Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2940 Independence Rd Cleveland, OH 44115-3616

    • Office buildings
    • 11,640 SF
    • 1.01 lot acres
    OFF-MARKET
    Value Estimations
    $1,095,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1876856
    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

    • Clean Harbors Environmental / Waste Management Facility / Hazardous Waste Disposal
    • Zantos Florist - Same Day Flower Delivery / (Bike/Boat/Book/etc) Store / Florist

    Property Details for 2940 Independence Rd

    Year built
    1949
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.01 lot acres
    Property size
    11,640 SF
    Zone code
    UI
    Property type
    Office buildings
    APN
    123-24-004
    APU
    12324004

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,077,000
      Market price range: $813k - $3.41M

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.673
    Latitude
    41.4806
    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
    $12,756
    $18,550
    $109,170
    $127,720
    -
    $53,000
    $311,900
    $364,900

    Comparable in this City

    • Value Estimation by Request
      0.11 Acres

      3319 Carnegie Ave

      OFFICE BUILDING • 0.11 Acres
      3319 Carnegie Ave, Cleveland, OH 44115
      View Details
    • Value Estimation
      $42,590,000
      469,674 SF

      101 Prospect Ave

      OFFICE BUILDING • 469,674 SF
      101 Prospect Ave, Cleveland, OH 44115-1093
      View Details
    • Value Estimation
      $685,000
      5,224 SF

      3056 Prospect E Ave

      OFFICE BUILDING • 5,224 SF
      3056 Prospect E Ave, Cleveland, OH 44115
      View Details
    • Value Estimation by Request
      0.32 Acres

      2829 Prospect E Ave

      OFFICE BUILDING (MULTI-STORY) • 0.32 Acres
      2829 Prospect E Ave, Cleveland, OH 44115
      View Details
    • Value Estimation
      $705,000
      5,386 SF

      3301-03303 Carnegie Ave

      OFFICE BUILDING • 5,386 SF
      3301-03303 Carnegie Ave, Cleveland, OH 44115
      View Details
    • Value Estimation
      $4,910,000
      32,000 SF

      3940 Euclid Ave

      OFFICE BUILDING • 32,000 SF
      3940 Euclid Ave, Cleveland, OH 44115
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      15,000 SF

      Campus District Corner Property

      Two-story building with basement and dedicated parking in Campus District.
      2930 Euclid Ave, Cleveland, OH 44115
      View Details
    • Contact for pricing
      15,463 SF

      Euclid Avenue Mixed-Use Restoration Opportunity

      15,463 SF building ready for restoration and redevelopment.
      3608 Euclid Ave, Cleveland, OH 44115
      View Details
    • Contact for pricing
      5,000 SF

      Freestanding Building Near Downtown Cleveland

      5,000 SF building ideal for retail, office, or light industrial.
      2831 Prospect Ave E, Cleveland, OH 44115
      View Details
    • Contact for pricing
      27,800 SF

      Cleveland Office Building For Sale

      27,800 SF office building available in Cleveland, Ohio.
      811 Prospect Ave E, Cleveland, OH 44115
      View Details
    • Contact for pricing
      11,300 SF

      Historic Cleveland Property for Rent

      Converted historic house and carriage house with office and residential spaces.
      3047 Prospect Ave, Cleveland, OH 44115
      View Details
    • $450,000
      3,381 SF

      Updated Office/Retail Condo For Sale

      Award-winning, updated office/retail condo near CBD and Playhouse Square.
      1148 Prospect Ave E, Cleveland, OH 44115
      View Details

    Similar Nearby for Lease

    • $23 SF/Yr
      69,079 SF

      Downtown Cleveland Office Space Available

      Class A office building with attached parking garage.
      1350 Euclid Ave, Cleveland, OH 44115
      View Details
    • $20 SF/Yr
      6,600 SF

      Downtown Cleveland Retail Space

      High-traffic retail space, flexible layouts.
      2914 9Th St, Cleveland, OH 44115
      View Details
    • Contact for pricing
      10,000 SF

      Office Space with City Views

      Office space featuring shared amenities and abundant natural light.
      1331 Euclid Ave, Cleveland, OH 44115
      View Details
    • Contact for pricing
      17,400 SF

      Move-in Ready Office Space

      17,400 SF office space for lease in Midtown Corridor.
      4614 Prospect Ave, Cleveland, OH 44115
      View Details
    • Contact for pricing
      15,493 SF

      Office Space in Playhouse Square

      Office space for rent in Playhouse Square District.
      1228 Euclid Ave, Cleveland, OH 44115
      View Details
    • Contact for pricing
      39,210 SF

      Office Space in Playhouse District

      Office space for rent in the heart of Playhouse District.
      1621 Euclid Ave, Cleveland, OH 44115
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2940 Independence Rd
    Cleveland, OH 44115-3616
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!