Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1620 Cedarwood Dr, Unit 328 Westlake, OH 44145-1818
    Back to Search
    Property profile & analytics

    1620 Cedarwood Dr, Unit 328, Westlake, OH 44145-1818

    View on Map
    • Garden apartment buildings
    • 588 SF
    • 5.33 lot acres
    Off-Market
    Last Sale Jul 14, 2024
    $142,000
    Property ID
    US66-2143013
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Garden apartment buildings

    Property Details for 1620 Cedarwood Dr

    Year built
    1979
    Lot size
    5.33 lot acres
    Property type
    Garden apartment buildings
    APN
    211-18-415
    APU
    21118415

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jul 14, 2024 $142,000 Salima Ismail Hameed Nilofer Brett Darin Robertson Warranty Deed $107k · United Wholesale Mortgage
    Sep 9, 2021 $90,000 Brett Darin Robertson John P Reinke Warranty Deed $72k · Pennymac Loan Services LLC

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Westlake
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.9577
    Latitude
    41.4642
    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
    $1,300
    $2,350
    $21,110
    $23,460
    -
    $6,700
    $60,300
    $67,000

    Comparable in this City

    • Value Estimation by Request
      741 SF

      1670 Cedarwood Dr, Unit 350

      GARDEN APT, COURT APT (5+ UNITS)
      1670 Cedarwood Dr, Westlake, OH 44145-5828
      View Details
    • Value Estimation by Request
      682 SF

      1633 Cedarwood Dr, Unit 220

      GARDEN APT, COURT APT (5+ UNITS)
      1633 Cedarwood Dr, Westlake, OH 44145-1822
      View Details
    • Value Estimation by Request
      764 SF

      1640 Juniper Dr, Unit 332

      GARDEN APT, COURT APT (5+ UNITS)
      1640 Juniper Dr, Westlake, OH 44145
      View Details
    • Value Estimation by Request
      1,222 SF

      1155 Charter Oak Ln

      GARDEN APT, COURT APT (5+ UNITS)
      1155 Charter Oak Ln, Westlake, OH 44145-2649
      View Details
    • Value Estimation by Request
      834 SF

      1675 Cedarwood Dr, Unit L

      GARDEN APT, COURT APT (5+ UNITS)
      1675 Cedarwood Dr, Westlake, OH 44145-5841
      View Details
    • Value Estimation by Request
      713 SF

      1620 Cedarwood Dr, Unit 130

      GARDEN APT, COURT APT (5+ UNITS)
      1620 Cedarwood Dr, Westlake, OH 44145-1819
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      Pending

      Westlake Apartments with Renovated Units

      Apartment community with sixteen 1-bedroom units in Westlake, OH.
      24325 Detroit Rd, Westlake, OH 44145
      View Details
    • $245,000
      0.16 Acres

      Westlake Land in Vuila Park

      Land for custom home in Westlake, near Crocker Park.
      2160 Vuila Ct, Westlake, OH 44145
      View Details
    • Contact for pricing
      6,200 SF

      Westlake Office Condo For Sale

      6,200 SF office condo in Westlake, OH, near Cleveland.
      24610 Detroit Rd, Westlake, OH 44145
      View Details
    • Contact for pricing
      1,757 SF

      Cleveland Office Space For Sale

      Office property featuring 1757 square feet of space.
      29099-29133 Health Campus Dr, Cleveland, OH 44145
      View Details
    • Contact for pricing

      Westlake Land Ready for Development

      Shovel-ready land in Westlake, ideal for flex or office use.
      Viking Pkwy Rd, Westlake, OH 44145
      View Details

    Similar Nearby for Lease

    • $16 SF/Yr

      Westlake Office Space for Lease

      Office suites available in Westlake, Ohio, with newly renovated common areas.
      24700 Center Ridge Rd, Westlake, OH 44145
      View Details
    • Contact for pricing

      Retail and Office Space Available

      Retail and office spaces in a mixed-use destination.
      198 Crocker Park Blvd, Westlake, OH 44145
      View Details
    • Contact for pricing
      1,774 SF

      Move-in Ready Westlake Office Suites

      Move-in ready office suites in a central Westlake location.
      24500 Center Ridge Rd, Westlake, OH 44145
      View Details
    • $20 SF/Yr
      11,013 SF

      Westlake Office Space For Rent

      Office spaces available in Westlake, from 641 to 6,324 RSF.
      30400 Detroit Rd, Westlake, OH 44145
      View Details
    • Contact for pricing
      10,000 SF

      Class A Office Design Opportunity

      High visibility office space for rent in Westlake, Ohio.
      2001 Crocker Rd, Westlake, OH 44145
      View Details
    • Contact for pricing
      12,117 SF

      Westlake Office Space Available

      Office space for rent in Westlake, Ohio.
      20896 Corporate Way, Westlake, OH 44145
      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.
    1620 Cedarwood Dr, Unit 328
    Westlake, OH 44145-1818
    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

    Thank You for Inquiry
    1620 Cedarwood Dr, Westlake, OH, 44145
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!