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

    23569 Ctr Rdg Rd Westlake, OH 44145-3642

    • Office buildings
    • 2,377 SF
    • 1.02 lot acres
    OFF-MARKET
    Last Sale
    Jun 22, 2021
    $399,000
    Value Estimations
    $510,000
    Show details
    Cap Rate Potential
    5%
    Office buildings
    Location Intelligence
    Property ID
    US66-0314982
    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 23569 Ctr Rdg Rd

    Year built
    1947
    Construction
    WOOD
    Lot size
    1.02 lot acres
    Property size
    2,377 SF
    Zone code
    GB
    Property type
    Office buildings
    APN
    214-28-003
    APU
    21428003

    Description

    This exceptional 1.1-acre commercial and residential mixed-use land parcel in Westlake, Ohio (APN 214-28-003), presents a prime redevelopment opportunity. Located at 23569 Center Ridge Rd, 44145, this property boasts a strategic location in the heart of Westlake, near the intersection of Center Ridge and Clague Roads, offering easy access to Crocker Park, University Hospitals, Detroit Road, and I-90. The existing 3,500 square foot building, encompassing a first and second floor plus a full-height basement, provides a solid foundation for renovation or repurposing. The permitted OFC BLDG zoning allows for a variety of uses, making it ideal for educational, financial, medical, or legal businesses. The property includes 50 parking spaces. The seller is offering this property for $655,000, with a pro-forma NOI of $125,000 and a pro-forma cap rate of 19.08%. The seller is open to lease options with the potential to purchase, and is willing to customize interior finishes to meet tenant specifications, presenting a cost-effective alternative to new construction. This is a rare chance to acquire a high-return investment property in a thriving Westlake location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $545,000
      ML approach
      $490,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $455,000
      6.5%
      $420,000
      7%
      $390,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $500,000
      Market price range: $238k - $501k
      AI Estimate
      $597,000
      Market price range: $161k - $601k

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

    Location Insight

    • Map
    • Local Demand
    City
    Westlake
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.8817
    Latitude
    41.4558
    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
    $9,389
    $93,310
    $39,340
    $132,650
    -
    $266,600
    $112,400
    $379,000

    Comparable in this City

    • Value Estimation
      $1,355,000
      188,746 SF

      25225 Detroit Rd

      OFFICE BUILDING • 188,746 SF
      25225 Detroit Rd, Westlake, OH 44145-2536
      View Details
    • Value Estimation
      $320,000
      1,336 SF

      1851 King James Pkwy1b2

      OFFICE BUILDING • 1,336 SF
      1851 King James Pkwy1b2, Westlake, OH 44145-3461
      View Details
    • Value Estimation
      $290,000
      1,082 SF

      1851 King James Pkwy3a2

      OFFICE BUILDING • 1,082 SF
      1851 King James Pkwy3a2, Westlake, OH 44145-3461
      View Details
    • Value Estimation
      $520,000
      23,179 SF

      27216 Hilliard Blvd

      OFFICE BUILDING • 23,179 SF
      27216 Hilliard Blvd, Westlake, OH 44145-3049
      View Details
    • Value Estimation
      $545,000
      6,548 SF

      1453 Allen Dr

      OFFICE BUILDING • 6,548 SF
      1453 Allen Dr, Westlake, OH 44145
      View Details
    • Value Estimation
      $295,000
      1,290 SF

      27350 Ctr Rdg Rd7a

      OFFICE BUILDING • 1,290 SF
      27350 Ctr Rdg Rd7a, Westlake, OH 44145-3957
      View Details

    Similar Nearby for Sale

    • $610,000
      6,200 SF

      Westlake Office Building For Sale

      Office building in Westlake, 15 miles west of downtown Cleveland.
      24600-24610 Detroit Rd, Westlake, OH 44145
      View Details
    • $349,900
      Pending

      Westlake Restaurant/Office Building Opportunity

      Restaurant or office building in Westlake, Ohio for sale.
      24389 Detroit Rd, Westlake, OH 44145
      View Details
    • $20,000,000
      97,524 SF

      Westlake Class A Office Portfolio

      Class A office portfolio in premier suburban market for sale.
      2205-2237 Crocker Rd, Westlake, OH 44145
      View Details
    • $145,000
      1,757 SF

      29099 Health Campus Dr

      Medical offices • 1,757 SF
      29099 Health Campus Dr, Westlake, OH 44145
      View Details
    • $19,995,000
      97,524 SF

      Westlake Office Portfolio

      Class A Office, High Occupancy, Strong NOI
      2205 Crocker Rd, Westlake, OH 44145
      View Details
    • $620,000
      6,200 SF

      Westlake Office Condo - $620K

      6,200 SF Medical/Office Condo, 100% Occupied
      24610 Detroit Rd, Westlake, OH 44145
      View Details

    Similar Nearby for Lease

    • $22 SF/Yr
      2,157 SF

      Class A Professional Office Building

      Well-maintained office building with classrooms, board rooms, and ample parking.
      26202 Detroit Rd, Westlake, OH 44145
      View Details
    • Contact for pricing
      10,000 SF

      Class A Office Design Opportunity

      High visibility office space for rent in Westlake, Ohio.
      2001 Crocker Rd, Westlake, OH 44145
      View Details
    • $1,700,000
      11,520 SF

      Renovated Office Building in Westlake

      Fully furnished, renovated office building available for sale or lease.
      27999 Clemens Rd, Westlake, OH 44145
      View Details
    • $17 SF/Yr
      8,986 SF

      Westlake Office Building with Restaurant

      Three-story office building with attached restaurant and banquet center.
      25651 Detroit Rd, Westlake, OH 44145
      View Details
    • Contact for pricing
      1,681 SF

      Westlake Office Space For Rent

      Office space with frontage on Detroit Road and ample parking.
      27500 Detroit Rd, Westlake, OH 44145
      View Details
    • $25 SF/Yr
      10,000 SF

      Westlake Office/Medical Space For Rent

      Professional office/medical space available in Westlake, Ohio.
      2211 Crocker Rd, Westlake, OH 44145
      View Details
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    Westlake, OH 44145-3642
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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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