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

    1572 116th St Cleveland, OH 44102-2332

    • Warehouses
    • 5,160 SF
    • 0.18 lot acres
    OFF-MARKET
    Value Estimations
    $230,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1403983
    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

    • Warehouses

    Property Details for 1572 116th St

    Year built
    1925
    Construction
    WOOD
    Lot size
    0.18 lot acres
    Property size
    5,160 SF
    Zone code
    GR
    Property type
    Warehouses
    APN
    001-22-041
    APU
    122041

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $210,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $247,000
      Market price range: $97.1k - $283k

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $185,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $320,000
      Change: +70% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.7678
    Latitude
    41.4785
    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
    $12,360
    $43,790
    $56,150
    -
    $35,300
    $125,100
    $160,400

    Comparable in this City

    • Value Estimation
      $205,000
      1,526 SF

      5320 Lorain Ave

      WAREHOUSE, STORAGE • 1,526 SF
      5320 Lorain Ave, Cleveland, OH 44102-3334
      View Details
    • Value Estimation
      $200,000
      2,306 SF

      5001 Lorain Ave

      WAREHOUSE, STORAGE • 2,306 SF
      5001 Lorain Ave, Cleveland, OH 44102-3355
      View Details
    • Value Estimation
      $215,000
      6,536 SF

      9700 Lorain Ave, Unit 6

      WAREHOUSE, STORAGE • 6,536 SF
      9700 Lorain Ave, Cleveland, OH 44102-4754
      View Details
    • Value Estimation
      $250,000
      1,886 SF

      5529 Storer Ave

      WAREHOUSE, STORAGE • 1,886 SF
      5529 Storer Ave, Cleveland, OH 44102-5735
      View Details
    • Value Estimation
      $225,000
      2,657 SF

      3224 73rd St

      WAREHOUSE, STORAGE • 2,657 SF
      3224 73rd St, Cleveland, OH 44102-5266
      View Details
    • Value Estimation
      $265,000
      12,824 SF

      9406 Detroit Ave

      WAREHOUSE, STORAGE • 12,824 SF
      9406 Detroit Ave, Cleveland, OH 44102-1850
      View Details

    Similar Nearby for Sale

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      27,969 SF

      Industrial Warehouse with Office Space

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      Industrial Building Near Central Business

      19,574 SF industrial building with warehouse and office space.
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      Brooklyn Industrial Space Available

      24,500 SF industrial space with heavy power and storage.
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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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    • $5,000,000
      102,675 SF

      MidTown Cleveland Redevelopment Opportunity

      10.31-acre site with 102,675 SF industrial space for sale.
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    • $1,500,000
      1.02 Acres

      Cleveland Mixed-Use Investment Opportunity

      1-Acre Lot, Redevelopment Potential, High Traffic Area
      5333 Lorain Ave, Cleveland, OH 44102
      View Details

    Similar Nearby for Lease

    • $6 SF/Yr
      79,515 SF

      Two-Story Warehouse Near I-90

      Two-story warehouse with secured storage, near Detroit Shoreway.
      9007 Detroit Ave, Cleveland, OH 44102
      View Details
    • $7 SF/Yr
      10,200 SF

      Industrial Space Available For Lease

      Industrial property featuring 10,200 square feet available for lease.
      2201-2235 W 110Th St, Cleveland, OH 44102
      View Details
    • $5 SF/Yr
      75,987 SF

      Air-Conditioned Industrial Space Available

      75,987 SF industrial space with manufacturing amenities for lease.
      5502 Cass Ave, Cleveland, OH 44102
      View Details
    • $5 SF/Yr
      9,100 SF

      Warehouse Space Near I-90

      9,100 SF warehouse with easy highway access.
      11201-11311 Franklin Blvd, Cleveland, OH 44102
      View Details
    • $1,875 /Mo
      3,049 SF

      Renovated Office Space in Cleveland

      Newly renovated office space with parking in Gordon Square.
      5808 Detroit Ave, Cleveland, OH 44102
      View Details
    • Contact for pricing

      Industrial Outdoor Storage Space Available

      Industrial outdoor storage space for lease near Route 90.
      10600 Berea Rd, Cleveland, OH 44102
      View Details
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    1572 116th St
    Cleveland, OH 44102-2332
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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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