Sign Up Successful!
You now have access to more from Realmo!
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

    3605 Lee Rd Shaker Heights, OH 44120-5108

    • Office buildings
    • 2,560 SF
    • 0.26 lot acres
    OFF-MARKET
    Value Estimations
    $520,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-5647597
    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

    • Silas Buchanan - State Farm Insurance Agent / Insurance Agency / Auto Insurance Agency
    • Institute for eHealth Equity / Association Or Organization
    • Our Healthy Community / Business To Business Service

    Property Details for 3605 Lee Rd

    Year built
    1952
    Construction
    WOOD
    Lot size
    0.26 lot acres
    Property size
    2,560 SF
    Zone code
    C3
    Property type
    Office buildings
    APN
    735-27-016
    APU
    73527016

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $360,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $620,000
      6.5%
      $570,000
      7%
      $530,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $583,000
      Market price range: $179k - $751k
      AI Estimate
      $320,000
      Market price range: $96.9k - $338k

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

    Location Insight

    • Map
    • Local Demand
    City
    Shaker Heights
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.5645
    Latitude
    41.4613
    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
    $5,948
    $15,680
    $26,250
    $41,930
    -
    $44,800
    $75,000
    $119,800

    Comparable in this City

    • Value Estimation
      $365,000
      9,620 SF

      13411 Un Ave

      OFFICE BUILDING • 9,620 SF
      13411 Un Ave, Cleveland, OH 44120-4512
      View Details
    • Value Estimation
      $170,000
      3,200 SF

      12808 Drexmore Rd

      OFFICE BUILDING • 3,200 SF
      12808 Drexmore Rd, Cleveland, OH 44120-5609
      View Details
    • Value Estimation
      $500,000
      20,327 SF

      12000 Shaker Blvd

      OFFICE BUILDING • 20,327 SF
      12000 Shaker Blvd, Cleveland, OH 44120-1922
      View Details
    • Value Estimation by Request
      2,100 SF

      3709 Lee Rd

      OFFICE BUILDING • 2,100 SF
      3709 Lee Rd, Shaker Heights, OH 44120-5103
      View Details
    • Value Estimation
      $620,000
      8,652 SF

      16104 Chagrin Blvd

      OFFICE BUILDING • 8,652 SF
      16104 Chagrin Blvd, Shaker Heights, OH 44120
      View Details
    • Value Estimation
      $475,000
      7,552 SF

      3535 Lee Rd

      OFFICE BUILDING • 7,552 SF
      3535 Lee Rd, Shaker Heights, OH 44120-5122
      View Details

    Similar Nearby for Sale

    • $625,000
      4,640 SF

      Shaker Heights Corner Retail/Office

      Prime corner location with flexible zoning and recent renovations.
      15808 Chagrin Blvd, Cleveland, OH 44120
      View Details
    • $4,000,000
      52,506 SF

      Mixed-Use Property with Walgreens

      52,506 SF mixed-use property in Shaker Heights, Ohio.
      16400-16500 Chagrin Blvd, Cleveland, OH 44120
      View Details
    • $74,900
      1,728 SF

      Cleveland Multifamily Investment Opportunity

      Multifamily property with strong rental potential, sold as-is.
      12800 Signet Ave, Cleveland, OH 44120
      View Details
    • $243,900
      3,110 SF

      Renovated Duplex in Shaker Heights

      Fully renovated 6-bed, 3-bath duplex, ideal for investors.
      3298 Milverton Rd, Shaker Heights, OH 44120
      View Details
    • New
      $113,500
      2,290 SF

      Cleveland Duplex Investment Opportunity

      Upgraded duplex near downtown, CWRU, and Cleveland Clinic.
      3349 E 132Nd St, Cleveland, OH 44120
      View Details
    • New
      $89,900
      2,970 SF

      Affordable Duplex with Income Potential

      Investment opportunity: Cleveland duplex with reliable tenant income.
      13205 Southview Ave, Cleveland, OH 44120
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      26,143 SF

      Prime Medical Office & Warehouse Space

      Cuyahoga County, 2,376 SF Available
      16500 Chagrin Blvd, Shaker Heights, OH 44120
      View Details
    • Contact for pricing
      6,720 SF

      FASS Commercial Building: Shaker Heights

      Office Suites Available: Shaker Heights, OH
      3705 Lee Rd, Shaker Heights, OH 44120
      View Details
    • $6 SF/Yr
      26,500 SF

      Industrial Space Near I-71

      Well-located industrial space with new roof and lighting.
      3340 W 137Th St, Cleveland, OH 44120
      View Details
    • Contact for pricing
      123,197 SF

      Shaker Heights Retail Center Opportunity

      Prime Shaker Heights retail space available.
      16601 Chagrin Blvd, Shaker Heights, OH 44120
      View Details
    • Contact for pricing
      4,356 SF

      Shaker Square Restaurant Spaces Available

      Fully equipped restaurant spaces for sublease in historic Shaker Square.
      13220 Shaker Blvd, Cleveland, OH 44120
      View Details
    • $12 SF/Yr
      40,941 SF

      Buckeye Road Retail Spaces

      Cleveland retail, 4 units available, 900-1800 sqft.
      13000 Buckeye Rd, Cleveland, OH 44120
      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.
    3605 Lee Rd
    Shaker Heights, OH 44120-5108
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.