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    Property profile & analytics

    2193 Grn Rd Cleveland, OH 44121-3313

    • Office buildings
    • 4,560 SF
    • 0.24 lot acres
    OFF-MARKET
    Last Sale
    May 16, 2024
    $575,000
    Value Estimations
    $670,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1858656
    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

    • Friedman Leavitt & Associates / Accounting Firm / Tax Preparation

    Property Details for 2193 Grn Rd

    Year built
    1953
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.24 lot acres
    Property size
    4,560 SF
    Zone code
    U-6
    Property type
    Office buildings
    APN
    721-18-024
    APU
    72118024

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $841,000
      Market price range: $319k - $1.34M
      AI Estimate
      $617,000
      Market price range: $217k - $802k

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.518
    Latitude
    41.5002
    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
    $16,032
    $36,580
    $71,930
    $108,510
    -
    $104,500
    $205,500
    $310,000

    Comparable in this City

    • Value Estimation
      $715,000
      15,246 SF

      2936 Noble Rd

      OFFICE BUILDING • 15,246 SF
      2936 Noble Rd, Cleveland Heights, OH 44121
      View Details
    • Value Estimation by Request
      441 SF

      2536 Noble Rd

      OFFICE BUILDING • 441 SF
      2536 Noble Rd, Cleveland Heights, OH 44121-2133
      View Details
    • Value Estimation by Request
      2,244 SF

      4306 Mayfield Rd

      OFFICE BUILDING • 2,244 SF
      4306 Mayfield Rd, South Euclid, OH 44121-3632
      View Details
    • Value Estimation
      $580,000
      2,851 SF

      2195 Grn Rd

      OFFICE BUILDING • 2,851 SF
      2195 Grn Rd, Cleveland, OH 44121-3313
      View Details
    • Value Estimation
      $585,000
      8,742 SF

      1481 Warrensville Ctr Rd

      OFFICE BUILDING • 8,742 SF
      1481 Warrensville Ctr Rd, South Euclid, OH 44121-2655
      View Details
    • Value Estimation by Request
      6,810 SF

      1463 Warrensville Ctr Rd

      OFFICE BUILDING • 6,810 SF
      1463 Warrensville Ctr Rd, South Euclid, OH 44121-2674
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.14 Acres

      Cleared Lot in Cleveland Heights

      Cleared land lot suitable for building a home.
      1161 Pomona Rd, Cleveland Heights, OH 44121
      View Details
    • $274,000
      5,028 SF

      Turnkey Triplex in South Euclid

      Income-producing triplex with immediate cash flow potential.
      1460 S Belvoir Blvd, South Euclid, OH 44121
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      10,159 SF

      Cleveland Heights Retail Building For Sale

      10,159 SF building with drive-thru and ample parking.
      3825 Monticello Blvd, Cleveland Heights, OH 44121
      View Details
    • Contact for pricing
      14,020 SF

      Retail Space Available

      Retail space for sale, 14020 square feet.
      4460 Mayfield Rd, South Euclid, OH 44121
      View Details
    • $299,999
      Pending

      Cleveland Heights Duplex: Income Potential

      Spacious duplex with immediate income and upside potential in Cleveland Heights.
      3837 Mayfield Rd, Cleveland Heights, OH 44121
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    Similar Nearby for Lease

    • $1,400 /Mo

      Professional Office Space Available

      Professional office building with suites available for rent.
      2940 Noble Rd, Cleveland Heights, OH 44121
      View Details
    • Contact for pricing

      Retail Space in High-Traffic Area

      3,557 SF retail space at a busy intersection.
      4505 Mayfield Rd, South Euclid, OH 44121
      View Details
    • Contact for pricing

      Retail Space on Mayfield Road

      Retail spaces available in high-traffic, densely populated area.
      5141 Mayfield Rd, Cleveland, OH 44121
      View Details
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    2193 Grn Rd
    Cleveland, OH 44121-3313
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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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