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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    15600 Old State Rd Middlefield, OH 44062-8488

    • Office buildings
    • 2,318 SF
    • 5.00 lot acres
    OFF-MARKET
    Last Sale
    Mar 16, 2022
    $320,000
    Value Estimations
    $395,000
    Show details
    Cap Rate Potential
    8.6%
    Office buildings
    Location Intelligence
    Property ID
    US66-1675418
    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

    • JCB automotive / Auto Repair Shop
    • Cardinal Logistics Management / Shipping And Mailing

    Property Details for 15600 Old State Rd

    Year built
    1992
    Construction
    FRAME
    Lot size
    5.00 lot acres
    Property size
    2,318 SF
    Property type
    Office buildings
    APN
    18-016700
    APU
    18016700

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $355,000
      ML approach
      $315,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $505,000
      6.5%
      $465,000
      7%
      $435,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $420,000
      Market price range: $140k - $420k
      AI Estimate
      $339,000
      Market price range: $138k - $339k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $290,000
      Current use
      COMMERCIAL (GENERAL)
      $300,000
      Change: +4% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Middlefield
    County
    Geauga
    State
    Ohio
    Longitude
    -81.0688
    Latitude
    41.4441
    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
    $8,193
    $31,680
    $106,960
    $138,640
    -
    $90,500
    $305,600
    $396,100

    Comparable in this City

    • Value Estimation
      $285,000
      1,956 SF

      16014 High St

      OFFICE BUILDING • 1,956 SF
      16014 High St, Middlefield, OH 44062-9474
      View Details
    • Value Estimation
      $310,000
      5,668 SF

      15982 High St

      OFFICE BUILDING • 5,668 SF
      15982 High St, Middlefield, OH 44062-9474
      View Details
    • Value Estimation
      $280,000
      1,320 SF

      12405 Madison Rd

      OFFICE BUILDING • 1,320 SF
      12405 Madison Rd, Middlefield, OH 44062
      View Details
    • Value Estimation
      $270,000
      2,691 SF

      14901 State Ave

      OFFICE BUILDING • 2,691 SF
      14901 State Ave, Middlefield, OH 44062-9747
      View Details
    • Value Estimation
      $620,000
      17,580 SF

      16740 Peters Rd

      OFFICE BUILDING • 17,580 SF
      16740 Peters Rd, Middlefield, OH 44062-9780
      View Details
    • Value Estimation
      $280,000
      3,560 SF

      15446 High St

      OFFICE BUILDING • 3,560 SF
      15446 High St, Middlefield, OH 44062-9046
      View Details

    Similar Nearby for Sale

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      Land with Free Gas, Middlefield

      13.02 acres ideal for building near Middlefield Village.
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    • $1,750,000
      47,909 SF

      Middlefield Commercial Property For Sale

      Commercial property in Middlefield with retail and warehouse space.
      16003 E High St, Middlefield, OH 44062
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      Pending

      Vacant Land in Middlefield, Ohio

      17.2 acres of vacant land in Geauga County.
      Nash Rd, Middlefield, OH 44062
      View Details

    Similar Nearby for Lease

    • $1,750 /Mo
      1,500 SF

      Middlefield Retail/Office Space Available

      High-visibility retail or office space in excellent condition.
      14960 S State Ave, Middlefield, OH 44062
      View Details
    • Contact for pricing

      Middlefield Flex Showroom Space

      Flexible showroom with loading docks in Middlefield, Ohio.
      15651 West High St, Middlefield, OH 44062
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      2,560 SF

      Retail Space in Middlefield

      Retail space for lease in the heart of Middlefield.
      15411-15421 W High St, Middlefield, OH 44062
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    • $875 /Mo
      686 SF

      Prime Retail Space Available

      Exceptional retail opportunity in a high-traffic Middlefield, Ohio location.
      15446 West High St, Middlefield, OH 44062
      View Details
    • Contact for pricing
      12,317 SF

      Middlefield Plaza Retail Spaces

      Five retail spaces available; ample parking.
      15411 High St, Middlefield, OH 44062
      View Details
    • Contact for pricing
      5,932 SF

      Retail Space Available For Rent

      Retail suites available for rent in Middlefield, Ohio.
      15400-15424 W High St, Middlefield, OH 44062
      View Details
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    15600 Old State Rd
    Middlefield, OH 44062-8488
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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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