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

    4844 Richmond Rd Warrensville Heights, OH 44122

    • Commercial land
    • 1,482 SF
    • 2.43 lot acres
    For Sale
    View listing
    Last Sale
    Nov 09, 2023
    $525,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-0076541
    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

    • Commercial land

    Property Details for 4844 Richmond Rd

    Year built
    1948
    Lot size
    2.43 lot acres
    Property size
    1,482 SF
    Zone code
    U-1A1
    Property type
    Commercial land
    APN
    763-28-008
    APU
    76328008

    Description

    This exceptional 3-acre development site, located at 4844 Richmond Road in Warrensville Heights, Ohio (zip code 44122), presents a unique opportunity for investors and developers. The property boasts a flexible buildable square footage ranging from 20,000 to 60,000 square feet, offering significant potential for a variety of commercial projects. Its strategic location on Richmond Road, between Miles Road and Emery Road, ensures high visibility and accessibility. The site benefits from convenient access to major transportation arteries, including I-271, I-480, and SR 422, facilitating seamless commutes and logistics. Furthermore, this property is situated within an Opportunity Zone, providing potential tax advantages for qualified investors. The land includes a 2.5-acre parcel with a full cross easement for ample parking, addressing a key concern for many commercial developments. The surrounding area features a vibrant mix of established businesses, including Jimmy Johns, Lavish Color Salon, Choice Cabinet, Huntington Bank, and Don Ramon Mexican Restaurant, indicating a strong and growing commercial presence. This prime location and flexible development options make this 3-acre parcel an ideal investment for those seeking a high-impact commercial project in a thriving Ohio community. Cuyahoga County location offers additional benefits.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.4993
    Latitude
    41.4279
    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
    $14,995
    $142,560
    $0.00
    $142,560
    -
    $407,300
    $0.00
    $407,300

    Comparable in this City

    • Value Estimation by Request
      0.12 Acres

      Plateau Dr

      VACANT COMMERCIAL LAND • 0.12 Acres
      Plateau Dr, Garfield Heights, OH 44128
      View Details
    • Value Estimation by Request
      0.09 Acres

      14407 Miles Ave

      VACANT COMMERCIAL LAND • 0.09 Acres
      14407 Miles Ave, Cleveland, OH 44128-2334
      View Details
    • Value Estimation by Request
      0.37 Acres

      Grn Rd

      VACANT COMMERCIAL LAND • 0.37 Acres
      Grn Rd, Cleveland, OH 44128
      View Details
    • Value Estimation by Request
      0.12 Acres

      4563 Lee Rd

      VACANT COMMERCIAL LAND • 0.12 Acres
      4563 Lee Rd, Cleveland, OH 44128-3757
      View Details
    • Value Estimation by Request
      0.13 Acres

      14119 Miles Ave

      VACANT COMMERCIAL LAND • 1,998 SF
      14119 Miles Ave, Cleveland, OH 44128-2328
      View Details
    • Value Estimation by Request
      0.18 Acres

      14101 Miles Ave

      VACANT COMMERCIAL LAND • 4,080 SF
      14101 Miles Ave, Cleveland, OH 44128-2328
      View Details

    Similar Nearby for Sale

    • New
      Contact for pricing
      Pending

      Warrensville Heights Mixed-Use Land

      Mixed-use land near amenities, zoned for commercial or residential use.
      Vl Springfield Rd, Warrensville Heights, OH 44128
      View Details
    • $299,000

      Commercial Land Near Major Interstates

      High-profile commercial land, recently rezoned, near I-480 and I-271.
      4988 Springfield Rd, Warrensville Heights, OH 44128
      View Details
    • Contact for pricing

      Commercial Land Near University Hospitals

      3 acres of commercial land in Opportunity Zone.
      25505 Miles Rd, Cleveland, OH 44128
      View Details
    • Contact for pricing

      Industrial Park Land Available

      Two parcels of land zoned for industrial park use.
      14400 Neo Pkwy, Garfield Heights, OH 44128
      View Details
    • Contact for pricing
      0.10 Acres

      Land For Sale, Garfield Heights

      Land available in Garfield Heights, Ohio.
      V/L 546-19-034, Garfield Heights, OH 44128
      View Details
    • $349,000
      0.96 Acres

      Miles Road Commercial Land Opportunity

      High-profile commercial land, 0.96 acres.
      0 Miles Rd, North Randall, OH 44128
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Commercial Land with Highway Visibility

      Commercial land for rent with high traffic and highway visibility.
      4760 Richmond Rd, Cleveland, OH 44128
      View Details
    • Contact for pricing
      5 SF

      North Randall Commercial Land Opportunity

      Prime 5.5-acre lot, high traffic, ideal development.
      4600 Northfield Rd, North Randall, 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
    • $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
      201,491 SF

      Lee Harvard Shopping Center: Cleveland

      Prime Retail Space, Cleveland, Ohio
      4071 Lee Rd, Cleveland, OH 44128
      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.
    4844 Richmond Rd
    Warrensville Heights, OH 44122
    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.