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

    3355 Richmond Rd Beachwood, OH 44122-4100

    • Office buildings
    • 63,400 SF
    • 7.78 lot acres
    OFF-MARKET
    Value Estimations
    $7,825,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2056747
    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

    • Office buildings

    Property Details for 3355 Richmond Rd

    Year built
    1980
    Construction
    TYPE NOT SPECIFIED
    Lot size
    7.78 lot acres
    Property size
    63,400 SF
    Zone code
    U-8A
    Property type
    Office buildings
    APN
    742-20-002
    APU
    74220002

    Description

    This exceptional investment opportunity presents a dynamic retail center strategically located in the heart of Beachwood, Ohio, just off Interstate 271 at Chagrin Boulevard. The property comprises two single-story buildings totaling 103,300 square feet, constructed in 1980. The center boasts a robust tenant roster, including established businesses such as Heck's Restaurant, No Fork Restaurant, Sweet Kiddles, and Foot Solutions, ensuring a consistent revenue stream. The property sits on a sizable 10.57-acre lot and offers ample parking with 350 surface spaces, providing convenient access for customers and employees. Currently, one 10,000 square foot space is available, presenting a unique opportunity for expansion or new tenancy. The property is zoned U-8A in Cuyahoga County and features the APN numbers 74220002 and 74220037. This Class B property offers a blend of office and retail space, making it an attractive investment for a diverse range of buyers. The high-traffic location and established tenant base make this a compelling opportunity for investors seeking a stable and profitable addition to their portfolio. The property's size and parking capacity provide significant flexibility for future development and tenant needs.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $10,161,000
      Market price range: $3.83M - $10.2M
      AI Estimate
      $5,478,000
      Market price range: $2.02M - $5.48M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $6,970,000
      Current use
      RESTAURANT
      $10,695,000
      Change: +53% Conversion: Moderate
      MEDICAL BUILDING
      $6,890,000
      Change: -1% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $6,420,000
      Change: -8% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $5,640,000
      Change: -19% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Beachwood
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.4962
    Latitude
    41.4666
    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
    $246,190
    $987,250
    $2,080,860
    $3,068,110
    -
    $2,820,700
    $5,945,300
    $8,766,000

    Comparable in this City

    • Value Estimation by Request
      4,608 SF

      20707 Chagrin Blvd

      OFFICE BUILDING • 4,608 SF
      20707 Chagrin Blvd, Shaker Heights, OH 44122-5348
      View Details
    • Value Estimation
      $9,695,000
      94,720 SF

      25825 Science Park Dr

      OFFICE BUILDING • 94,720 SF
      25825 Science Park Dr, Beachwood, OH 44122-7323
      View Details
    • Value Estimation
      $6,925,000
      66,123 SF

      25701 Science Park Dr

      OFFICE BUILDING • 66,123 SF
      25701 Science Park Dr, Beachwood, OH 44122-7302
      View Details
    • Value Estimation
      $875,000
      5,456 SF

      23500 Mercantile Rd

      OFFICE BUILDING • 5,456 SF
      23500 Mercantile Rd, Beachwood, OH 44122-5930
      View Details
    • Value Estimation
      $5,740,000
      45,910 SF

      3733 Park E Dr

      OFFICE BUILDING • 45,910 SF
      3733 Park E Dr, Beachwood, OH 44122-4338
      View Details
    • Value Estimation
      $1,095,000
      8,000 SF

      23880 Commerce Park

      OFFICE BUILDING • 8,000 SF
      23880 Commerce Park, Beachwood, OH 44122-5830
      View Details

    Similar Nearby for Sale

    • $1,750,000
      22,944 SF

      Beachwood Office Building For Sale

      Centrally located Beachwood office building with strong tenant mix.
      3781-99 S Green Rd, Beachwood, OH 44122
      View Details
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      59,168 SF

      Modern Office Space For Sale

      Class A office space with modern design and premium amenities.
      25435 Harvard Rd, Beachwood, OH 44122
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    • $13,000,000
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      Beachwood Medical Office Building

      Prime Beachwood location, high NOI, value-add potential.
      3690 Orange Pl, Orange, OH 44122
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    • Contact for pricing
      31.00 Acres

      Chagrin Highlands Development Site

      31-Acre Mixed-Use Land in Highland Hills, OH
      0 Millcreek Blvd, Highland Hills, OH 44122
      View Details
    • Contact for pricing
      3.00 Acres

      Richmond Road Development Land

      3-Acre Development Site in Warrensville Heights
      4844 Richmond Rd, Warrensville Heights, OH 44122
      View Details
    • $8,143,000
      25,684 SF

      Beachwood Retail Center Investment

      High-yield, 2-tenant retail center in prime Ohio location.
      27100 Chagrin Blvd, Orange, OH 44122
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      12,000 SF

      Office Building on Chagrin Boulevard

      Office space for rent near restaurants and shopping.
      23980 N Chagrin Blvd | Beachwood, Beachwood, OH 44122
      View Details
    • $20 SF/Yr
      60,460 SF

      Beachwood Office Space For Lease

      Office building with ample parking and easy highway access.
      23250 Chagrin Blvd, Beachwood, OH 44122
      View Details
    • $20 SF/Yr
      1,752 SF

      Beachwood Office Space For Rent

      Office space for rent with easy highway access.
      23240 Chagrin Blvd, Beachwood, OH 44122
      View Details
    • $27 SF/Yr
      1,628 SF

      Office Space Near Shopping Centers

      Office spaces available near Chagrin Blvd and shopping centers.
      26949 Chagrin Blvd, Beachwood, OH 44122
      View Details
    • $16 SF/Yr
      24,844 SF

      Beachwood Office Space For Rent

      Office space for lease in Beachwood's Commerce Park district.
      23625 Commerce Park, Beachwood, OH 44122
      View Details
    • Contact for pricing
      53,520 SF

      Beachwood Flex Building For Rent

      53,520 RSF flex building in the Chagrin Corridor.
      23400-23440 Commerce Park Rd, Beachwood, OH 44122
      View Details
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    3355 Richmond Rd
    Beachwood, OH 44122-4100
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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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