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    4915 Memphis Ave Cleveland, OH 44144-1943
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    Property profile & analytics

    4915 Memphis Ave, Cleveland, OH 44144-1943

    View on Map
    • Grocery and convenience stores
    • 2,262 SF
    • 0.48 lot acres
    Off-Market
    Last Sale Dec 28, 2021
    $2,125,604
    Property ID
    US66-1571419
    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.
    Value Estimations
    $1,975,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Marathon Gas / Gas Station

    Property Details for 4915 Memphis Ave

    Year built
    1963
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.48 lot acres
    Zone code
    LR
    Property type
    Grocery and convenience stores
    APN
    013-27-005
    APU
    1327005

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Dec 28, 2021 $2,125,604 Mountain Portfolio Owner Nlp Oh LLC Kpmm LLC Limited Warranty Deed —
    May 27, 2021 — Kpmm LLC — Deed · related $301k · Pinnacle Bank
    Nov 20, 2020 $1,117,362 Kpmm LLC Mountain Express Oil Co Grant Deed $4.4M · Mountain Express Oil Co
    May 18, 2020 — Prime 4915 Memphis LLC — Deed · related $350k · Civista Bk
    Jul 6, 2011 — Prime 4915 Memphis LLC Prime Properties LP Quit Claim Deed · related —
    May 24, 2007 — City Of Cleveland United Petroleum Marketing LLC Grant Deed · related —
    — — Prime 4915 Memphis LLC — Deed Of Trust · related $350k · Civista Bk

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,795,000
      ML approach
      $1,850,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.7204
    Latitude
    41.4396
    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
    $9,351
    $34,720
    $58,910
    $93,630
    -
    $99,200
    $168,300
    $267,500

    Comparable in this City

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      6,771 SF

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      CONVENIENCE STORE
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    • Value Estimation
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      18,260 SF

      5170 Tiedeman Rd

      GROCERY, SUPERMARKET
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    • Value Estimation by Request
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      4189 Rdg Rd

      CONVENIENCE STORE
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    • Value Estimation by Request
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      5743 Memphis Ave

      CONVENIENCE STORE
      5743 Memphis Ave, Cleveland, OH 44144
      View Details
    • Value Estimation
      $8,685,000
      75,730 SF

      4756 Rdg Rd, Unit 98

      GROCERY, SUPERMARKET
      4756 Rdg Rd, Brooklyn, OH 44144-3327
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    • Value Estimation by Request
      3,948 SF

      4918 Memphis Ave

      CONVENIENCE STORE
      4918 Memphis Ave, Cleveland, OH 44144-1942
      View Details

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      Turnkey Apartment Complex For Sale

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    Similar Nearby for Lease

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      Retail Space on Fulton Road

      6,058 sq ft retail space in Cleveland, Ohio.
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      1,600 SF

      Retail End Cap For Lease

      1,600 SF retail space near Ridge Road and Biddulph.
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      3,102 SF

      Retail Space Near Giant Eagle

      Retail spaces available near Giant Eagle with highway access.
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      3,500 SF

      Prime Retail Space Available

      Retail space for lease in Old Brooklyn neighborhood.
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      Retail Space Available For Lease

      Retail property available for lease in Cleveland, OH.
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    • $3,380 /Mo
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      Restaurant Space on Lorain Avenue

      Turnkey restaurant space in high-traffic Cleveland location.
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    Cleveland, OH 44144-1943
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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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