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

    24400 Ctr Rdg Rd Westlake, OH 44145-4213

    • Auto shops
    • 20,782 SF
    • 4.91 lot acres
    OFF-MARKET
    Value Estimations
    $2,350,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1825216
    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

    • Auto shops

    Property Details for 24400 Ctr Rdg Rd

    Year built
    1974
    Construction
    TYPE NOT SPECIFIED
    Lot size
    4.91 lot acres
    Property size
    20,782 SF
    Zone code
    GB
    Property type
    Auto shops
    APN
    214-08-008
    APU
    21408008

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,426,000
      Market price range: $894k - $3.54M
      AI Estimate
      $2,277,000
      Market price range: $871k - $2.38M

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $1,850,000
      Current use
      RESTAURANT
      $3,505,000
      Change: +90% Conversion: Difficult
      OFFICE BUILDING
      $2,975,000
      Change: +61% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $2,295,000
      Change: +24% Conversion: Difficult
      MEDICAL BUILDING
      $2,260,000
      Change: +22% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $2,105,000
      Change: +14% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,720,000
      Change: -7% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Westlake
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.8918
    Latitude
    41.4589
    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
    $82,315
    $494,200
    $685,900
    $1,180,100
    -
    $1,412,000
    $1,959,700
    $3,371,700

    Comparable in this City

    • Value Estimation
      $545,000
      10,677 SF

      25255 Ctr Rdg Rd

      AUTO REPAIR, GARAGE • 10,677 SF
      25255 Ctr Rdg Rd, Westlake, OH 44145-4118
      View Details
    • Value Estimation by Request
      2,398 SF

      27210 Ctr Rdg Rd

      AUTO REPAIR, GARAGE • 2,398 SF
      27210 Ctr Rdg Rd, Westlake, OH 44145-3944
      View Details
    • Value Estimation by Request
      912 SF

      25551 Ctr Rdg Rd

      AUTO REPAIR, GARAGE • 912 SF
      25551 Ctr Rdg Rd, Westlake, OH 44145-4049
      View Details
    • Value Estimation
      $560,000
      5,781 SF

      1325 Dover Ctr Rd

      AUTO REPAIR, GARAGE • 5,781 SF
      1325 Dover Ctr Rd, Westlake, OH 44145-1321
      View Details
    • Value Estimation by Request
      0.35 Acres

      Crocker Rd

      AUTO REPAIR, GARAGE • 0.35 Acres
      Crocker Rd, Westlake, OH 44145
      View Details
    • Value Estimation by Request
      0.12 Acres

      Columbia Rd

      AUTO REPAIR, GARAGE • 0.12 Acres
      Columbia Rd, Westlake, OH 44145
      View Details

    Similar Nearby for Sale

    • $500,000
      0.03 Acres

      Westlake Restaurant Business For Sale

      Successful Japanese Sushi, Hibachi, Steak House Restaurant for sale.
      30006 Detroit Rd, Westlake, OH 44145
      View Details
    • Contact for pricing
      11,089 SF

      Westlake Retail Property For Sale

      Retail property available for sale in Westlake, Ohio.
      26800 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
    • $1,650,000
      3.80 Acres

      Westlake Corner Development Land

      3.8 Acres, Prime Westlake Location
      30760 Center Ridge Rd, Westlake, OH 44145
      View Details
    • $900,000

      Prime Land on Detroit Road

      Shovel-ready land with utilities available in high-traffic area.
      25057 Detroit Rd, Westlake, OH 44145
      View Details
    • $230,000
      0.32 Acres

      Westlake Land in Vuila Park

      Land for custom homes in Westlake, Ohio near Crocker Park.
      2169 Vuila Ct, Westlake, OH 44145
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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
    • $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
      3,100 SF

      Crocker Road Retail/Medical Space

      Move-in ready space with upgraded finishes and ample parking.
      2035 Crocker Rd, Westlake, OH 44145
      View Details
    • Contact for pricing
      4,000 SF

      Westlake Retail Space Available

      Retail space in Westlake with high traffic and income.
      30235-30297 Detroit Rd, Westlake, OH 44145
      View Details
    • Contact for pricing
      3,750 SF

      Westlake Commons Retail Spaces

      High-traffic retail spaces in Westlake, OH
      26489 Center Ridge Rd, Westlake, OH 44145
      View Details
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    24400 Ctr Rdg Rd
    Westlake, OH 44145-4213
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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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