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    240 Tuxedo Ave Brooklyn Heights, OH 44109
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    Property profile & analytics

    240 Tuxedo Ave, Brooklyn Heights, OH 44109

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    • Office buildings
    • 15,500 SF
    • 1.07 lot acres
    For Lease
    $6 SF/Yr
    View Listing →
    Modern Industrial Space For Lease For Lease
    $6 SF/Yr
    16,650 SF

    Modern Industrial Space For Lease

    Modern industrial facility with high ceilings and convenient highway access.

    240 Tuxedo Ave, Brooklyn Heights, OH
    View Listing
    Property ID
    US66-1751168
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office buildings

    Property Details for 240 Tuxedo Ave

    Year built
    2020
    Construction
    WOOD
    Lot size
    1.07 lot acres
    Zone code
    CS
    Property type
    Office buildings
    APN
    531-15-010
    APU
    53115010

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Oct 17, 2018 — Tuxedo LLC Mrz Brooklyn Properties LLC Grant Deed · related $10M · Westfield Bk Fsb
    Nov 12, 2010 $412,500 Mrz Brooklyn Properties LLC Kulick John Trust Grant Deed $330k · Western Reserve Bk
    Aug 10, 2009 — Kulick John Trust Kulick,john & Dorothy Quit Claim Deed · related —
    Jan 20, 2000 $40,000 John Kulick Kulick,michael Quit Claim Deed · related —
    — — Mrz Brooklyn Properties LLC — Loan Modification · related $330k · Westfield Bk Fsb
    — — Mrz Brooklyn Properties LLC — Deed Of Trust · related $1M · Westfield Bk Fsb

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,535,000
      Market price range: $471k - $3.11M

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn Heights
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.6791
    Latitude
    41.4206
    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
    $37,932
    $53,830
    $562,140
    $615,970
    -
    $153,800
    $1,606,100
    $1,759,900

    Comparable in this City

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      5667 Schaaf Rd

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      9,694 SF

      7300 Pleasant Vly Rd

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    • Value Estimation
      $6,505,000
      67,214 SF

      5700 Lombardo Ctr

      OFFICE BUILDING
      5700 Lombardo Ctr, Seven Hills, OH 44131-2540
      View Details

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      38,188 SF

      Renovated Office Building Near I-77

      Office building with recent renovations, parking, and highway access.
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      Office Space in Rockside Corridor

      Office space for lease with convenient highway access.
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    • $1,350,000
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      Brooklyn Heights Industrial Building For Sale

      21,000 sq ft industrial building suitable for various uses.
      4891 Van Epps Rd, Brooklyn Heights, OH 44131
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    • $550,000
      4.78 Acres

      Independence Commercial Land For Sale

      4.77 acres of commercial land zoned for office/research.
      Acorn Dr, Independence, OH 44131
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    • Contact for pricing

      Development Opportunity Near I-77

      3.2 acres of land suitable for retail or office development.
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    Similar Nearby for Lease

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      Class A Suburban Office Building

      Six-story office building with best-in-class amenities and convenient highway access.
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      New Class A Office Building

      Newly constructed Class A office building with modern amenities.
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    • $22 SF/Yr
      14,136 SF

      Class-A Office Building with Amenities

      Centrally located office building with easy highway access and amenities.
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      12,000 SF

      Freestanding Office Building For Rent

      12,000 SF office building with private offices and parking.
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      Six-Story Office Building with Amenities

      Office suites with fitness center, conference room, and parking.
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      View Details
    • $17 SF/Yr

      Four-Story Office Building Available

      Office suites available in a well-amenitized building near I-77.
      6111 Oak Tree Blvd, Independence, OH 44131
      View Details
    View Listing
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    Brooklyn Heights, OH 44109
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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.

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