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

    23660 Miles Rd Bedford Heights, OH 44128-5435

    • Office buildings
    • 13,898 SF
    • 0.77 lot acres
    OFF-MARKET
    Value Estimations
    $540,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1999009
    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

    • Time Warner LLC / Telecommunications Contractor / Store
    • St Moritz Security Services / Security Guard Service
    • Gastronics / Manufacturer
    • Safeway Transportation Inc / Transportation Service
    • Broad Oaks Upholstery / Upholstery Shop

    Property Details for 23660 Miles Rd

    Year built
    1971
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.77 lot acres
    Property size
    13,898 SF
    Zone code
    I
    Property type
    Office buildings
    APN
    791-07-001
    APU
    79107001

    Description

    This exceptional investment opportunity presents a 23,469-square-foot multi-tenant warehouse located at 23660 Miles Road in Bedford Heights, Ohio, within Cuyahoga County, zip code 44128. The property, built in 1971, is currently listed at $1,030,000, translating to a price per square foot of $51. All tenants are on leases expiring at the end of 2024, many with a significant history of occupancy. This presents a compelling acquisition opportunity well below current replacement costs. The property boasts significant recent improvements: the front roof features a brand-new TPO roof complete with a warranty, while the back roof, installed in 2007, still benefits from a remaining portion of its 20-year warranty. Strategically positioned less than half a mile from the intersection of Interstates 480 and 271, this warehouse enjoys excellent access to major transportation arteries, enhancing its logistical appeal and potential for future growth. This is a rare chance to acquire a well-maintained, strategically located industrial property with strong tenant occupancy and significant upside potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $480,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $595,000
      Market price range: $596k - $2.49M

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

    Location Insight

    • Map
    • Local Demand
    City
    Bedford Heights
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.512
    Latitude
    41.4239
    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
    $19,724
    $16,240
    $169,580
    $185,820
    -
    $46,400
    $484,500
    $530,900

    Comparable in this City

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      $455,000
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      4291 Lee Rd

      OFFICE BUILDING • 7,918 SF
      4291 Lee Rd, Cleveland, OH 44128-2423
      View Details
    • Value Estimation
      $1,285,000
      65,874 SF

      23350 Corbin Dr

      OFFICE BUILDING • 65,874 SF
      23350 Corbin Dr, Bedford Heights, OH 44128-5522
      View Details
    • Value Estimation
      $1,340,000
      38,500 SF

      25975 Emery Rd

      OFFICE BUILDING • 38,500 SF
      25975 Emery Rd, Cleveland, OH 44128-5796
      View Details
    • Value Estimation
      $375,000
      3,064 SF

      4914 Neo Pkwy

      OFFICE BUILDING • 3,064 SF
      4914 Neo Pkwy, Garfield Heights, OH 44128-3104
      View Details
    • Value Estimation
      $445,000
      1,530 SF

      4889 Neo Pkwy

      OFFICE BUILDING • 1,530 SF
      4889 Neo Pkwy, Garfield Heights, OH 44128-3101
      View Details
    • Value Estimation
      $270,000
      950 SF

      15712 Miles Ave

      OFFICE BUILDING • 950 SF
      15712 Miles Ave, Cleveland, OH 44128-2928
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.10 Acres

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      Land available in Garfield Heights, Ohio.
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      View Details
    • $897,000
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      Industrial Warehouse with Gated Yard

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      Warrensville Heights Commercial Land

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      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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      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

    • $9 SF/Yr
      6,000 SF

      Affordable Office Suites Near I-480

      Convenient, affordable office suites near I-480 in Cleveland.
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      View Details
    • $12 SF/Yr
      12,000 SF

      Jefferson Park II Medical Office

      6,000 SF Medical Office Space Available
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      201,491 SF

      Lee Harvard Shopping Center: Cleveland

      Prime Retail Space, Cleveland, Ohio
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      5 SF

      North Randall Commercial Land Opportunity

      Prime 5.5-acre lot, high traffic, ideal development.
      4600 Northfield Rd, North Randall, 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
    • $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
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    23660 Miles Rd
    Bedford Heights, OH 44128-5435
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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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