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

    1636 Lee Rd Cleveland Heights, OH 44118

    • Warehouses
    • 23,667 SF
    • 0.64 lot acres
    OFF-MARKET
    Last Sale
    Dec 10, 2021
    $1,700,000
    Value Estimations
    $1,515,000
    Show details
    Cap Rate Potential
    7.7%
    Warehouses
    Location Intelligence
    Property ID
    US66-2425750
    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 1636 Lee Rd

    Year built
    1915
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.64 lot acres
    Property size
    23,667 SF
    Zone code
    C3
    Property type
    Warehouses
    APN
    684-32-012
    APU
    68432012

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,465,000
      ML approach
      $1,445,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,875,000
      6.5%
      $1,730,000
      7%
      $1,610,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,339,000
      Market price range: $588k - $2.03M
      AI Estimate
      $1,219,000
      Market price range: $568k - $1.46M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $1,210,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $2,395,000
      Change: +98% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $2,105,000
      Change: +74% Conversion: Easy
      COMMERCIAL (GENERAL)
      $1,960,000
      Change: +62% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $1,750,000
      Change: +44% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland Heights
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.5686
    Latitude
    41.5156
    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
    $65,237
    $54,810
    $399,700
    $454,510
    -
    $156,600
    $1,142,000
    $1,298,600

    Comparable in this City

    • Value Estimation by Request
      2,880 SF

      1859 Coventry Rd

      WAREHOUSE, STORAGE • 2,880 SF
      1859 Coventry Rd, Cleveland, OH 44118
      View Details
    • Value Estimation by Request
      9,303 SF

      1788 Coventry Rd

      WAREHOUSE, STORAGE • 9,303 SF
      1788 Coventry Rd, Cleveland Heights, OH 44118-1630
      View Details
    • Value Estimation by Request
      5,301 SF

      3459 Fairmount Blvd, Unit 3469

      WAREHOUSE, STORAGE • 5,301 SF
      3459 Fairmount Blvd, Cleveland Heights, OH 44118-4265
      View Details
    • Value Estimation by Request
      3,600 SF

      13163 Cedar Rd

      WAREHOUSE, STORAGE • 3,600 SF
      13163 Cedar Rd, Cleveland Heights, OH 44118-2724
      View Details
    • Value Estimation by Request
      8,606 SF

      2865 Mayfield Rd, Unit 77

      WAREHOUSE, STORAGE • 8,606 SF
      2865 Mayfield Rd, Cleveland Heights, OH 44118-1633
      View Details
    • Value Estimation by Request
      3,002 SF

      2204 Taylor Rd

      WAREHOUSE, STORAGE • 3,002 SF
      2204 Taylor Rd, Cleveland Heights, OH 44118-3007
      View Details

    Similar Nearby for Sale

    • $309,900
      Pending

      Cleveland Heights Duplex Investment Opportunity

      Side-by-side duplex near Cedar/Lee district with updates throughout.
      3331 Cedarbrook Rd, Cleveland Heights, OH 44118
      View Details
    • $30,000
      Pending

      University Heights Buildable Lot

      Buildable lot with garden house in University Heights, Ohio.
      3874 Washington Blvd, Cleveland, OH 44118
      View Details
    • $290,000
      1,889 SF

      Cleveland Heights Multifamily Investment Opportunity

      Four-bedroom home with income potential in a walkable neighborhood.
      1686 Lee Rd, Cleveland, OH 44118
      View Details
    • $175,000
      2,864 SF

      East Cleveland Multifamily Investment Opportunity

      Three-unit property with income potential near University Circle.
      1526 Eddington Rd, Cleveland, OH 44118
      View Details
    • $309,900
      3,278 SF

      Updated Triplex in Cleveland Heights

      Well-maintained triplex with updated units, new roof, and plumbing.
      1676 Glenmont Rd, Cleveland Heights, OH 44118
      View Details
    • $297,000
      3,696 SF

      Spacious Cleveland Heights Income Property

      Three-story duplex with rental income potential in Cleveland Heights.
      1558 Ivydale Rd, Cleveland Heights, OH 44118
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      7,025 SF

      JCU Gateway Retail Opportunity

      Prime University Heights Retail Space
      2639 Warrensville Ctr Rd, University Heights, OH 44118
      View Details
    • Contact for pricing
      43,018 SF

      University Heights Retail Center

      Prime Retail Space, Multiple Units Available
      2193 Taylor Rd, University Heights, OH 44118
      View Details
    • Contact for pricing

      Land for Rent in Cleveland

      Land available for rent in a dense Cleveland suburb.
      3640 Mayfield Rd, Cleveland, OH 44118
      View Details
    • Contact for pricing
      138,881 SF

      Cedar Center South Creative Office Space

      Prime Cleveland Office Suites, 1,282-4,421 SF
      13908-13998 Cedar Rd, University Heights, OH 44118
      View Details
    • Contact for pricing
      652,904 SF

      Mayfield Road Retail Center

      Cleveland Heights Retail Space Available
      3640 Mayfield Rd, Cleveland Heights, OH 44118
      View Details
    • Contact for pricing
      1,900 SF

      Coventry Retail District Plaza Space

      Retail space available in the Coventry Retail District.
      1771-1791 Coventry Rd, Cleveland Heights, OH 44118
      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.
    1636 Lee Rd
    Cleveland Heights, OH 44118
    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.