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

    23524 Miles Rd Bedford Heights, OH 44128-6501

    • Manufacturing properties
    • 7,200 SF
    • 0.41 lot acres
    OFF-MARKET
    Last Sale
    Mar 06, 2020
    $370,000
    Value Estimations
    $410,000
    Show details
    Cap Rate Potential
    8.7%
    Manufacturing properties
    Location Intelligence
    Property ID
    US66-2147101
    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

    • Nathan's Mobile Car Detailing, Ceramic Coating, PPF and Window Tint / Car Detailing Service / Car Accessories Store
    • Home Corporation / Air Conditioning Contractor
    • Paley Plumbing & Fire Protection / Plumber

    Property Details for 23524 Miles Rd

    Year built
    1969
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.41 lot acres
    Property size
    7,200 SF
    Zone code
    I
    Property type
    Manufacturing properties
    APN
    791-06-014
    APU
    79106014

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $340,000
      ML approach
      $350,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $495,000
      6.5%
      $455,000
      7%
      $425,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $528,000
      Market price range: $149k - $552k
      AI Estimate
      $503,000
      Market price range: $127k - $517k

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $310,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $535,000
      Change: +72% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Bedford Heights
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.5133
    Latitude
    41.4238
    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
    $13,598
    $9,560
    $119,950
    $129,510
    -
    $27,300
    $342,700
    $370,000

    Comparable in this City

    • Value Estimation by Request
      3,886 SF

      16701 Miles Ave

      MANUFACTURING (LIGHT) • 3,886 SF
      16701 Miles Ave, Cleveland, OH 44128-3417
      View Details
    • Value Estimation
      $405,000
      21,410 SF

      18976 Cranwood Pkwy

      MANUFACTURING (LIGHT) • 21,410 SF
      18976 Cranwood Pkwy, Cleveland, OH 44128-4042
      View Details
    • Value Estimation
      $3,920,000

      Emery Rd

      MANUFACTURING (LIGHT)
      Emery Rd, Cleveland, OH 44128
      View Details
    • Value Estimation
      $350,000
      18,500 SF

      4801 Commerce Pkwy

      MANUFACTURING (LIGHT) • 18,500 SF
      4801 Commerce Pkwy, Cleveland, OH 44128-5905
      View Details
    • Value Estimation
      $205,000
      1.00 Acres

      18731 Cranwood Pkwy

      MANUFACTURING (LIGHT) • 1.00 Acres
      18731 Cranwood Pkwy, Cleveland, OH 44128-4037
      View Details
    • Value Estimation
      $255,000
      2,310 SF

      14300 Miles Ave

      MANUFACTURING (LIGHT) • 2,310 SF
      14300 Miles Ave, Cleveland, OH 44128-2333
      View Details

    Similar Nearby for Sale

    • $897,000
      10,000 SF

      Industrial Warehouse with Gated Yard

      10,000 SF warehouse with office and convenient highway access.
      4894 Neo Pkwy, Garfield Heights, OH 44128
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    • $2,000,000
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      Flex Building: Warrensville Heights, OH

      36,404 SF Multi-Tenant Flex Space, Owner-User Opportunity
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    • $420,000
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      Warrensville Heights Commercial Land

      4.8-acre commercial lot, build-to-suit option.
      26410 Emery Rd, Warrensville Heights, OH 44128
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    • Contact for pricing
      0.11 Acres

      Industrial Lot in Garfield Heights

      Industrial land available in Garfield Heights, Ohio.
      V/L 546-19-021, Garfield Heights, OH 44128
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    • Contact for pricing

      Commercial Land Near University Hospitals

      3 acres of commercial land in Opportunity Zone.
      25505 Miles Rd, Cleveland, OH 44128
      View Details
    • Contact for pricing

      Industrial Park Land Available

      Two parcels of land zoned for industrial park use.
      14400 Neo Pkwy, Garfield Heights, OH 44128
      View Details

    Similar Nearby for Lease

    • $4 SF/Yr
      415,743 SF

      Lee Road Industrial Property

      Industrial property with convenient freeway access and ample parking.
      4444 Lee Rd, Cleveland, OH 44128
      View Details
    • $14 SF/Yr
      3,507 SF

      Garfield Heights Flex/Industrial Space

      Flex/industrial space for rent, convenient highway access.
      15401-15491 Neo Pkwy, Garfield Heights, OH 44128
      View Details
    • $6 SF/Yr
      13,614 SF

      Warehouse and Office Flex Space

      Warehouse and office flex park with spaces available for lease.
      15601 Neo Pkwy, Garfield Heights, OH 44128
      View Details
    • Contact for pricing
      3,600 SF

      Warehouse Spaces For Rent

      Two 3,600 SF warehouse spaces for rent in Cleveland.
      4920 Commerce Pkwy, Cleveland, OH 44128
      View Details
    • $7 SF/Yr
      1,463 SF

      Industrial Flex Space Available

      Located off I-480, convenient access to Northeast Ohio.
      15501-15599 Neo Pkwy, Garfield Heights, OH 44128
      View Details
    • $6 SF/Yr
      342,281 SF

      Warehouse and Office Flex Park

      Warehouse and office flex park with spaces for lease.
      14500-15687 Neo Pkwy, Garfield Hts, OH 44128
      View Details
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    23524 Miles Rd
    Bedford Heights, OH 44128-6501
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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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