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Property profile & analytics
OFF-MARKET
Estimated value
$1,360,000
Turn key restaurants
24940 Sperry Dr Westlake, OH 44145-1535
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US66-1336578
Property profile
Verified
Property type
Turn key restaurants
Use group
RESTAURANT
Year built
1999
Construction
TYPE NOT SPECIFIED
Total area
6,512 SF
Lot
2.32 ac (101,214 SF)
Zoning code
IS
APN
213-08-023
UPID
US66-1336578
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.36M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.36M
Owner & transaction history
24940 Sperry Road LLC · 2 yrs held
24940 Sperry Road LLC
since 2024
Last sale
$1.4M
7 recorded transactions
Zoning & alternative use
IS · Westlake, OH
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
Interchange Services Districts is intended to promote convenient areas directly related to the freeway interchanges to serve the needs of through and local motorists.
Zone name
Interchange Services
General category
UNKNOWN
Zone area
141.32 ac
Source
Realmo
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Westlake submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Westlake submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$1,360,000
ML approach
$1,360,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$1,100,000
Current use
OFFICE BUILDING
$930,000
Change: -15% · Conversion: Moderate
Blend value · Realmo final
$1.36M
Range $1.22M – $1.50M · ±10% · vs last sale $1.36M (May 17 2024)
Last sale anchor
$1.36M
May 17 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$209 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$29,317
Tax year 2023
Assessed value
$267,760
Assessed 2023
Previous assessed
$267,760
+0.0% YoY
Effective rate
10.95%
On assessed value
Assessed land
$261,490
Assessed improvement
$6,270
Land market value
$747,100
Improvement market value
$17,900
Total market value
$765,000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Turn key restaurants
Use group
RESTAURANT
Status
Off-Market
Year built
1999
Construction
TYPE NOT SPECIFIED
Heating
FORCED AIR
Cooling
CENTRAL
Stories
1
Total area
6,512 SF
Lot
2.32 ac (101,214 SF)
Zoning code
IS
APN
213-08-023
UPID
US66-1336578
Jurisdiction
CUYAHOGA
Zoning & alternative use
IS · Westlake, OHZoning IS · permitted uses
IS · Westlake, OH
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
Interchange Services Districts is intended to promote convenient areas directly related to the freeway interchanges to serve the needs of through and local motorists.
Zone name
Interchange Services
General category
UNKNOWN
Zone area
141.32 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT Current
Est. value
$1.1M
OFFICE BUILDING
Est. value
$930,000
RESTAURANT Current
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1999
Construction
TYPE NOT SPECIFIED
Heating
FORCED AIR
Cooling
Yes
Stories
1
Lot
2.32 ac
Current owner
From public records · entity-resolved
24940 Sperry Road LLC
Entity
Mailing address
9150 S HLS BLVD STE #310, BROADVIEW HTS, OH 44147-3506
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 7, 2026
—
24940 Sperry Road LLC
—
Deed
related
$1,700,000,000 · Trust Bank
May 17, 2024
$1,360,000
24940 Sperry Road LLC
William L Lake
Warranty Deed
$1,360,000 · Independence Bank
Jan 27, 2021
—
Lake,william L Trust
William L Lake
Quit Claim Deed
related
—
—
—
Daniel J Herdman
—
Deed Of Trust
related
$90,000 · Charter One Bank
—
—
Daniel J Herdman
—
Deed Of Trust
related
$160,000 · Charter One Bank
—
—
Daniel J Herdman
—
Deed Of Trust
related
$166,400 · Charter One Bank
—
—
William L Lake
—
Deed Of Trust
related
$1,020,000 · First Place Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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