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

    1608 23rd St Cleveland, OH 44114-4208

    • Warehouses
    • 12,970 SF
    • 0.43 lot acres
    OFF-MARKET
    Last Sale
    Jan 16, 2024
    $1,500,000
    Value Estimations
    $1,500,000
    Show details
    Cap Rate Potential
    4.3%
    Warehouses
    Location Intelligence
    Property ID
    US66-1571417
    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 1608 23rd St

    Year built
    1924
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.43 lot acres
    Property size
    12,970 SF
    Zone code
    SI
    Property type
    Warehouses
    APN
    102-25-013
    APU
    10225013

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,500,000
      ML approach
      $1,500,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,080,000
      6.5%
      $995,000
      7%
      $925,000

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $2,190,000
      OFFICE BUILDING
      $1,500,000
      MEDICAL BUILDING
      $1,410,000
      NEIGHBORHOOD: SHOPPING CENTER
      $1,315,000
      AUTO REPAIR, GARAGE
      $1,155,000
      COMMERCIAL (GENERAL)
      $1,075,000
      APARTMENT HOUSE (5+ UNITS)
      $960,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.6754
    Latitude
    41.5068
    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
    $11,015
    $53,480
    $43,790
    $97,270
    -
    $152,800
    $125,100
    $277,900

    Comparable in this City

    • Value Estimation by Request
      0.11 Acres

      1703 27th St

      WAREHOUSE, STORAGE • 0.11 Acres
      1703 27th St, Cleveland, OH 44114-4421
      View Details
    • Value Estimation by Request
      30,434 SF

      3530 Superior E Ave

      WAREHOUSE, STORAGE • 30,434 SF
      3530 Superior E Ave, Cleveland, OH 44114-4125
      View Details
    • Value Estimation by Request
      3,175 SF

      1420 24th St

      WAREHOUSE, STORAGE • 3,175 SF
      1420 24th St, Cleveland, OH 44114-2126
      View Details
    • Value Estimation by Request
      2,847 SF

      2130 Hamilton Ave

      WAREHOUSE, STORAGE • 2,847 SF
      2130 Hamilton Ave, Cleveland, OH 44114-1144
      View Details
    • Value Estimation by Request
      12,406 SF

      1555 Hamilton Ave

      WAREHOUSE, STORAGE • 12,406 SF
      1555 Hamilton Ave, Cleveland, OH 44114-1107
      View Details
    • Value Estimation
      $690,000
      48,456 SF

      2125 Superior E Ave

      WAREHOUSE, STORAGE • 48,456 SF
      2125 Superior E Ave, Cleveland, OH 44114-2156
      View Details

    Similar Nearby for Sale

    • $1,800,000
      87,171 SF

      Cleveland Flex Buildings For Sale

      Three flex buildings totaling 87,171 SF on 2.57 acres.
      3300-3694 Lakeside Ave, Cleveland, OH 44114
      View Details
    • $350,000
      3,237 SF

      Two Freestanding Industrial Buildings

      Two industrial buildings for sale, corner lot, freeway access.
      1200 E 38Th St, Cleveland, OH 44114
      View Details
    • $399,000
      6,000 SF

      Industrial Building with Outdoor Storage

      6,000 SF industrial building with vacant land for sale.
      2148 Lakeside Ave, Cleveland, OH 44114
      View Details
    • $475,000
      10,044 SF

      Industrial Buildings with Crane Facility

      Two industrial buildings totaling 10,044 SF with highway access.
      3312 Saint Clair Ave NE, Cleveland, OH 44114
      View Details
    • Contact for pricing
      87,948 SF

      Industrial Property with Rail Access

      87,948 SF industrial property featuring crane bay and rail access.
      4519 Hamilton Ave, Cleveland, OH 44114
      View Details
    • $3,200,000
      79,905 SF

      Cleveland Industrial Property: $3.2M

      79,905 SF Warehouse/Manufacturing Building
      1192 40Th St, Cleveland, OH 44114
      View Details

    Similar Nearby for Lease

    • $0.25 SF/Yr
      321,239 SF

      Cleveland Warehouse - 321,239 SF

      Large industrial warehouse space available for lease in Cleveland, OH.
      5401 Hamilton Ave, Cleveland, OH 44114
      View Details
    • $4 SF/Yr
      290,755 SF

      Lakeside Avenue Warehouse Space

      Cleveland Industrial Warehouse - 81,416 SF Available
      4200 Lakeside Ave, Cleveland, OH 44114
      View Details
    • $2,400,000
      79,905 SF

      Cleveland Warehouse with Office Space

      79,905 SF property with warehouse and office space for lease.
      1192 E 40Th St, Cleveland, OH 44114
      View Details
    • $4 SF/Yr
      10,000 SF

      Cleveland Warehouse: 10,000 SF

      Prime Cleveland industrial space. Single-tenant warehouse available.
      1270 Marquette St, Cleveland, OH 44114
      View Details
    • $2,000 /Mo
      3,300 SF

      Updated Warehouse with Secure Storage

      Clean warehouse with updated offices and secure outdoor storage.
      2797-2801 Hamilton Ave, Cleveland, OH 44114
      View Details
    • Contact for pricing
      13,715 SF

      Versatile Flex Space in Cleveland

      Mixed-use complex in St. Clair-Superior neighborhood, ideal for businesses.
      44114 Usa, Cleveland, OH 44114
      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.
    1608 23rd St
    Cleveland, OH 44114-4208
    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.