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    Property profile & analytics

    2635 Payne Ave Cleveland, OH 44114

    • Office buildings
    • 2,104 SF
    • 0.56 lot acres
    For Lease
    View listing
    $1,000 /Mo
    Value Estimations
    $425,000
    Cap Rate Potential
    8%
    Office buildings
    Location Intelligence
    Property ID
    US66-2074822
    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

    • Roy Group / Property Management Company

    Property Details for 2635 Payne Ave

    Year built
    1960
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.56 lot acres
    Property size
    2,104 SF
    Zone code
    SI
    Property type
    Office buildings
    APN
    102-27-014
    APU
    10227014

    Description

    This exceptional 1,816 square foot industrial warehouse, situated on a 0.544-acre lot in Cuyahoga County, presents a compelling investment opportunity. Built in 1960, this single-story Class C building offers a single-tenant occupancy and boasts excellent visibility on highly trafficked Payne Avenue. The property's zoning is SI-C4. Its strategic location provides unparalleled access to I-90 and Downtown Cleveland, placing your business within easy reach of major transportation arteries. Furthermore, its proximity to Burke Lakefront Airport and a convenient 20-minute drive to Cleveland Hopkins International Airport ensures seamless logistical operations. The property features both office and warehouse space, offering flexibility for businesses seeking to lease either separately or as a combined unit. This makes it the perfect space for a growing business needing both office and storage space. The property's address is 2635 Payne Avenue, and its APN is 10227014. This is a rare opportunity to acquire a well-positioned industrial property in a thriving area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $380,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $510,000
      6.5%
      $470,000
      7%
      $435,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $421,000
      Market price range: $132k - $422k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $245,000
      Current use
      MEDICAL BUILDING
      $230,000
      Change: -6% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.6705
    Latitude
    41.5077
    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
    $9,753
    $37,350
    $60,310
    $97,660
    -
    $106,700
    $172,300
    $279,000

    Comparable in this City

    • Value Estimation
      $300,000
      0.88 Acres

      St Clair Ave

      OFFICE BUILDING (MULTI-STORY) • 0.88 Acres
      St Clair Ave, Cleveland, OH 44114
      View Details
    • Value Estimation
      $1,450,000
      72,800 SF

      2130 Superior E Ave

      OFFICE BUILDING • 72,800 SF
      2130 Superior E Ave, Cleveland, OH 44114-2117
      View Details
    • Value Estimation
      $510,000
      7,431 SF

      1603 27th St

      OFFICE BUILDING • 7,431 SF
      1603 27th St, Cleveland, OH 44114-4234
      View Details
    • Value Estimation
      $450,000
      6,000 SF

      1553 30th St

      OFFICE BUILDING • 6,000 SF
      1553 30th St, Cleveland, OH 44114
      View Details
    • Value Estimation
      $1,050,000
      314,625 SF

      601 Lakeside E Ave

      OFFICE BUILDING • 314,625 SF
      601 Lakeside E Ave, Cleveland, OH 44114-1027
      View Details
    • Value Estimation
      $1,380,000
      377,694 SF

      901 Lakeside E Ave

      OFFICE BUILDING • 377,694 SF
      901 Lakeside E Ave, Cleveland, OH 44114-1163
      View Details

    Similar Nearby for Sale

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      Cleveland Flex Buildings For Sale

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    • $1,350,000
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      Creative Office/Warehouse in Midtown Corridor

      Renovated 19,168 SF creative office/warehouse building in Midtown Cleveland.
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      Superior Avenue Office Space Available

      2,385 SF office space with high visibility.
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    Similar Nearby for Lease

    • $22 SF/Yr
      11,577 SF

      Downtown Cleveland Office Building

      20-story office building in Cleveland's Central Business District.
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    • $16 SF/Yr
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      Downtown Cleveland Office Building

      21-story office building in downtown Cleveland with ample parking.
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      View Details
    • $6 SF/Yr
      42,993 SF

      Superior Avenue Office Space Available

      40,000+ SF office space in revitalizing Superior Arts District.
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      View Details
    • $16 SF/Yr
      25,545 SF

      Class A Office Space Available

      27-story Class A office building in the CBD.
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      View Details
    • Contact for pricing
      23,454 SF

      Executive Office Space, Cleveland

      Prestigious Cleveland Office: 23,454 SF Available
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    • $2,400,000
      79,905 SF

      Cleveland Warehouse with Office Space

      79,905 SF property with warehouse and office space for lease.
      1192 E 40Th St, Cleveland, OH 44114
      View Details
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    2635 Payne Ave
    Cleveland, OH 44114
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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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