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    Property profile & analytics

    24964 Broadway Ave Bedford, OH 44146-6307

    • Retail space
    • 7,908 SF
    • 1.00 lot acres
    OFF-MARKET
    Last Sale
    Mar 21, 2022
    Value Estimations
    $610,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1245602
    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

    • Retail space

    Property Details for 24964 Broadway Ave

    Year built
    1983
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.00 lot acres
    Property size
    7,908 SF
    Zone code
    GB
    Property type
    Retail space
    APN
    795-21-026
    APU
    79521026

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $519,000
      Market price range: $147k - $520k
      AI Estimate
      $547,000
      Market price range: $176k - $621k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $385,000
      Current use
      MEDICAL BUILDING
      $860,000
      Change: +122% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $800,000
      Change: +107% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $655,000
      Change: +69% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $585,000
      Change: +51% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Bedford
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.5041
    Latitude
    41.3603
    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
    $18,156
    $23,100
    $187,360
    $210,460
    -
    $66,000
    $535,300
    $601,300

    Comparable in this City

    • Value Estimation by Request
      4,496 SF

      701-703 Broadway Ave

      RETAIL STORES (PERSONAL SERVICES) • 4,496 SF
      701-703 Broadway Ave, Bedford, OH 44146
      View Details
    • Value Estimation
      $1,160,000
      36,771 SF

      18111 Rockside Rd

      RETAIL STORES (PERSONAL SERVICES) • 36,771 SF
      18111 Rockside Rd, Bedford, OH 44146-2019
      View Details
    • Value Estimation by Request
      1,257 SF

      339 Columbus St

      RETAIL STORES (PERSONAL SERVICES) • 1,257 SF
      339 Columbus St, Bedford, OH 44146-2822
      View Details
    • Value Estimation by Request
      2,671 SF

      661 Northfield Rd

      RETAIL STORES (PERSONAL SERVICES) • 2,671 SF
      661 Northfield Rd, Bedford, OH 44146-3847
      View Details
    • Value Estimation by Request
      8,300 SF

      5209 Northfield Rd

      RETAIL STORES (PERSONAL SERVICES) • 8,300 SF
      5209 Northfield Rd, Bedford Heights, OH 44146-1110
      View Details
    • Value Estimation
      $670,000
      8,370 SF

      25480 Aurora Rd

      RETAIL STORES (PERSONAL SERVICES) • 8,370 SF
      25480 Aurora Rd, Bedford Heights, OH 44146-1901
      View Details

    Similar Nearby for Sale

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      Retail Investment Opportunity in Bedford, OH

      Well-maintained retail property with strong income potential in prime location.
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      Prime Retail Investment Opportunity

      High-traffic location with three retail units and ample parking.
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      Auto Repair Shop For Sale

      Auto repair shop with house on high-traffic corner lot.
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    • $68,000
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      Bedford Land for Development

      6.73 acres available in Bedford, Ohio for development.
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    Similar Nearby for Lease

    • Contact for pricing
      1,218 SF

      Retail Space Available For Rent

      Retail space available for lease in Bedford Heights, Ohio.
      24800 Rockside Rd, Bedford Heights, OH 44146
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    • $2,500 /Mo
      30,453 SF

      Retail/Office Space on Broadway

      High-visibility retail and office space with ample parking.
      405 Broadway Ave, Bedford, OH 44146
      View Details
    • Contact for pricing
      12,531 SF

      Rockside Road Retail Opportunity

      Retail space available on Rockside Road in Bedford, Ohio.
      21250 Rockside Rd, Bedford, OH 44146
      View Details
    • Contact for pricing
      1,218 SF

      Prime Bedford Heights Retail Space

      1,218 SF Freestanding Building, 1.06 AC Lot
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      25,203 SF

      Meadowbrook Market Square Retail Space

      Prime Bedford Retail, 25,203 SF
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    • Contact for pricing
      1,800 SF

      Retail Space Near Macedonia Commons

      Retail property with high traffic and attractive demographics nearby.
      949-959 Aurora Rd, Cleveland, OH 44146
      View Details
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    24964 Broadway Ave
    Bedford, OH 44146-6307
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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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