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

    491 Broadway Ave Bedford, OH 44146-2712

    • Residential income homes
    • 2,248 SF
    • 0.19 lot acres
    OFF-MARKET
    Last Sale
    Jul 26, 2023
    $225,000
    Value Estimations
    $215,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1821645
    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

    • Residential income homes

    Property Details for 491 Broadway Ave

    Year built
    1902
    Construction
    WOOD
    Lot size
    0.19 lot acres
    Property size
    2,248 SF
    Zone code
    B-2A
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    812-09-022
    APU
    81209022

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $230,000
      ML approach
      $235,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $181,000
      Market price range: $94.4k - $236k
      AI Estimate
      $296,000
      Market price range: $141k - $412k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $165,000
      Current use
      OFFICE BUILDING
      $305,000
      Change: +83% Conversion: Moderate
      MEDICAL BUILDING
      $245,000
      Change: +47% Conversion: Moderate
      NEIGHBORHOOD: SHOPPING CENTER
      $230,000
      Change: +37% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $185,000
      Change: +12% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Bedford
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.5406
    Latitude
    41.3962
    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
    $4,255
    $16,100
    $24,820
    $40,920
    -
    $46,000
    $70,900
    $116,900

    Comparable in this City

    • Value Estimation
      $275,000
      4,600 SF

      424 Ctr Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,600 SF
      424 Ctr Rd, Bedford, OH 44146-2239
      View Details
    • Value Estimation
      $290,000
      2,870 SF

      409 Ctr Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,870 SF
      409 Ctr Rd, Bedford, OH 44146-2249
      View Details
    • Value Estimation
      $255,000
      4,064 SF

      485 Ctr Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,064 SF
      485 Ctr Rd, Bedford, OH 44146-2256
      View Details
    • Value Estimation
      $125,000
      3,044 SF

      317 Ctr Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,044 SF
      317 Ctr Rd, Bedford, OH 44146-2253
      View Details
    • Value Estimation
      $265,000
      3,616 SF

      7274 Northfield Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,616 SF
      7274 Northfield Rd, Bedford, OH 44146-6104
      View Details
    • Value Estimation
      $225,000
      2,870 SF

      419 Ctr Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,870 SF
      419 Ctr Rd, Bedford, OH 44146-2250
      View Details

    Similar Nearby for Sale

    • $294,900
      Pending

      Updated Four-Unit Multifamily Investment

      Rent-ready four-unit property near Bedford automile.
      579 Broadway Ave, Cleveland, OH 44146
      View Details
    • $260,000
      3,848 SF

      Bedford Triplex: Cash Flowing Investment

      Well-maintained, fully occupied triplex in Bedford, Ohio with recent upgrades.
      772 Broadway Ave, Bedford, OH 44146
      View Details
    • $600,000
      6,204 SF

      1450 Broadway Ave, Bedford, OH 44146

      Residential income properties • 6,204 SF
      1450 Broadway Ave, Bedford, OH 44146
      View Details
    • $229,000
      1,932 SF

      Classic Bedford Duplex Investment Property

      Turnkey duplex in Bedford, tenant-occupied, instant cash flow.
      45 1St Ave, Bedford, OH 44146
      View Details
    • $239,000
      0.41 Acres

      Spacious Bedford Home on Large Lot

      Well-maintained Bedford home with potential rental unit and large lot.
      5385 Bartlett Rd, Bedford, OH 44146
      View Details
    • $349,000
      51,231 SF

      Bedford Industrial Warehouse

      51,231 SF Warehouse - $349,000
      33 Industry Dr, Bedford, OH 44146
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      110,000 SF

      Access Point II: Prime Ohio Space

      110,000 SF Office/Warehouse, Fully Leased
      7670 1 Pl, Oakwood Village, OH 44146
      View Details
    • $450 /Mo
      14,810 SF

      Office Space in Mixed-Use Building

      Office space for rent in Bedford, Ohio.
      755 Broadway Ave, Bedford, OH 44146
      View Details
    • $6 SF/Yr
      13,500 SF

      Bedford Heights Industrial Space Available

      13,500 SF industrial space for lease in Bedford Heights.
      26820 Fargo Ave, Bedford Heights, OH 44146
      View Details
    • $0.67 SF/Yr
      27,007 SF

      Bedford Heights Commercial Land

      0.62-acre commercial land for lease.
      5125 Northfield Rd, Bedford Heights, OH 44146
      View Details
    • Contact for pricing
      375,000 SF

      Miles Road Industrial Warehouse

      375,000 SF Warehouse, Multi-Tenant Available
      26300 Miles Rd, Bedford Heights, OH 44146
      View Details
    • Contact for pricing
      25,203 SF

      Meadowbrook Market Square Retail Space

      Prime Bedford Retail, 25,203 SF
      22161 Rockside Rd, Bedford, OH 44146
      View Details
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    491 Broadway Ave
    Bedford, OH 44146-2712
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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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