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

    15516 Industrial Pkwy Cleveland, OH 44135-3314

    • Office buildings
    • 980 SF
    • 0.94 lot acres
    OFF-MARKET
    Last Sale
    Feb 21, 2024
    $528,900
    Value Estimations
    $530,000
    Show details
    Cap Rate Potential
    2.7%
    Office buildings
    Location Intelligence
    Property ID
    US66-0669833
    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

    • Instrumatics / Electronics & Wireless Store
    • Cleveland Circuit Corporation / Electronics & Wireless Store

    Property Details for 15516 Industrial Pkwy

    Year built
    1960
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.94 lot acres
    Property size
    980 SF
    Zone code
    SI
    Property type
    Office buildings
    APN
    028-21-007
    APU
    2821007

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $530,000
      ML approach
      $530,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $576,000
      Market price range: $117k - $576k
      AI Estimate
      $318,000
      Market price range: $80.6k - $318k

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.806
    Latitude
    41.4258
    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
    $18,488
    $21,770
    $163,350
    $185,120
    -
    $62,200
    $466,700
    $528,900

    Comparable in this City

    • Value Estimation
      $25,745,000
      239,149 SF

      4050 150th St

      OFFICE BUILDING • 239,149 SF
      4050 150th St, Cleveland, OH 44135-1302
      View Details
    • Value Estimation by Request
      1,450 SF

      4558 130th St

      OFFICE BUILDING • 1,450 SF
      4558 130th St, Cleveland, OH 44135-3571
      View Details
    • Value Estimation by Request
      1,227 SF

      15404 Industrial Pkwy

      OFFICE BUILDING • 1,227 SF
      15404 Industrial Pkwy, Cleveland, OH 44135
      View Details
    • Value Estimation by Request
      760 SF

      15330 Brookpark Rd

      OFFICE BUILDING • 760 SF
      15330 Brookpark Rd, Cleveland, OH 44135-3355
      View Details
    • Value Estimation by Request
      3,000 SF

      12025 Zelis Rd

      OFFICE BUILDING • 3,000 SF
      12025 Zelis Rd, Cleveland, OH 44135-4659
      View Details
    • Value Estimation
      $695,000
      2,590 SF

      15225 Industrial Pkwy

      OFFICE BUILDING • 2,590 SF
      15225 Industrial Pkwy, Cleveland, OH 44135-3307
      View Details

    Similar Nearby for Sale

    • $159,900
      Pending

      Cleveland Duplex with Cash Flow

      Duplex in Cleveland, offering large rooms and cash flow.
      4473 W 133Rd St, Cleveland, OH 44135
      View Details
    • New
      $139,900
      1,966 SF

      West Side Duplex Opportunity

      Duplex with potential, close to amenities. Live and rent!
      11704 Matherson Ave, Cleveland, OH 44135
      View Details
    • $799,000
      11,800 SF

      Cleveland Mixed-Use Investment

      11,800 SF, Fully Leased, Value-Add
      0 4172-4174-4178 Rocky Riv Dr, Cleveland, OH 44135
      View Details
    • $1,270,000
      31,776 SF

      Industrial Building Near Interstates

      31,776± SF industrial building with warehouse and office space.
      4810 W 139Th St, Cleveland, OH 44135
      View Details
    • $194,999
      1,040 SF

      Cleveland Retail Building Investment

      High-traffic retail space with apartment.
      14320 Puritas Ave, Cleveland, OH 44135
      View Details
    • $2,142,000
      10,125 SF

      Cleveland CVS Pharmacy Investment

      High-yield CVS Pharmacy, Cleveland, OH
      14025 Puritas Ave, Cleveland, OH 44135
      View Details

    Similar Nearby for Lease

    • $6 SF/Yr
      48,000 SF

      Warehouse Space with Office Potential

      48,000 SF warehouse space with build-to-suit office.
      18105 Cleveland Pkwy Dr, Cleveland, OH 44135
      View Details
    • $6 SF/Yr
      25,140 SF

      Industrial Building Near Airport

      25,140 SF industrial building with excellent regional connectivity.
      4725 Manufacturing Rd, Cleveland, OH 44135
      View Details
    • Contact for pricing
      34,000 SF

      Industrial Space Available For Lease

      Industrial property available for lease in Cleveland, OH.
      4505-4517 Industrial Pkwy, Cleveland, OH 44135
      View Details
    • Contact for pricing
      2,296 SF

      Cleveland Industrial Park Office/Warehouse Space

      Office and warehouse spaces in Cleveland's west side industrial market.
      13921-13945 Industrial Pkwy, Cleveland, OH 44135
      View Details
    • Contact for pricing
      841 SF

      Retail Space Near Major Highways

      Retail space with high visibility near major highways and downtown.
      14017-14039 Puritas Ave, Cleveland, OH 44135
      View Details
    • $8 SF/Yr
      6,251 SF

      Prime Cleveland Retail Opportunity

      6,251 SF Retail Space Available
      4176 Rocky River Dr, Cleveland, OH 44135
      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.
    15516 Industrial Pkwy
    Cleveland, OH 44135-3314
    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.