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    23500 Mercantile Rd Beachwood, OH 44122
    Property profile & analytics

    23500 Mercantile Rd Beachwood, OH 44122

    View on Map
    • Office buildings
    • 5,456 SF
    • 6.34 lot acres
    For Lease
    $12 SF/Yr
    View Listing →
    Office and Warehouse Building For Rent For Lease
    $12 SF/Yr

    Office and Warehouse Building For Rent

    Multi-occupant office and warehouse building with flexible use suites.

    23500 Mercantile Rd., Beachwood, OH 44122
    View Listing
    Property ID
    US66-1516721
    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
    $875,000
    Cap Rate Potential
    8.4%
    Office buildings
    Location Intelligence

    Current Use by Public Records

    • Office buildings

    Property Details for 23500 Mercantile Rd

    Year built
    1971
    Construction
    TYPE NOT SPECIFIED
    Lot size
    6.34 lot acres
    Property size
    5,456 SF
    Zone code
    U-8
    Property type
    Office buildings
    APN
    742-24-002
    APU
    74224002

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $940,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,320,000
      6.5%
      $1,220,000
      7%
      $1,130,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $874,000
      Market price range: $330k - $874k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $600,000
      Current use
      RESTAURANT
      $920,000
      Change: +53% Conversion: Moderate
      MEDICAL BUILDING
      $595,000
      Change: -1% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $555,000
      Change: -8% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Beachwood
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.5092
    Latitude
    41.4579
    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
    $98,440
    $365,260
    $853,020
    $1,218,280
    -
    $1,043,600
    $2,437,200
    $3,480,800

    Comparable in this City

    • Value Estimation by Request
      4,608 SF

      20707 Chagrin Blvd

      OFFICE BUILDING • 4,608 SF
      20707 Chagrin Blvd, Shaker Heights, OH 44122-5348
      View Details
    • Value Estimation
      $9,695,000
      94,720 SF

      25825 Science Park Dr

      OFFICE BUILDING • 94,720 SF
      25825 Science Park Dr, Beachwood, OH 44122-7323
      View Details
    • Value Estimation by Request
      0.97 Acres

      Chagrin Blvd

      OFFICE BUILDING (MULTI-STORY) • 0.97 Acres
      Chagrin Blvd, Beachwood, OH 44122
      View Details
    • Value Estimation
      $5,675,000
      37,864 SF

      24200 Chagrin Blvd

      OFFICE BUILDING • 37,864 SF
      24200 Chagrin Blvd, Beachwood, OH 44122-5550
      View Details
    • Value Estimation
      $3,810,000
      72,624 SF

      25550 Chagrin Blvd

      OFFICE BUILDING • 72,624 SF
      25550 Chagrin Blvd, Beachwood, OH 44122-5638
      View Details
    • Value Estimation
      $3,920,000
      30,943 SF

      25200 Chagrin Blvd

      OFFICE BUILDING • 30,943 SF
      25200 Chagrin Blvd, Beachwood, OH 44122-5685
      View Details

    Similar Nearby for Sale

    • Contact for pricing
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      Class A office space with modern design and premium amenities.
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      Beachwood Office Building For Sale

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      Buildable Homesite in Woods of Lyndhurst

      Private cul-de-sac lot for ranch or two-story home.
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    • $3,450,000
      40,700 SF

      Former Steinmart Anchor Store Opportunity

      40,700 SF retail space on 3.21 acres for sale.
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      View Details
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      31 Acre Development Site

      31-acre mixed-use development site in high-demand commercial area.
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      Shaker Heights Multifamily Investment Property

      Tenant-occupied property in Shaker Heights, ideal for investors.
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    Similar Nearby for Lease

    • $24 SF/Yr

      Class A Suburban Office Building

      Class A office building with upgrades and tenant improvements available.
      22901 Millcreek Blvd, Highland Hills, OH 44122
      View Details
    • $14 SF/Yr
      1,197 SF

      Office Building on Chagrin Boulevard

      Office space for rent near restaurants and shopping.
      23980 N Chagrin Blvd, Beachwood, OH 44122
      View Details
    • $26 SF/Yr
      21,579 SF

      Class A Office Building ForRent

      State-of-the-art Class A office building in Beachwood, Ohio.
      3333 Richmond Rd, Beachwood, OH 44122
      View Details
    • Contact for pricing
      12,949 SF

      Enterprise Place Office and Medical

      130,000 SF office and medical building in Beachwood, Ohio.
      3333 Enterprise Pl, Beachwood, OH 44122
      View Details
    • Contact for pricing
      64,000 SF

      Class A Office Building For Rent

      64,000 SF Class A office building with parking garage.
      3401 Tuttle Rd, Shaker Heights, OH 44122
      View Details
    • $16 SF/Yr
      4,300 SF

      Modern Office Building For Rent

      Three-story office building with updated common areas and parking.
      24100 Chagrin Blvd, Beachwood, OH 44122
      View Details
    View Listing
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    Beachwood, OH 44122
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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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    23500 Mercantile Rd, Beachwood, OH, 44122
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