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,445,000
      6.5%
      $2,260,000
      7%
      $2,095,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,411,000
      Market price range: $455k - $1.41M

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.7681
    Latitude
    41.4845
    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
    $77,394
    $170,490
    $604,450
    $774,940
    -
    $487,100
    $1,727,000
    $2,214,100

    Comparable in this City

    • Value Estimation
      $100,000
      3,600 SF

      7123 Lorain Ave

      CONVENIENCE STORE • 3,600 SF
      7123 Lorain Ave, Cleveland, OH 44102
      View Details
    • Value Estimation
      $250,000
      2,400 SF

      10134 Madison Ave

      CONVENIENCE STORE • 2,400 SF
      10134 Madison Ave, Cleveland, OH 44102-2631
      View Details
    • Value Estimation
      $225,000
      2,982 SF

      4926 Denison Ave

      CONVENIENCE STORE • 2,982 SF
      4926 Denison Ave, Cleveland, OH 44102-5824
      View Details
    • Value Estimation
      $255,000
      1,218 SF

      6501 Denison Ave

      CONVENIENCE STORE • 1,218 SF
      6501 Denison Ave, Cleveland, OH 44102-5434
      View Details
    • Value Estimation
      $265,000
      1,632 SF

      11521 Clifton Blvd

      CONVENIENCE STORE • 1,632 SF
      11521 Clifton Blvd, Cleveland, OH 44102-1317
      View Details
    • Value Estimation
      $115,000
      2,520 SF

      8808 Detroit Ave

      CONVENIENCE STORE • 2,520 SF
      8808 Detroit Ave, Cleveland, OH 44102-1838
      View Details

    Similar Nearby for Sale

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      2,704 SF

      Prime Cleveland Retail Opportunity

      Former Burger King, 2704 SF, Drive-Thru
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      Mixed-Use Building in Ohio City

      Value-add property with income potential in a growing neighborhood.
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      Gordon Square Freestanding Retail Building

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    • $549,000
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      Rare Corner Lot in Cleveland

      Prime real estate near Battery Park, Gordon Square, and Ohio City.
      1370 W 49Th St, Cleveland, OH 44102
      View Details
    • $1,290,000
      1 SF

      Lorain Avenue Mixed-Use Redevelopment Opportunity

      Mixed-use property on Lorain Ave with redevelopment potential.
      5333 Lorain Ave, Cleveland, OH 44102
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    • $199,900
      0.08 Acres

      Commercial Building Near I-90

      Centrally located commercial building with over 5000 square feet.
      7216 Clark Ave, Cleveland, OH 44102
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    Similar Nearby for Lease

    • Contact for pricing
      3,600 SF

      Lorain Avenue Retail Space Available

      3,600 SF retail space with high visibility and ample parking.
      7123 Lorain Ave, Cleveland, OH 44102
      View Details
    • $12 SF/Yr
      7,841 SF

      Historic Building Office/Retail Space

      Charming, versatile office or retail space in a historic building.
      2082 W 65 Plc, Cleveland, OH 44102
      View Details
    • Contact for pricing
      2,970 SF

      Lorain Avenue Retail/Office Space

      Located in Cleveland's vibrant Lorain Avenue district.
      4732 Lorain Ave, Cleveland, OH 44102
      View Details
    • $1,200 /Mo
      4,622 SF

      Cleveland Retail/Office Space For Lease

      Retail or office space available for lease in Cleveland, Ohio.
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      View Details
    • $18 SF/Yr
      2,700 SF

      Ohio City Creative Retail Space

      2700 SF creative/retail space in Ohio City for rent.
      4517 Lorain Ave, Cleveland, OH 44102
      View Details
    • Contact for pricing
      2,400 SF

      Edgewater Retail/Office Space Available

      2,400 SF retail/office space in Cleveland's Edgewater neighborhood.
      10307 Detroit Ave, Cleveland, OH 44102
      View Details
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    1362 116th St
    Cleveland, OH 44102
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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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