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Property profile & analytics
OFF-MARKET
Estimated value
$45,670,000
Office buildings
4229 Pearl Rd Cleveland, OH 44109-4218
Entity Owned
3-yr Hold
Free & Clear
Property ID
US66-0486014
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1930
Total area
382,637 SF
Lot
3.98 ac (173,151 SF)
Zoning code
GR
APN
014-18-001
UPID
US66-0486014
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Cita Lindo Hospital
-
MetroHealth Department of Dentistry Hospital
-
MetroHealth Old Brooklyn Medical Center - Dental Services Dental Office
-
Mary Corrigan, MD Physician
-
James Campbell, MD Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$55.85M
Blend (final)
Blend
$45.67M
Owner & transaction history
The Board Of County Hospital · 3 yrs held
The Board Of County Hospital
since 2022
5 recorded transactions
Zoning & alternative use
GR · Cleveland, OH
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$64.5M
+4.3%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Cleveland submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Cleveland submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$61,885,000
Current use
RESTAURANT
$64,545,000
Change: +4% · Conversion: Moderate
Blend value · Realmo final
$45.67M
Range $41.10M – $50.24M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$119 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Assessed value
$8,898,400
Assessed 2023
Previous assessed
$5,880,250
+51.3% YoY
Assessed land
$303,030
Assessed improvement
$8,595,370
Land market value
$865,800
Improvement market value
$24,558,200
Total market value
$25,424,000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1930
Heating
HOT WATER
Cooling
CENTRAL
Buildings
2
Stories
8
Total area
382,637 SF
Lot
3.98 ac (173,151 SF)
Zoning code
GR
APN
014-18-001
UPID
US66-0486014
Jurisdiction
CUYAHOGA
Zoning & alternative use
GR · Cleveland, OH
Zoning GR · permitted uses
GR · Cleveland, OH
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Cleveland. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$61.9M
RESTAURANT
Est. value
$64.5M
OFFICE BUILDING Current
RESTAURANT
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1930
Heating
HOT WATER
Cooling
Yes
Stories
8
Buildings
2
Lot
3.98 ac
Current owner
From public records · entity-resolved
The Board Of County Hospital
Entity
Free & Clear · 3 yrs held
Mailing address
2500 METROHEALTH DR, CLEVELAND, OH 44109-1900
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 10, 2022
—
The Board Of County Hospital
County Of Cuyahoga
Quit Claim Deed
related
—
Apr 28, 2004
—
Metrohealth System
Pearlview Square INC
Grant Deed
related
—
Dec 5, 2002
—
Deaconess Hospital LLC
—
Deed Of Trust
related
$900,000 · Bank One NA
Oct 3, 2000
—
4229 Pearl Road LLC
Primary Health Systems Of Ohio
Trustees Deed
related
—
Oct 3, 2000
$500,000
Pearl View Square INC
4429 Pearl Road LLC
Trustees Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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