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Property profile & analytics
OFF-MARKET
Estimated value
$12,100,000
Hotels
1515 3rd St Cleveland, OH 44113-1403
Entity Owned
1-yr Hold
Free & Clear
Property ID
US66-2429941
Property profile
Verified
Property type
Hotels
Use group
HOTEL
Year built
1990
Construction
STEEL FRAME
Total area
8,264 SF
Lot
0.19 ac (8,264 SF)
APN
101-23-100E
UPID
US66-2429941
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
Current use
Occupant on record · Public records
-
SP+ Parking Parking Lot & Garage
-
Lodge Net Interactive Theater & Performing Art Venue Nightclub
-
Lighthouse Media Services - Event Production Electronics & Wireless Store Big Box & Wholesale Store
-
Tesla Destination Charger Electric Vehicle Charging Station
-
TURN BAR + KITCHEN Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$12.10M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$12.10M
Owner & transaction history
Rha 250 LLC · 1 yrs held
Rha 250 LLC
since 2024
Last sale
$12.1M
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 Cleveland submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Cleveland 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
$12,100,000
ML approach
$12,100,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$12.10M
Range $10.89M – $13.31M · ±10% · vs last sale $12.10M (Aug 6 2024)
Last sale anchor
$12.10M
Aug 6 2024
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
$1,464 / 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
$5,779
Tax year 2023
Assessed value
$57,860
Assessed 2023
Previous assessed
$49,180
+17.6% YoY
Effective rate
9.99%
On assessed value
Assessed land
$57,860
Land market value
$165,300
Total market value
$165,300
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
Hotels
Use group
HOTEL
Status
Off-Market
Year built
1990
Construction
STEEL FRAME
Heating
HOT WATER
Cooling
CENTRAL
Stories
1
Total area
8,264 SF
Lot
0.19 ac (8,264 SF)
APN
101-23-100E
UPID
US66-2429941
Jurisdiction
CUYAHOGA
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Building & site characteristics
From public records
Year built
1990
Construction
STEEL FRAME
Heating
HOT WATER
Cooling
Yes
Stories
1
Lot
0.19 ac
Current owner
From public records · entity-resolved
Rha 250 LLC
Entity
Free & Clear · 1 yrs held
Mailing address
620 WOODWARD AVE, DETROIT, MI 48226-3450
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 6, 2024
—
Rha 250 LLC
City Of Cleveland
Quit Claim Deed
related
—
Aug 5, 2024
—
City Of Cleveland
Sapphire Acquisitions LLC
Quit Claim Deed
related
—
Feb 29, 2016
$12,100,000
Rha 250 LLC
Rock Ohio Caesars Hotel LLC
Warranty Deed
—
Dec 14, 2011
—
Dcfc LLC
Tower City Hotel Cmnty Urban D
Quit Claim Deed
related
—
Aug 16, 2006
—
Tower City Avenue LLC
Tc Avenue Retail LLC
Quit Claim Deed
related
—
Nov 14, 2005
—
Tc Avenue Restaurant LLC
Tower City Hotel Associates
Quit Claim Deed
related
—
—
—
Rock Ohio Caesars Hotel LLC
—
Loan Modification
related
$570,000,000 · Credit Suisse Ag
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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