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

    1500 Scenic Park Dr Lakewood, OH 44107-3293

    • Turn key restaurants
    • 5,986 SF
    • 27.77 lot acres
    OFF-MARKET
    Value Estimations
    $1,010,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1543068
    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

    • Turn key restaurants

    Property Details for 1500 Scenic Park Dr

    Year built
    1995
    Construction
    TYPE NOT SPECIFIED
    Lot size
    27.77 lot acres
    Property size
    5,986 SF
    Property type
    Turn key restaurants
    APN
    313-01-002
    APU
    31301002

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $900,000
      Market price range: $359k - $901k

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $1,010,000
      Current use
      OFFICE BUILDING
      $970,000
      Change: -4% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Lakewood
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.8312
    Latitude
    41.479
    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
    $384,410
    $428,120
    $812,530
    -
    $1,098,300
    $1,223,200
    $2,321,500

    Comparable in this City

    • Value Estimation by Request
      5,678 SF

      18605 Detroit Ave

      RESTAURANT • 5,678 SF
      18605 Detroit Ave, Lakewood, OH 44107-3205
      View Details
    • Value Estimation by Request
      2,955 SF

      15315 Madison Ave

      RESTAURANT • 2,955 SF
      15315 Madison Ave, Lakewood, OH 44107-4020
      View Details
    • Value Estimation by Request
      2,447 SF

      17103 Detroit Ave

      RESTAURANT • 2,447 SF
      17103 Detroit Ave, Lakewood, OH 44107-3622
      View Details
    • Value Estimation by Request
      2,280 SF

      1384 Hird Ave

      RESTAURANT • 2,280 SF
      1384 Hird Ave, Lakewood, OH 44107-3031
      View Details
    • Value Estimation
      $835,000
      10,285 SF

      12700 Lk Ave

      RESTAURANT • 10,285 SF
      12700 Lk Ave, Lakewood, OH 44107-1576
      View Details
    • Value Estimation by Request
      3,308 SF

      1332 117th St

      RESTAURANT • 3,308 SF
      1332 117th St, Lakewood, OH 44107-3011
      View Details

    Similar Nearby for Sale

    • New
      $399,000
      Pending

      Lakewood Mixed-Use Investment Opportunity

      Mixed-use property with retail and residential units in desirable Lakewood.
      13375 Madison Ave, Cleveland, OH 44107
      View Details
    • $149,900
      Pending

      Lakewood Duplex in Birdtown

      Duplex in Lakewood's Birdtown neighborhood with detached garage.
      2054 Magee St, Lakewood, OH 44107
      View Details
    • $375,000
      3,086 SF

      Lakewood Duplex with Recent Updates

      Spacious, updated Lakewood duplex with income potential and move-in readiness.
      1501 Winton Ave, Lakewood, OH 44107
      View Details
    • New
      $369,000
      Pending

      Lakewood Multifamily Opportunity in Birdtown

      Updated duplex with renovated penthouse, new appliances, and two-car garage.
      2033 Robin St, Lakewood, OH 44107
      View Details
    • New
      $430,000
      0.15 Acres

      West Park Office Building Investment

      1929 brick office building in Cleveland's West Park neighborhood.
      16903 Fischer Rd, Cleveland, OH 44107
      View Details
    • New
      $389,000
      2,635 SF

      Updated Lakewood Duplex with Charm

      Updated 5-bedroom duplex in Lakewood with finished third floor.
      1600 Victoria Ave, Lakewood, OH 44107
      View Details

    Similar Nearby for Lease

    • $8,000 /Mo

      Renovated Mixed-Use Property For Rent

      Three-building site suitable for retail, office, or restaurant use.
      17919 Detroit Ave, Lakewood, OH 44107
      View Details
    • $175,000
      25,740 SF

      Lakewood Commercial Property For Lease

      Commercial property in a high-traffic area, ideal for various businesses.
      15111-15121 Detroit Ave, Lakewood, OH 44107
      View Details
    • $22 SF/Yr
      1,001 SF

      Lakewood Mixed-Use Redevelopment Space

      Retail and office spaces available in Lakewood's premier redevelopment.
      16300-16400 Detroit Ave, Cleveland, OH 44107
      View Details
    • $2,500 /Mo

      Furnished Suite with Skyline Views

      Furnished two-bedroom suite with downtown and water views.
      12900 Lake Ave, Cleveland, OH 44107
      View Details
    • $72 SF/Yr
      3,280 SF

      Lakewood Office Space Available

      Historic Lakewood building, flexible office suites.
      14805 Detroit Ave, Lakewood, OH 44107
      View Details
    • Contact for pricing
      934 SF

      Lakewood Office Space Available

      934 SF office space for rent in Lakewood, Ohio.
      1435 Warren Rd, Lakewood, OH 44107
      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.
    1500 Scenic Park Dr
    Lakewood, OH 44107-3293
    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.