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    2005 Prospect E Ave Cleveland, OH 44115
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    Property profile & analytics

    2005 Prospect E Ave, Cleveland, OH 44115

    View on Map
    • Parking lots & garages
    • 4,095 SF
    • 0.20 lot acres
    Off-Market
    Last Sale Aug 24, 2023
    Property ID
    US66-1622275
    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

    • 2005 Prospect Ave E Parking / Parking Lot & Garage

    Property Details for 2005 Prospect E Ave

    Year built
    2001
    Lot size
    0.20 lot acres
    Zone code
    GR
    Property type
    Parking lots & garages
    APN
    103-03-036
    APU
    10303036

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Aug 24, 2023 — Board Of Trustees Of Cleveland St U Terrapark IV LP Limited Warranty Deed —
    Jan 20, 2012 $2,255,000 Terrapark IV LP 2021 Prospect Partners LLC Grant Deed —
    Dec 4, 2007 — University Invs Of Clevela LLC Russell Joseph Properties LLC Warranty Deed · related —
    Oct 20, 2006 — Russell Joseph Properties LLC Gg & D Warranty Deed · related —
    Sep 6, 2006 — Gg Granata Laura L Grant Deed · related —
    Jun 27, 2006 — Gg Demaio,angela Warranty Deed · related —
    Nov 1, 2005 — G G Granata,thomas J Warranty Deed · related —
    — — University Invs Of Cleveland LLC — Deed Of Trust · related $1M · Key Bank NA
    — — University Invs Of Cleveland LLC — Deed Of Trust · related $1M · Key Bank NA

    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
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.6762
    Latitude
    41.5005
    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
    $11,350
    $106,820
    $6,830
    $113,650
    -
    $305,200
    $19,500
    $324,700

    Comparable in this City

    • Value Estimation
      $4,370,000
      295,482 SF

      21 Prospect E Ave

      PARKING GARAGE, PARKING STRUCTURE
      21 Prospect E Ave, Cleveland, OH 44115-1012
      View Details
    • Value Estimation
      $1,925,000
      93,824 SF

      Prospect Ave

      PARKING GARAGE, PARKING STRUCTURE
      Prospect Ave, Cleveland, OH 44115
      View Details
    • Value Estimation
      $14,495,000
      611,200 SF

      650 Huron E Rd

      PARKING GARAGE, PARKING STRUCTURE
      650 Huron E Rd, Cleveland, OH 44115-1117
      View Details
    • Value Estimation by Request
      7,479 SF

      1600 Euclid Ave

      PARKING GARAGE, PARKING STRUCTURE
      1600 Euclid Ave, Cleveland, OH 44115-2121
      View Details
    • Value Estimation by Request
      0.25 Acres

      1200 Bolivar Rd

      PARKING LOT
      1200 Bolivar Rd, Cleveland, OH 44115
      View Details
    • Value Estimation by Request
      3,286 SF

      2007 Prospect E Ave

      PARKING LOT
      2007 Prospect E Ave, Cleveland, OH 44115
      View Details

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    Similar Nearby for Lease

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      Downtown Cleveland Office Space Available

      Class A office building with attached parking garage.
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      Downtown Cleveland Retail Space Available

      Retail space with downtown amenities and transit network access.
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      1,500 SF

      Retail Space at Euclid Avenue

      Retail space available in a high-traffic location.
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      Retail Space Downtown Cleveland Gateway

      Retail space available at the gateway to downtown Cleveland.
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      27,056 SF

      Flagship Restaurant Space Available

      High-profile restaurant space near Progressive Field and Rocket Mortgage Fieldhouse.
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      1,265,477 SF

      Downtown Cleveland Retail Space

      Prime Cleveland retail, multiple spaces available
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      View Details
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    Cleveland, OH 44115
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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.

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