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    3 Summit Park Dr Independence, OH 44131
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    Property profile & analytics

    3 Summit Park Dr Independence, OH 44131

    View on Map
    • Office buildings
    • 196,944 SF
    • 5.54 lot acres
    For Lease
    $21 SF/Yr
    View Listing →
    Office Space in Summit Park For Lease
    $21 SF/Yr
    7,361 SF

    Office Space in Summit Park

    Office space with amenities and highway access for lease.

    3 Summit Park Drive, Independence, OH 44131
    View Listing
    Property ID
    US66-2072972
    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

    • Office buildings

    Property Details for 3 Summit Park Dr

    Year built
    1989
    Lot size
    5.54 lot acres
    Property size
    196,944 SF
    Zone code
    U-5
    Property type
    Office buildings
    APN
    562-32-016
    APU
    56232016

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $19,981,000
      Market price range: $20.0M - $70.1M

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

    Location Insight

    • Map
    • Local Demand
    City
    Independence
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.6566
    Latitude
    41.3952
    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
    $266,078
    $506,560
    $3,053,300
    $3,559,860
    -
    $1,447,300
    $8,723,700
    $10,171,000

    Comparable in this City

    • Value Estimation
      $5,985,000
      30,288 SF

      7325 Broadview Rd

      OFFICE BUILDING • 30,288 SF
      7325 Broadview Rd, Independence, OH 44131
      View Details
    • Value Estimation
      $16,005,000
      140,239 SF

      6450 Rockside Woods S Blvd

      OFFICE BUILDING • 140,239 SF
      6450 Rockside Woods S Blvd, Independence, OH 44131-2238
      View Details
    • Value Estimation by Request
      307,703 SF

      6801 Brecksville Rd

      OFFICE BUILDING • 307,703 SF
      6801 Brecksville Rd, Independence, OH 44131-5032
      View Details
    • Value Estimation
      $900,000
      9,043 SF

      6683 Brecksville Rd

      OFFICE BUILDING • 9,043 SF
      6683 Brecksville Rd, Independence, OH 44131
      View Details
    • Value Estimation
      $1,450,000
      8,032 SF

      1200 Vly Belt Rd

      OFFICE BUILDING • 8,032 SF
      1200 Vly Belt Rd, Brooklyn Heights, OH 44131-1437
      View Details
    • Value Estimation by Request
      2,040 SF

      4746 Spg Rd

      OFFICE BUILDING • 2,040 SF
      4746 Spg Rd, Brooklyn Heights, OH 44131-1027
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      38,188 SF

      Renovated Office Building Near I-77

      Office building with recent renovations, parking, and highway access.
      5000 Rockside Rd, Independence, OH 44131
      View Details
    • Contact for pricing
      6,500 SF

      Office Space in Rockside Corridor

      Office space for lease with convenient highway access.
      4807 Rockside Rd, Independence, OH 44131
      View Details
    • New
      $1,350,000
      21,000 SF

      Brooklyn Heights Industrial Building For Sale

      21,000 sq ft industrial building suitable for various uses.
      4891 Van Epps Rd, Brooklyn Heights, OH 44131
      View Details
    • $110,000
      1.00 Acre

      Land For Sale Independence, OH

      One acre of vacant land for sale in Independence, OH.
      23 Kingscote Park, Independence, OH 44131
      View Details
    • $800,000
      4.88 Acres

      Prime Independence Commercial Land

      4.88 Acres, U5 Zoning, $800,000
      0 Acorn Dr, Independence, OH 44131
      View Details
    • Contact for pricing
      670,702 SF

      Independence Warehouse For Sale

      670,702 SF warehouse property available for sale.
      8001 Pleasant Valley Rd, Independence, OH 44131
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Class A Suburban Office Building

      Six-story office building with best-in-class amenities and convenient highway access.
      6055 Rockside Woods Blvd North, Independence, OH 44131
      View Details
    • Contact for pricing
      28,768 SF

      New Class A Office Building

      Newly constructed Class A office building with modern amenities.
      5959 Rockside Woods Blvd N, Independence, OH 44131
      View Details
    • $22 SF/Yr
      14,136 SF

      Class-A Office Building with Amenities

      Centrally located office building with easy highway access and amenities.
      6000 Lombardo Ctr, Seven Hills, OH 44131
      View Details
    • $16 SF/Yr
      5,295 SF

      Four-Story Office Building Available

      42,050 RSF office building near I-77 and amenities.
      4401 Rockside Rd, Independence, OH 44131
      View Details
    • Contact for pricing
      3,571 SF

      Class A Office Building

      Three-story office building with lush landscaping and wooded surroundings.
      7100 Pleasant Valley Rd, Independence, OH 44131
      View Details
    • Contact for pricing

      Keynote Office Centre 3

      Freestanding office building near I-480, I-77, and Jennings Freeway.
      984 Keynote Cir, Brooklyn Heights, OH 44131
      View Details
    View Listing
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    3 Summit Park Dr
    Independence, OH 44131
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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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    3 Summit Park Dr, Independence, OH, 44131
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