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

    3240 98th St Cleveland, OH 44102-4655

    • Warehouses
    • 15,607 SF
    • 0.24 lot acres
    OFF-MARKET
    Last Sale
    Nov 29, 2022
    $1,350,000
    Value Estimations
    $1,225,000
    Show details
    Cap Rate Potential
    7.1%
    Warehouses
    Location Intelligence
    Property ID
    US66-1802686
    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

    • Warehouses

    Property Details for 3240 98th St

    Year built
    1928
    Construction
    WOOD
    Lot size
    0.24 lot acres
    Property size
    15,607 SF
    Zone code
    GR
    Property type
    Warehouses
    APN
    017-19-010
    APU
    1719010

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,100,000
      ML approach
      $1,120,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,300,000
      6.5%
      $1,200,000
      7%
      $1,110,000

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $1,695,000
      NEIGHBORHOOD: SHOPPING CENTER
      $1,580,000
      AUTO REPAIR, GARAGE
      $1,390,000
      COMMERCIAL (GENERAL)
      $1,295,000
      APARTMENT HOUSE (5+ UNITS)
      $965,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.7514
    Latitude
    41.4657
    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
    $8,945
    $12,150
    $77,420
    $89,570
    -
    $34,700
    $221,200
    $255,900

    Comparable in this City

    • Value Estimation by Request
      0.07 Acres

      1414 48th St

      WAREHOUSE, STORAGE • 0.07 Acres
      1414 48th St, Cleveland, OH 44102-3304
      View Details
    • Value Estimation by Request
      0.40 Acres

      3325 65th St

      STORAGE YARD (JUNK, SALVAGE) • 0.40 Acres
      3325 65th St, Cleveland, OH 44102-5511
      View Details
    • Value Estimation
      $595,000
      13,471 SF

      8702 Detroit Ave

      WAREHOUSE, STORAGE • 13,471 SF
      8702 Detroit Ave, Cleveland, OH 44102-1814
      View Details
    • Value Estimation by Request
      3,500 SF

      5400 Whiskey Is

      WAREHOUSE, STORAGE • 3,500 SF
      5400 Whiskey Is, Cleveland, OH 44102-2252
      View Details
    • Value Estimation by Request
      1,780 SF

      5016 Lorain Ave

      WAREHOUSE, STORAGE • 1,780 SF
      5016 Lorain Ave, Cleveland, OH 44102-3356
      View Details
    • Value Estimation by Request
      3,745 SF

      9926 Lorain Ave, Unit 28

      WAREHOUSE, STORAGE • 3,745 SF
      9926 Lorain Ave, Cleveland, OH 44102-4637
      View Details

    Similar Nearby for Sale

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      27,969 SF industrial property with office and warehouse space.
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    • $199,900
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      Centrally located commercial building with over 5000 square feet.
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      MidTown Cleveland Redevelopment Opportunity

      10.31-acre site with 102,675 SF industrial space for sale.
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      0.083-acre lot, high potential.
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    Similar Nearby for Lease

    • $6 SF/Yr
      79,515 SF

      Two-Story Warehouse Near I-90

      Two-story warehouse with secured storage, near Detroit Shoreway.
      9007 Detroit Ave, Cleveland, OH 44102
      View Details
    • $7 SF/Yr
      10,200 SF

      Industrial Space Available For Lease

      Industrial property featuring 10,200 square feet available for lease.
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    • $5 SF/Yr
      75,987 SF

      Air-Conditioned Industrial Space Available

      75,987 SF industrial space with manufacturing amenities for lease.
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    • $5 SF/Yr
      9,100 SF

      Warehouse Space Near I-90

      9,100 SF warehouse with easy highway access.
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    • Contact for pricing

      Industrial Outdoor Storage Space Available

      Industrial outdoor storage space for lease near Route 90.
      10600 Berea Rd, Cleveland, OH 44102
      View Details
    • $1,875 /Mo
      3,049 SF

      Renovated Office Space in Cleveland

      Newly renovated office space with parking in Gordon Square.
      5808 Detroit Ave, Cleveland, OH 44102
      View Details
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    3240 98th St
    Cleveland, OH 44102-4655
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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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