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

    502 Water St Chardon, OH 44024-1147

    • Drive through restaurants
    • 1,944 SF
    • 0.94 lot acres
    OFF-MARKET
    Last Sale
    Sep 21, 2022
    $2,107,900
    Value Estimations
    $1,735,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-0140031
    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

    • Drive through restaurants

    Property Details for 502 Water St

    Year built
    1991
    Lot size
    0.94 lot acres
    Property size
    1,944 SF
    Property type
    Drive through restaurants
    APN
    10-003900
    APU
    10003900

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,735,000
      ML approach
      $1,560,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Chardon
    County
    Geauga
    State
    Ohio
    Longitude
    -81.213
    Latitude
    41.5812
    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
    $13,818
    $114,590
    $85,120
    $199,710
    -
    $327,400
    $243,200
    $570,600

    Comparable in this City

    • Value Estimation
      $230,000
      2,182 SF

      255 Ctr St

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,182 SF
      255 Ctr St, Chardon, OH 44024-1121
      View Details
    • Value Estimation
      $200,000
      0.24 Acres

      Water St

      DRIVE-THRU RESTAURANT, FAST FOOD • 0.24 Acres
      Water St, Chardon, OH 44024
      View Details
    • Value Estimation
      $325,000
      4,912 SF

      430 Water St

      DRIVE-THRU RESTAURANT, FAST FOOD • 4,912 SF
      430 Water St, Chardon, OH 44024-1208
      View Details
    • Value Estimation
      $210,000
      2,190 SF

      319 Ctr St

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,190 SF
      319 Ctr St, Chardon, OH 44024-1115
      View Details
    • Value Estimation
      $855,000
      2,774 SF

      544 Water St

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,774 SF
      544 Water St, Chardon, OH 44024-1163
      View Details
    • Value Estimation
      $230,000
      3,394 SF

      436 Ctr St

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,394 SF
      436 Ctr St, Chardon, OH 44024-1053
      View Details

    Similar Nearby for Sale

    • Contact for pricing
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      1.10 Acres

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      Chardon, OH Corner Lot

      Open corner lot, build your dream home!
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      Land Available in Chardon

      Land with laundry facilities and maintenance garage in Chardon.
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    • $113,999
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      Land in Serene Chardon Acres

      2.69 acres to build your dream home.
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    Similar Nearby for Lease

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      150,000 SF

      Grand River Walk: Retail Spaces

      Prime Painesville retail, restaurant space.
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      View Details
    • Contact for pricing
      4,100 SF

      Retail/Restaurant Space with Patio

      Up to 4,100 SF retail or restaurant space for rent.
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    • Contact for pricing
      7,400 SF

      Chardon Retail Space - 7,400 SF

      Prime retail space in thriving Chardon, OH.
      255 Meadowlands Dr, Chardon, OH 44024
      View Details
    • Contact for pricing
      8,125 SF

      Free Standing Retail Building

      8,125 SF retail building in close proximity to downtown.
      11180 Chardon Rd, Chardon, OH 44024
      View Details
    • Contact for pricing
      16,922 SF

      Mayfield Road Retail Plaza

      Prime Retail Space Available Now
      12797 Mayfield Rd, Chardon, OH 44024
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    • Contact for pricing
      20,000 SF

      Chardon, Ohio Commercial Land for Lease

      1.1-Acre Commercial Lot, Geauga County
      0 Chardon Ohio, Chardon, OH 44024
      View Details
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    502 Water St
    Chardon, OH 44024-1147
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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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