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

    4650 Richmond Rd Cleveland, OH 44128-5918

    • Retail space
    • 16,484 SF
    • 0.89 lot acres
    OFF-MARKET
    Last Sale
    May 15, 2024
    $3,300,000
    Value Estimations
    $3,085,000
    Show details
    Cap Rate Potential
    4.8%
    Retail space
    Location Intelligence
    Property ID
    US66-2069794
    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

    • Pet Palace - Cleveland / Pet Groomer / Kennel
    • Pet Palace - Cleveland East / Pet Boarding Service / Pet Groomer

    Property Details for 4650 Richmond Rd

    Year built
    2015
    Lot size
    0.89 lot acres
    Property size
    16,484 SF
    Zone code
    U-4C2
    Property type
    Retail space
    APN
    763-27-003
    APU
    76327003

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,300,000
      ML approach
      $3,300,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,640,000
      6.5%
      $2,435,000
      7%
      $2,260,000

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $2,780,000
      OFFICE BUILDING
      $2,665,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.4987
    Latitude
    41.4335
    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
    $40,400
    $61,080
    $323,580
    $384,660
    -
    $174,500
    $924,500
    $1,099,000

    Comparable in this City

    • Value Estimation
      $150,000
      779 SF

      3938 147th St

      RETAIL STORES (PERSONAL SERVICES) • 779 SF
      3938 147th St, Cleveland, OH 44128-1081
      View Details
    • Value Estimation
      $165,000
      2,400 SF

      17415 Miles Ave

      RETAIL STORES (PERSONAL SERVICES) • 2,400 SF
      17415 Miles Ave, Cleveland, OH 44128-3401
      View Details
    • Value Estimation
      $245,000
      1,800 SF

      17320 Harvard Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,800 SF
      17320 Harvard Ave, Cleveland, OH 44128-1714
      View Details
    • Value Estimation
      $55,000
      1,288 SF

      14302 Harvard Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,288 SF
      14302 Harvard Ave, Cleveland, OH 44128-1833
      View Details
    • Value Estimation
      $145,000
      4,000 SF

      3815 Lee Rd

      RETAIL STORES (PERSONAL SERVICES) • 4,000 SF
      3815 Lee Rd, Cleveland, OH 44128-1411
      View Details
    • Value Estimation
      $185,000
      5,094 SF

      4088 Lee Rd, Unit 4096

      RETAIL STORES (PERSONAL SERVICES) • 5,094 SF
      4088 Lee Rd, Cleveland, OH 44128-2142
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3,600 SF

      Freestanding Building Near High School

      3,600 SF building for sale or lease near I-71.
      3890 W 140Th St, Cleveland, OH 44128
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    • $695,000
      6,350 SF

      Ohio Retail Investment Opportunity

      High-Cap Rate, Two-Tenant Property
      22019 Emery Rd, Warrensville Heights, OH 44128
      View Details
    • Contact for pricing
      1,500 SF

      Lee Road Retail Opportunity

      Cleveland Restaurant/Daycare Space
      3965 Lee Rd, Cleveland, OH 44128
      View Details
    • Contact for pricing
      1,500 SF

      Freestanding Restaurant with Existing Equipment

      Freestanding restaurant with equipment, approximately 1500 square feet.
      3965 Lee Rd, Cleveland, OH 44128
      View Details
    • $420,000
      4.80 Acres

      Warrensville Heights Commercial Land

      4.8-acre commercial lot, build-to-suit option.
      26410 Emery Rd, Warrensville Heights, OH 44128
      View Details
    • Contact for pricing
      0.11 Acres

      Industrial Lot in Garfield Heights

      Industrial land available in Garfield Heights, Ohio.
      V/L 546-19-021, Garfield Heights, OH 44128
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      201,491 SF

      Lee Harvard Shopping Center: Cleveland

      Prime Retail Space, Cleveland, Ohio
      4071 Lee Rd, Cleveland, OH 44128
      View Details
    • Contact for pricing
      23,259 SF

      North Randall Retail Center Investment

      High-traffic retail space available.
      4601 Northfield Rd, North Randall, OH 44128
      View Details
    • $9 SF/Yr
      6,000 SF

      Affordable Office Suites Near I-480

      Convenient, affordable office suites near I-480 in Cleveland.
      4500 Lee Rd, Cleveland, OH 44128
      View Details
    • $14 SF/Yr
      3,507 SF

      Garfield Heights Flex/Industrial Space

      Flex/industrial space for rent, convenient highway access.
      15401-15491 Neo Pkwy, Garfield Heights, OH 44128
      View Details
    • $6 SF/Yr
      13,614 SF

      Warehouse and Office Flex Space

      Warehouse and office flex park with spaces available for lease.
      15601 Neo Pkwy, Garfield Heights, OH 44128
      View Details
    • Contact for pricing
      304,920 SF

      Richmond Road Development Opportunity

      Prime Warrensville Heights land, commercial/residential.
      4914 Richmond Rd, Warrensville Heights, OH 44128
      View Details
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    4650 Richmond Rd
    Cleveland, OH 44128-5918
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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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