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

    24228 Ctr Rdg Rd Westlake, OH 44145-4210

    • Residential income homes
    • 4,180 SF
    • 0.91 lot acres
    OFF-MARKET
    Value Estimations
    $350,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1453132
    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

    • Residential income homes

    Property Details for 24228 Ctr Rdg Rd

    Year built
    1959
    Construction
    WOOD
    Lot size
    0.91 lot acres
    Property size
    4,180 SF
    Zone code
    R-MF24
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    214-08-015
    APU
    21408015

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $285,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $415,000
      Market price range: $377k - $552k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $460,000
      Current use
      MEDICAL BUILDING
      $455,000
      Change: -2% Conversion: Moderate
      NEIGHBORHOOD: SHOPPING CENTER
      $425,000
      Change: -8% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $370,000
      Change: -19% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Westlake
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.8892
    Latitude
    41.4588
    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
    $8,896
    $97,060
    $25,450
    $122,510
    -
    $277,300
    $72,700
    $350,000

    Comparable in this City

    • Value Estimation
      $390,000
      995 SF

      4035 Porter Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 995 SF
      4035 Porter Rd, Westlake, OH 44145-5251
      View Details
    • Value Estimation
      $325,000
      3,220 SF

      27890 Ctr Rdg Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,220 SF
      27890 Ctr Rdg Rd, Westlake, OH 44145-3959
      View Details
    • Value Estimation
      $225,000
      741 SF

      1670 Cedarwood Dr, Unit 350

      GARDEN APT, COURT APT (5+ UNITS) • 741 SF
      1670 Cedarwood Dr, Westlake, OH 44145-5828
      View Details
    • Value Estimation
      $195,000
      682 SF

      1633 Cedarwood Dr, Unit 220

      GARDEN APT, COURT APT (5+ UNITS) • 682 SF
      1633 Cedarwood Dr, Westlake, OH 44145-1822
      View Details
    • Value Estimation
      $195,000
      764 SF

      1640 Juniper Dr, Unit 332

      GARDEN APT, COURT APT (5+ UNITS) • 764 SF
      1640 Juniper Dr, Westlake, OH 44145
      View Details
    • Value Estimation
      $100,000
      1,222 SF

      1155 Charter Oak Ln

      GARDEN APT, COURT APT (5+ UNITS) • 1,222 SF
      1155 Charter Oak Ln, Westlake, OH 44145-2649
      View Details

    Similar Nearby for Sale

    • $195,000

      Remodeled Condo with Community Amenities

      Two-bedroom condo with updated kitchen, balcony, and community amenities.
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      756 SF

      Updated Condo in Westlake

      Updated 2-bedroom, 1-bath condo in Westlake, move-in ready.
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    • $1,650,000
      3.80 Acres

      Westlake Corner Development Land

      3.8 Acres, Prime Westlake Location
      30760 Center Ridge Rd, Westlake, OH 44145
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    • $4,200,000

      Industrial Land with Office Building

      40.56 acres of industrial land with 23,519 SF office.
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      Westlake Land Opportunity

      Land available in new Westlake subdivision, near amenities.
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      Shovel-ready land with utilities available in high-traffic area.
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    Similar Nearby for Lease

    • Contact for pricing
      2,000,000 SF

      Crocker Park Retail Spaces

      Westlake, OH: Prime Retail Opportunity
      198 Crocker Park Blvd, Westlake, OH 44145
      View Details
    • Contact for pricing
      14,962 SF

      Detroit Road Retail Center

      Three Suites Available, 4,000-6,962 SF
      30275 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
    • Contact for pricing
      12,000 SF

      Westlake Office Space Near Crocker

      Professional office spaces in Westlake, Ohio, near Crocker Park.
      1991-2001 Crocker 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
    • 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
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    Westlake, OH 44145-4210
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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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