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

    21600 Drake Rd Strongsville, OH 44149

    • Office buildings
    • 8,148 SF
    • 7.48 lot acres
    For Sale
    View listing
    $1,750,000
    Last Sale
    Dec 28, 2024
    $1,550,000
    Value Estimations
    Cap Rate Potential
    7.6%
    Office buildings
    Location Intelligence
    Property ID
    US66-1749377
    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 21600 Drake Rd

    Year built
    1979
    Construction
    TYPE NOT SPECIFIED
    Lot size
    7.48 lot acres
    Property size
    8,148 SF
    Zone code
    GI
    Property type
    Office buildings
    APN
    394-04-006
    APU
    39404006

    Description

    This exceptional 40,130-square-foot industrial warehouse is situated on a substantial 22.44-acre lot in the southwest submarket of Cuyahoga County, Ohio. Located at 21600 Drake Road, Strongsville, this single-tenant property boasts a Class B designation and was constructed in 1979. The building comprises a single story with an impressive 18-foot ceiling height, providing ample space for various industrial operations. Its zoning classification is GI. The property's parcel number (APN) is 39404006. Previously used as a chemical mixing and distribution center, this warehouse presents a unique opportunity for businesses seeking a large, well-located industrial space. The building's single-tenant occupancy simplifies management and offers potential for long-term lease stability. The expansive lot size offers significant potential for future expansion or outdoor storage. This property is an ideal choice for companies requiring substantial warehouse space in a convenient and established industrial area. Interested parties should note the property's history as a chemical mixing and distribution center and conduct their own due diligence regarding any potential environmental concerns.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,550,000
      ML approach
      $1,550,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,970,000
      6.5%
      $1,820,000
      7%
      $1,690,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,001,000
      Market price range: $499k - $1.83M

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

    Location Insight

    • Map
    • Local Demand
    City
    Strongsville
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.8643
    Latitude
    41.291
    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
    $55,281
    $187,180
    $489,410
    $676,590
    -
    $534,800
    $1,398,300
    $1,933,100

    Comparable in this City

    • Value Estimation
      $11,010,000
      49,430 SF

      13000 Darice Pkwy

      OFFICE BUILDING • 49,430 SF
      13000 Darice Pkwy, Strongsville, OH 44149-3800
      View Details
    • Value Estimation
      $5,000,000
      60,980 SF

      22740 Lunn Rd

      OFFICE BUILDING • 60,980 SF
      22740 Lunn Rd, Strongsville, OH 44149-4899
      View Details
    • Value Estimation
      $6,040,000
      26,910 SF

      22557 Lunn Rd

      OFFICE BUILDING • 26,910 SF
      22557 Lunn Rd, Strongsville, OH 44149-4871
      View Details
    • Value Estimation
      $3,155,000
      20,007 SF

      14675 Foltz Pkwy

      OFFICE BUILDING • 20,007 SF
      14675 Foltz Pkwy, Strongsville, OH 44149-4720
      View Details
    • Value Estimation
      $1,585,000
      8,000 SF

      21945 Drake Rd

      OFFICE BUILDING • 8,000 SF
      21945 Drake Rd, Strongsville, OH 44149-6608
      View Details
    • Value Estimation
      $1,045,000
      4,000 SF

      21689 Drake Rd

      OFFICE BUILDING • 4,000 SF
      21689 Drake Rd, Strongsville, OH 44149-6614
      View Details

    Similar Nearby for Sale

    • $1,250,000
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      Prime Strongsville Storefront Opportunity

      18,920 SF Office/Retail Space, $1.25M
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    • Contact for pricing
      11.51 Acres

      Strongsville Industrial Land - 11.51 Acres

      Prime Strongsville industrial land, build-to-suit.
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    • $1,750,000
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    • $160,000
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      Strongsville Industrial Land - $160K

      Prime 2-acre industrial lot, excellent location.
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    • $130,000
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      Strongsville Buildable Private Acre Lot

      Desirable, buildable, private 1+ acre lot in Strongsville, OH.
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      Prime Strongsville Commercial Land

      1.18 Acres, Pearl Rd, $750,000
      0 Pearl Rd, Strongsville, OH 44149
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    Similar Nearby for Lease

    • $3,000 /Mo
      52,708 SF

      Office/Warehouse in Strongsville, Ohio

      Office/warehouse with high ceilings, private entrances, and included utilities.
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    • $1,500 /Mo
      52,708 SF

      Strongsville Office Space Available

      Office space available July 1st with private offices and parking.
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      View Details
    • $5 SF/Yr
      38,960 SF

      Available Flex and Office Space

      38,960 SF flex and office space available for lease.
      13000 Darice Pkwy, Strongsville, OH 44149
      View Details
    • Contact for pricing
      40,130 SF

      Strongsville Warehouse: 40,130 SF

      Single-tenant industrial warehouse; 22 acres.
      21600 Drake Rd, Strongsville, OH 44149
      View Details
    • Contact for pricing
      7,500 SF

      Strongsville Retail & Restaurant Space

      Prime Strongsville location, new development.
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      View Details
    • $1,600 /Mo
      15,400 SF

      Office and Warehouse Space Available

      Office and warehouse building in Strongsville business park for lease.
      21520 Drake Rd, Strongsville, OH 44149
      View Details
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    Strongsville, OH 44149
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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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