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

    4641 Spg Rd Brooklyn Heights, OH 44131-1021

    • Office buildings
    • 3,915 SF
    • 1.02 lot acres
    OFF-MARKET
    Last Sale
    Apr 10, 2023
    $730,000
    Value Estimations
    $805,000
    Show details
    Cap Rate Potential
    6.6%
    Office buildings
    Location Intelligence
    Property ID
    US66-2511802
    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 4641 Spg Rd

    Year built
    1967
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.02 lot acres
    Property size
    3,915 SF
    Zone code
    LI
    Property type
    Office buildings
    APN
    531-01-051
    APU
    53101051

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $860,000
      ML approach
      $825,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $945,000
      6.5%
      $875,000
      7%
      $810,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,071,000
      Market price range: $397k - $1.39M

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn Heights
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.6757
    Latitude
    41.4301
    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
    $11,758
    $25,520
    $165,830
    $191,350
    -
    $72,900
    $473,800
    $546,700

    Comparable in this City

    • Value Estimation
      $14,900,000
      110,980 SF

      6480 Rockside Woods S Blvd

      OFFICE BUILDING • 110,980 SF
      6480 Rockside Woods S Blvd, Independence, OH 44131-2233
      View Details
    • Value Estimation
      $555,000
      5,320 SF

      7007 Sprague Rd

      OFFICE BUILDING • 5,320 SF
      7007 Sprague Rd, Independence, OH 44131-6569
      View Details
    • Value Estimation
      $28,735,000
      145,388 SF

      6050 Oak Tree Blvd, Unit 61

      OFFICE BUILDING • 145,388 SF
      6050 Oak Tree Blvd, Independence, OH 44131-6927
      View Details
    • Value Estimation
      $1,710,000
      3,588 SF

      800 Resource Dr

      OFFICE BUILDING • 3,588 SF
      800 Resource Dr, Brooklyn Heights, OH 44131-1837
      View Details
    • Value Estimation
      $3,500,000
      4,800 SF

      4700 Spg Rd

      OFFICE BUILDING • 4,800 SF
      4700 Spg Rd, Brooklyn Heights, OH 44131-1027
      View Details
    • Value Estimation
      $1,470,000
      11,304 SF

      980 Keynote Cir

      OFFICE BUILDING • 11,304 SF
      980 Keynote Cir, Brooklyn Heights, OH 44131-1828
      View Details

    Similar Nearby for Sale

    • $2,500,000
      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
    • $3,250,000
      65,000 SF

      65,000 SF Industrial Building

      65,000 SF industrial building on 4.093 AC available.
      4605 Spring Rd, Brooklyn Heights, OH 44131
      View Details
    • New
      $185,000
      0.36 Acres

      Residential Lot in Independence, OH

      Ready-to-build residential lot in a desirable Ohio suburb.
      Daisy Blvd, Independence, OH 44131
      View Details
    • $550,000
      4.78 Acres

      Independence Commercial Land For Sale

      4.77 acres of commercial land zoned for office/research.
      Acorn Dr, Independence, OH 44131
      View Details
    • $3,000,000

      Development Opportunity Near I-77

      3.2 acres of land suitable for retail or office development.
      Rockside Woods Blvd N, Independence, OH 44131
      View Details
    • $260,000
      3.31 Acres

      Vacant Land in Independence, Ohio

      3.31 acre vacant lot to build your dream home.
      Brecksville Rd, Independence, OH 44131
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      2,775 SF

      Independence Office Building For Lease

      Nine-story office building with updated common areas and ample parking.
      5755 Granger Rd, Independence, OH 44131
      View Details
    • Contact for pricing
      134,000 SF

      Premier Suburban Office Building

      Class A office building in Independence, Ohio.
      6055 Rockside Woods Blvd, Independence, OH 44131
      View Details
    • Contact for pricing
      19,088 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
    • $18 SF/Yr
      4,653 SF

      Four-Story Office Building Available

      Two four-story office buildings with fitness center and ample parking.
      6155 Rockside Rd, Independence, OH 44131
      View Details
    • $18 SF/Yr
      7,714 SF

      Renovated Office Space Available

      Suites available with freeway access and nearby amenities.
      6100 Rockside Woods Blvd, Independence, OH 44131
      View Details
    • Contact for pricing
      420 SF

      Class A Office Space Available

      Available Class A office space with amenities on Rockside Corridor.
      6050-6150 Oak Tree Blvd | Independence, Independence, OH 44131
      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.
    4641 Spg Rd
    Brooklyn Heights, OH 44131-1021
    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.