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

    250 Richmond Rd Richmond Heights, OH 44143-1407

    • Medical offices
    • 5,654 SF
    • 5.56 lot acres
    OFF-MARKET
    Value Estimations
    $540,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-3750942
    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

    • Medical offices

    Property Details for 250 Richmond Rd

    Year built
    1987
    Construction
    WOOD
    Lot size
    5.56 lot acres
    Property size
    5,654 SF
    Zone code
    B-1
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    661-08-004
    APU
    66108004

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $330,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $560,000
      Market price range: $330k - $932k
      AI Estimate
      $399,000
      Market price range: $192k - $675k

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $615,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $575,000
      Change: -7% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $505,000
      Change: -18% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond Heights
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.4958
    Latitude
    41.574
    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
    $20,296
    $72,070
    $118,230
    $190,300
    -
    $205,900
    $337,800
    $543,700

    Comparable in this City

    • Value Estimation by Request
      4,920 SF

      27127 Chardon Rd

      MEDICAL BUILDING • 4,920 SF
      27127 Chardon Rd, Richmond Heights, OH 44143-1115
      View Details
    • Value Estimation by Request
      4,383 SF

      6519 Wilson Mls Rd

      MEDICAL BUILDING • 4,383 SF
      6519 Wilson Mls Rd, Mayfield, OH 44143-6403
      View Details
    • Value Estimation
      $625,000
      13,854 SF

      850 Brainard Rd

      MEDICAL BUILDING • 13,854 SF
      850 Brainard Rd, Highland Heights, OH 44143-3146
      View Details
    • Value Estimation
      $4,655,000
      53,298 SF

      730 Som Ctr Rd

      MEDICAL BUILDING • 53,298 SF
      730 Som Ctr Rd, Mayfield, OH 44143-2350
      View Details
    • Value Estimation by Request
      2,400 SF

      26971 Chardon Rd

      MEDICAL BUILDING • 2,400 SF
      26971 Chardon Rd, Richmond Heights, OH 44143-1111
      View Details
    • Value Estimation
      $570,000
      4,896 SF

      845 Som Ctr Rd

      MEDICAL BUILDING • 4,896 SF
      845 Som Ctr Rd, Mayfield, OH 44143-3581
      View Details

    Similar Nearby for Sale

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      Richmond Heights Commercial Land

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    • $1,000,000
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      Medical Building Investment Opportunity

      Well-maintained medical building with high occupancy in a developing area.
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      Wooded Acre Lot For Sale

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      Residential Land in Richmond Heights

      Undeveloped lot suitable for building a dream home.
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    • $95,000

      Richmond Road Land Parcel

      4.43 acre parcel suitable for various industrial uses.
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      Highland Heights Land Opportunity

      2.4+ acre home site with endless possibilities in Highland Heights.
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    Similar Nearby for Lease

    • Contact for pricing
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      Highland Place Medical Office Suites

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    • Contact for pricing
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      Richmond Heights Development Land

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      26220 White Rd, Richmond Heights, OH 44143
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    • $16 SF/Yr
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      Medical Office Space Available

      Medical office space for rent near major freeways.
      781 Beta Dr, Mayfield, OH 44143
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    • $16 SF/Yr
      8,200 SF

      Medical Office Space Available

      8,200 SF medical office space for lease.
      767 Beta Dr, Mayfield, OH 44143
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    • $12 SF/Yr
      2,263 SF

      Office Space in Alpha Park

      Office and technology complex in a park-like environment for rent.
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    • $7 SF/Yr
      10,435 SF

      Office and Technology Complex

      Office and technology complex in a park-like environment for lease.
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      View Details
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    250 Richmond Rd
    Richmond Heights, OH 44143-1407
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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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