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

    562 Richmond Rd Richmond Heights, OH 44143-2906

    • Assisted living facilities
    • 21,264 SF
    • 10.68 lot acres
    OFF-MARKET
    Last Sale
    Dec 29, 2023
    $4,500,000
    Value Estimations
    $4,315,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2423053
    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

    • Richmond Heights Place Senior Living / Retirement Home / Home Health Care Service

    Property Details for 562 Richmond Rd

    Year built
    1999
    Construction
    WOOD
    Lot size
    10.68 lot acres
    Property size
    21,264 SF
    Zone code
    RS
    Property type
    Assisted living facilities
    Property subtype
    Retirement homes
    APN
    662-14-001
    APU
    66214001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $4,200,000
      ML approach
      $4,055,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,416,000
      Market price range: $1.16M - $5.42M

    • Alternative Use

      Use
      Estimation
      HOMES (RETIRED, HANDICAP, REST, CONVALESCENT, NURSING)
      $3,035,000
      Current use
      RESTAURANT
      $3,585,000
      Change: +18% Conversion: Difficult
      OFFICE BUILDING
      $3,440,000
      Change: +13% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond Heights
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.4986
    Latitude
    41.5446
    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
    $246,072
    $651,210
    $1,798,790
    $2,450,000
    -
    $1,860,600
    $5,139,400
    $7,000,000

    Comparable in this City

    • Value Estimation
      $605,000
      28,605 SF

      290 Cmns Blvd

      HOMES (RETIRED, NURSING) • 28,605 SF
      290 Cmns Blvd, Mayfield, OH 44143-1591
      View Details
    • Value Estimation
      $1,220,000
      34,258 SF

      280 Cmns Blvd

      HOMES (RETIRED, NURSING) • 34,258 SF
      280 Cmns Blvd, Mayfield Village, OH 44143-1592
      View Details
    • Value Estimation
      $1,425,000
      58,072 SF

      407 Golfview Ln

      HOMES (RETIRED, NURSING) • 58,072 SF
      407 Golfview Ln, Highland Heights, OH 44143-4414
      View Details
    • Value Estimation
      $1,085,000
      46,257 SF

      399 Bishop Rd

      HOMES (RETIRED, NURSING) • 46,257 SF
      399 Bishop Rd, Highland Heights, OH 44143-1447
      View Details
    • Value Estimation
      $1,705,000
      144,949 SF

      263 Merit Dr

      HOMES (RETIRED, NURSING) • 144,949 SF
      263 Merit Dr, Richmond Heights, OH 44143
      View Details
    • Value Estimation
      $1,560,000
      74,292 SF

      3 Merit Dr

      HOMES (RETIRED, NURSING) • 74,292 SF
      3 Merit Dr, Richmond Heights, OH 44143-1457
      View Details

    Similar Nearby for Sale

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      Richmond Heights Commercial Land

      2.97 Acres, Prime Development Site
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      Wooded Acre Lot For Sale

      One acre wooded lot, build your dream home!
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    • $38,000
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      Residential Land in Richmond Heights

      Undeveloped lot suitable for building a dream home.
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      View Details
    • $900,000
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      Residential Lot in Mayfield Village

      Vacant residential lot in desirable Mayfield Village location.
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      View Details
    • $175,000
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      Highland Heights Land Opportunity

      2.4+ acre home site with endless possibilities in Highland Heights.
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    • $1,000,000
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      Medical Building Investment Opportunity

      Well-maintained medical building with high occupancy in a developing area.
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      View Details

    Similar Nearby for Lease

    • Contact for pricing
      129,373 SF

      Richmond Heights Development Land

      2.97 Acres, Build-to-Suit
      26220 White Rd, Richmond Heights, OH 44143
      View Details
    • Contact for pricing
      34,713 SF

      Highland Place Medical Office Suites

      Cleveland medical & office space available.
      6151 Wilson Ml Rd, Highland Heights, OH 44143
      View Details
    • $8 SF/Yr
      15,167 SF

      Highland Heights Warehouse Space Available

      15,167 SF warehouse space for lease in Highland Heights.
      5335 Avion Park Dr, Highland Heights, OH 44143
      View Details
    • $16 SF/Yr
      2,010 SF

      Medical Office Space Available

      Medical office space for rent near major freeways.
      781 Beta Dr, Mayfield, OH 44143
      View Details
    • Contact for pricing
      64,904 SF

      Belle Oaks Marketplace

      Land
      641 Richmond Rd, Richmond Heights, OH 44143
      View Details
    • $12 SF/Yr
      2,263 SF

      Office Space in Alpha Park

      Office and technology complex in a park-like environment for rent.
      667-677 Alpha Dr, Highland Heights, OH 44143
      View Details
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    562 Richmond Rd
    Richmond Heights, OH 44143-2906
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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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