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    29655 Detroit Rd Westlake, OH 44145
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    29655 Detroit Rd, Westlake, OH 44145

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    • Commercial real estate
    • 15,876 SF
    • 0.61 lot acres
    Off-Market
    Property ID
    US66-1307030
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 29655 Detroit Rd

    Year built
    1963
    Lot size
    0.61 lot acres
    Property type
    Commercial real estate
    APN
    211-27-005

    Description

    This exceptional 15-unit apartment building presents a compelling investment opportunity in Westlake, Ohio. Situated on a 0.61-acre lot at 29655 Detroit Rd (44145), this three-story, 15,876 square foot building boasts 100% occupancy. Built in 1963 and extensively renovated in 2018, the property features a mix of one, two, and three-bedroom units, each modernized within the last six years. Residents enjoy ample parking with over 20 spaces available. The property benefits from a prime location near Crocker Park, I-90, and a major RTA line, offering convenient access to shopping, dining, and transportation. Further enhancing its appeal, the building includes a common laundry facility generating additional income. Recent upgrades (since 2022) encompass windows, the parking lot, security systems, plumbing, and electrical systems. The property is zoned R-MF24 and includes an assumable loan at 4.1%. Financial statements and rent rolls are available upon request. This stabilized investment offers a price per unit of $166,666.67, with a total asking price of $2,500,000 ($157.47/sq ft). The property's APN is 211-27-005.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Westlake
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.9488416
    Latitude
    41.4635718

    Comparable in this City

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      Westlake Land Opportunity

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      Westlake Office Building For Sale

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      Westlake Land Ready For Development

      Shovel-ready land in Westlake with I-90 access.
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      Westlake Land with Rental Homes

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      Westlake Land Along Center Ridge

      2.91 AC of commercial land in Westlake, Ohio.
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    Similar Nearby for Sale

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      Westlake Apartments with Renovated Units

      Apartment community with sixteen 1-bedroom units in Westlake, OH.
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      Westlake Land Opportunity

      Land available in Westlake, Ohio.
      30525 Center Ridge Rd, Westlake, OH 44145
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      Westlake Office Building For Sale

      Office building in Westlake, 15 miles west of downtown Cleveland.
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      Westlake Land Ready For Development

      Shovel-ready land in Westlake with I-90 access.
      Clemens Rd, Westlake, OH 44145
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      Commercial Land on Detroit Road

      Highly visible commercial land for development near Crocker Park.
      25057 Detroit Rd, Westlake, OH 44145
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    • $549,900
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      Westlake Build-Ready Residential Lot

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    Similar Nearby for Lease

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      Class A Professional Office Building

      Well-maintained office building with classrooms, board rooms, and ample parking.
      26202 Detroit Rd, Westlake, OH 44145
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      Crocker Road Commercial Land

      Highly visible land for lease near Crocker Park and I-90.
      1989 Crocker Rd, Westlake, OH 44145
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      Westlake Office Building with Restaurant

      Three-story office building with attached restaurant and banquet center.
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      Westlake Office Space Available

      Office space available for lease in Westlake, Ohio.
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      Office Space in Crocker Park

      Modern office space in a bustling outdoor shopping and entertainment plaza.
      159 Crocker Park Blvd, Westlake, OH 44145
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      1,843 SF

      Medical Office Space For Rent

      Office space adjacent to UH St. John Medical Center.
      29160 Center Ridge Rd, Westlake, OH 44145
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    Westlake, OH 44145
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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.

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