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    21851 Ctr Rdg Rd Rocky River, OH 44116-3976
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    21851 Ctr Rdg Rd Rocky River, OH 44116-3976

    View on Map
    • Office buildings
    • 8,541 SF
    • 1.56 lot acres
    Off-Market
    Property ID
    US66-0064412
    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
    $1,645,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office buildings

    Property Details for 21851 Ctr Rdg Rd

    Year built
    1980
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.56 lot acres
    Property size
    8,541 SF
    Zone code
    GB
    Property type
    Office buildings
    APN
    215-01-041
    APU
    21501041

    Description

    This exceptional Class A, 680-square-foot executive office condo is located at 21851 Center Ridge Rd, Rocky River, OH 44116. Situated on the fourth floor of a single-story building, this vacant unit boasts stunning western views and was completely renovated in 2023. The property, built in 1972, sits on a 0.02-acre lot and features a modern, open-concept design ideal for fostering collaboration. All furniture is included, making this a truly turnkey opportunity. The asking price is $124,900, representing a price per square foot of $250 and a 10.45% cap rate with a Net Operating Income (NOI) of $13,052. The property is zoned for office use and offers ample natural light, floor-to-ceiling windows, and a sleek reception area. This owner-user investment opportunity is perfect for a business seeking a sophisticated and convenient location within the coveted Rocky River commercial district. The property's APN is 303-30-310. Immediate occupancy is available.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,630,000
      6.5%
      $1,505,000
      7%
      $1,395,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,468,000
      Market price range: $603k - $2.53M
      AI Estimate
      $1,957,000
      Market price range: $613k - $2.98M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,395,000
      Current use
      RESTAURANT
      $1,525,000
      Change: +9% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Rocky River
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.9182
    Latitude
    41.4501
    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
    $20,294
    $151,130
    $139,650
    $290,780
    -
    $431,800
    $399,000
    $830,800

    Comparable in this City

    • Value Estimation
      $730,000
      5,367 SF

      20102 Ctr Rdg Rd

      OFFICE BUILDING • 5,367 SF
      20102 Ctr Rdg Rd, Rocky River, OH 44116-3533
      View Details
    • Value Estimation
      $1,070,000
      9,200 SF

      20180 Ctr Rdg Rd

      OFFICE BUILDING • 9,200 SF
      20180 Ctr Rdg Rd, Rocky River, OH 44116-3533
      View Details
    • Value Estimation by Request
      960 SF

      20226 Detroit Rd

      OFFICE BUILDING • 960 SF
      20226 Detroit Rd, Rocky River, OH 44116-2422
      View Details
    • Value Estimation by Request
      0.60 Acres

      18500 Lk Rd

      OFFICE BUILDING (MULTI-STORY) • 0.60 Acres
      18500 Lk Rd, Rocky River, OH 44116-1744
      View Details
    • Value Estimation by Request
      962 SF

      21851 Ctr Rdg Rd Ste, Unit 307

      OFFICE BUILDING • 962 SF
      21851 Ctr Rdg Rd Ste, Rocky River, OH 44116-3901
      View Details
    • Value Estimation by Request
      559 SF

      21851 Ctr Rdg Rd1b3

      OFFICE BUILDING • 559 SF
      21851 Ctr Rdg Rd1b3, Rocky River, OH 44116-3976
      View Details

    Similar Nearby for Sale

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      Riverdale Dr, Rocky River, OH 44116
      View Details
    • $379,900
      Pending

      Rocky River Multifamily Investment Opportunity

      Multifamily property in Rocky River with versatile living options.
      1653 Southbend Dr, Rocky River, OH 44116
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      51,000 SF

      20575 Center Ridge Rd

      Office Units • 51,000 SF
      20575 Center Ridge Rd, Rocky River, OH 44116
      View Details
    • Contact for pricing

      Retail Space in Rocky River

      Retail spaces available in Westwood Town Center, Rocky River.
      21653 Center Ridge Rd, Rocky River, OH 44116
      View Details
    • Contact for pricing
      4,300 SF

      Turnkey Restaurant Space in Cleveland

      Second-generation restaurant with patio in historic Ohio City.
      2814 Detroit Rd, Cleveland, OH 44116
      View Details
    • Contact for pricing
      9,906 SF

      Healthcare Property Available For Rent

      Healthcare property with 9,906 square feet available for rent.
      20455 Lorain Rd, Fairview Park, OH 44116
      View Details
    • Contact for pricing

      Retail Space Available For Rent

      Single tenant retail space available, approximately 4,250 square feet.
      21810 Center Ridge Rd, Rocky River, OH 44116
      View Details
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    Rocky River, OH 44116-3976
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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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