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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2024 Schaaf Rd Cleveland, OH 44109-4608

    • Office buildings
    • 2,240 SF
    • 0.15 lot acres
    OFF-MARKET
    Last Sale
    Feb 15, 2024
    $190,000
    Value Estimations
    $190,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2634005
    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

    • Office buildings

    Property Details for 2024 Schaaf Rd

    Year built
    1949
    Construction
    WOOD
    Lot size
    0.15 lot acres
    Property size
    2,240 SF
    Zone code
    LR
    Property type
    Office buildings
    APN
    010-04-037
    APU
    1004037

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $190,000
      ML approach
      $190,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $196,000
      Market price range: $157k - $657k
      AI Estimate
      $141,000
      Market price range: $135k - $425k

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.6964
    Latitude
    41.4296
    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
    $3,126
    $7,110
    $24,190
    $31,300
    -
    $20,300
    $69,100
    $89,400

    Comparable in this City

    • Value Estimation
      $1,050,000
      382,637 SF

      4229 Pearl Rd

      OFFICE BUILDING • 382,637 SF
      4229 Pearl Rd, Cleveland, OH 44109-4218
      View Details
    • Value Estimation
      $705,000
      20,056 SF

      4430 State Rd

      OFFICE BUILDING • 20,056 SF
      4430 State Rd, Cleveland, OH 44109-4779
      View Details
    • Value Estimation
      $190,000
      2,938 SF

      4703 State Rd

      OFFICE BUILDING • 2,938 SF
      4703 State Rd, Cleveland, OH 44109
      View Details
    • Value Estimation
      $230,000
      1,725 SF

      4711 Hinckley Industrial Pkwy, Unit 4721

      OFFICE BUILDING • 1,725 SF
      4711 Hinckley Industrial Pkwy, Cleveland, OH 44109-6004
      View Details
    • Value Estimation
      $685,000
      961 SF

      4360 Spg Rd

      OFFICE BUILDING • 961 SF
      4360 Spg Rd, Cleveland, OH 44109
      View Details
    • Value Estimation
      $285,000
      3,066 SF

      4399-04403 State Rd

      OFFICE BUILDING • 3,066 SF
      4399-04403 State Rd, Cleveland, OH 44109
      View Details

    Similar Nearby for Sale

    • $2,500,000
      1.17 Acres

      Cleveland Mixed-Use Development Opportunity

      Mixed-use property in Cleveland's Clark-Fulton neighborhood, priced below market.
      3167 Fulton Rd, Cleveland, OH 44109
      View Details
    • $265,000
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      Retail/Office Building in Clark-Fulton

      Two-story building suitable for retail or office use.
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    • $650,000
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      Remodeled Office Space For Sale

      Newly remodeled office space with easy highway access.
      3723 Pearl Rd, Cleveland, OH 44109
      View Details
    • New
      $399,000
      0.10 Acres

      Mixed-Use Property on Denison Avenue

      Mixed-use property with storefront and residential units in Cleveland, OH.
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    • $249,900
      1,760 SF

      Updated Duplex on Double Lot

      Well-maintained duplex with strong rental potential and recent updates.
      3726 Newark Ave, Cleveland, OH 44109
      View Details
    • $160,000
      1,984 SF

      Mixed-Use Property in Clark-Fulton

      Multi-use commercial property with residential and retail capabilities in Cleveland.
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    Similar Nearby for Lease

    • $349,000
      1,124 SF

      Retail/Office Space in Clark-Fulton

      Retail or office space with high visibility in Cleveland.
      3471 W 41St St, Cleveland, OH 44109
      View Details
    • $7 SF/Yr
      10,200 SF

      Versatile Flex Space Available

      Adaptable office and warehouse space for sublease.
      4640 Hinckley Industrial Pkwy, Cleveland, OH 44109
      View Details
    • $16 SF/Yr
      7,357 SF

      Historic Loft-Style Office/Retail Space

      Renovated 7,300 SF space in historic Cleveland building.
      3160 W 33Rd St, Cleveland, OH 44109
      View Details
    • Contact for pricing
      928 SF

      Office Space Available For Rent

      928 SF office space available for rent.
      3410 Altoona Rd, Cleveland, OH 44109
      View Details
    • Contact for pricing
      4,036 SF

      Steelyard Commons Retail Space

      Cleveland Retail Space: High Traffic Location
      3269 Steelyard Dr, Cleveland, OH 44109
      View Details
    • $6 SF/Yr
      28,619 SF

      Manufacturing and Storage Warehouse Available

      First-class manufacturing and storage warehouse with temperature-controlled space.
      4741 Hinckley Industrial Pkwy, Cleveland, OH 44109
      View Details
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    Cleveland, OH 44109-4608
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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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