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    Property profile & analytics

    16511 Detroit Ave Lakewood, OH 44107-3627

    • Grocery and convenience stores
    • 3,012 SF
    • 0.31 lot acres
    OFF-MARKET
    Last Sale
    Oct 06, 2020
    $1,830,000
    Value Estimations
    $1,720,000
    Show details
    Cap Rate Potential
    2.3%
    Grocery and convenience stores
    Location Intelligence
    Property ID
    US66-2623285
    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

    • Grocery and convenience stores

    Property Details for 16511 Detroit Ave

    Year built
    1985
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.31 lot acres
    Property size
    3,012 SF
    Zone code
    C3
    Property type
    Grocery and convenience stores
    APN
    313-22-009
    APU
    31322009

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,675,000
      ML approach
      $1,555,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Lakewood
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.8123
    Latitude
    41.4851
    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
    $18,574
    $37,800
    $133,700
    $171,500
    -
    $108,000
    $382,000
    $490,000

    Comparable in this City

    • Value Estimation
      $2,070,000
      18,204 SF

      1600 117th St

      GROCERY, SUPERMARKET • 18,204 SF
      1600 117th St, Lakewood, OH 44107-5227
      View Details
    • Value Estimation by Request
      2,400 SF

      1511 Warren Rd

      CONVENIENCE STORE • 2,400 SF
      1511 Warren Rd, Lakewood, OH 44107-3919
      View Details
    • Value Estimation by Request
      2,636 SF

      13933 Lakewood Hts Blvd

      CONVENIENCE STORE • 2,636 SF
      13933 Lakewood Hts Blvd, Cleveland, OH 44107-6128
      View Details
    • Value Estimation
      $1,450,000
      19,532 SF

      11900 Detroit Ave

      GROCERY, SUPERMARKET • 19,532 SF
      11900 Detroit Ave, Lakewood, OH 44107-3005
      View Details
    • Value Estimation by Request
      2,400 SF

      16101 Hilliard Rd

      CONVENIENCE STORE • 2,400 SF
      16101 Hilliard Rd, Lakewood, OH 44107
      View Details
    • Value Estimation by Request
      2,400 SF

      14000 Detroit Ave

      CONVENIENCE STORE • 2,400 SF
      14000 Detroit Ave, Lakewood, OH 44107-4522
      View Details

    Similar Nearby for Sale

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      Lakewood Mixed-Use Investment Opportunity

      Mixed-use property with retail and residential units in desirable Lakewood.
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      Oversized Lakewood duplex near amenities, ideal for investors or owner-occupants.
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      Lakewood Duplex with Income Potential

      Two-unit duplex in trendy Lakewood, Ohio, with investment or living options.
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    • $59,900
      0.14 Acres

      Buildable Lot in Lakewood, OH

      Vacant lot suitable for multi-unit development in Lakewood, OH.
      1482 W 117 St, Lakewood, OH 44107
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    • $385,000
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      Updated Lakewood Duplex Near Amenities

      Updated two-family home near parks, library, entertainment, and dining.
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      1,936 SF

      Lakewood Duplex with Recent Updates

      Updated 5-bed, 2-bath Lakewood duplex ready for move-in.
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    Similar Nearby for Lease

    • $175,000
      25,740 SF

      Lakewood Commercial Property For Lease

      Commercial property in a high-traffic area, ideal for various businesses.
      15111-15121 Detroit Ave, Lakewood, OH 44107
      View Details
    • Contact for pricing
      1,001 SF

      Lakewood Mixed-Use Redevelopment Space

      Retail and office spaces available in Lakewood's premier redevelopment.
      16300-16400 Detroit Ave, Cleveland, OH 44107
      View Details
    • $8,000 /Mo

      Renovated Mixed-Use Property For Rent

      Three-building site suitable for retail, office, or restaurant use.
      17919 Detroit Ave, Lakewood, OH 44107
      View Details
    • $72 SF/Yr
      3,280 SF

      Lakewood Office Space Available

      Historic Lakewood building, flexible office suites.
      14805 Detroit Ave, Lakewood, OH 44107
      View Details
    • Contact for pricing

      Furnished Suite with Skyline Views

      Furnished two-bedroom suite with downtown and water views.
      12900 Lake Ave, Cleveland, OH 44107
      View Details
    • Contact for pricing
      934 SF

      Lakewood Office Space Available

      934 SF office space for rent in Lakewood, Ohio.
      1435 Warren Rd, Lakewood, OH 44107
      View Details
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    16511 Detroit Ave
    Lakewood, OH 44107-3627
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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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