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    5755 Granger Rd Independence, OH 44131
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    Property profile & analytics

    5755 Granger Rd Independence, OH 44131

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    • Office buildings
    • 100,918 SF
    • 4.88 lot acres
    For Lease
    $14 SF/Yr
    View Listing →
    Independence Office Building For Lease For Lease
    $14 SF/Yr
    2,775 SF

    Independence Office Building For Lease

    Nine-story office building with updated common areas and ample parking.

    5755 Granger Rd, Independence, OH
    View Listing
    Property ID
    US66-1403496
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office buildings

    Property Details for 5755 Granger Rd

    Year built
    1969
    Construction
    TYPE NOT SPECIFIED
    Lot size
    4.88 lot acres
    Property size
    100,918 SF
    Zone code
    U-6
    Property type
    Office buildings
    APN
    561-02-024
    APU
    56102024

    Description

    This nine-story, multi-tenant office complex presents a compelling investment opportunity. The 90,000 square foot building (82,916 square feet rentable) sits on a 4.88-acre lot in Independence, Ohio, within Cuyahoga County's third-largest submarket. Currently 71% occupied, this Class B building offers significant upside potential due to below-market lease rates. The property boasts 250 parking spaces, with additional land available for expansion. Conveniently located near I-77, I-480, and SR 17 (Jennings Freeway), it offers easy access while avoiding the congestion of Rockside Road. Amenities include a full-service cafe in the main lobby and an on-site conferencing center. Built in 1969, the building features large windows providing excellent natural light and views. The asking price is $1,900,000, translating to $21.11 per square foot. The property is zoned for General Industrial use and features a modified lease type with credit-rated tenants. This stabilized investment is for sale by owner and presents an outstanding opportunity for an entrepreneurial investor or owner/user. The property's address is 5755 Granger Rd, Independence, OH 44131 (APN: 561-02-024).

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $10,239,000
      Market price range: $10.2M - $35.9M

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

    Location Insight

    • Map
    • Local Demand
    City
    Independence
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.6498
    Latitude
    41.4159
    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
    $61,350
    $119,490
    $860,510
    $980,000
    -
    $341,400
    $2,458,600
    $2,800,000

    Comparable in this City

    • Value Estimation
      $16,770,000
      81,936 SF

      6200 Elmwood Ave

      OFFICE BUILDING • 81,936 SF
      6200 Elmwood Ave, Independence, OH 44131
      View Details
    • Value Estimation
      $14,525,000
      139,967 SF

      Rockside Woods Blvd

      OFFICE BUILDING • 139,967 SF
      Rockside Woods Blvd, Independence, OH 44131
      View Details
    • Value Estimation
      $610,000
      4,256 SF

      4823 Van Epps Rd

      OFFICE BUILDING • 4,256 SF
      4823 Van Epps Rd, Brooklyn Heights, OH 44131-1015
      View Details
    • Value Estimation
      $550,000
      6,928 SF

      7311 Vly Vw Dr

      OFFICE BUILDING • 6,928 SF
      7311 Vly Vw Dr, Independence, OH 44131-3435
      View Details
    • Value Estimation
      $15,540,000
      149,368 SF

      2 Smt Park Dr

      OFFICE BUILDING • 149,368 SF
      2 Smt Park Dr, Independence, OH 44131-2553
      View Details
    • Value Estimation
      $18,545,000
      196,944 SF

      3 Smt Park Dr

      OFFICE BUILDING • 196,944 SF
      3 Smt Park Dr, Independence, OH 44131-2599
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      38,188 SF

      Renovated Office Building Near I-77

      Office building with recent renovations, parking, and highway access.
      5000 Rockside Rd, Independence, OH 44131
      View Details
    • New
      $1,350,000
      21,000 SF

      Brooklyn Heights Industrial Building For Sale

      21,000 sq ft industrial building suitable for various uses.
      4891 Van Epps Rd, Brooklyn Heights, OH 44131
      View Details
    • Contact for pricing
      6,500 SF

      Office Space in Rockside Corridor

      Office space for lease with convenient highway access.
      4807 Rockside Rd, Independence, OH 44131
      View Details
    • $550,000
      4.78 Acres

      Independence Commercial Land For Sale

      4.77 acres of commercial land zoned for office/research.
      Acorn Dr, Independence, OH 44131
      View Details
    • Contact for pricing

      Development Opportunity Near I-77

      3.2 acres of land suitable for retail or office development.
      Rockside Woods Blvd N, Independence, OH 44131
      View Details
    • Contact for pricing
      65,000 SF

      65,000 SF Industrial Building

      65,000 SF industrial building on 4.093 AC available.
      4605 Spring Rd, Brooklyn Heights, OH 44131
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,571 SF

      Class A Office Building

      Three-story office building with lush landscaping and wooded surroundings.
      7100 Pleasant Valley Rd, Independence, OH 44131
      View Details
    • $16 SF/Yr
      5,295 SF

      Four-Story Office Building Available

      42,050 RSF office building near I-77 and amenities.
      4401 Rockside Rd, Independence, OH 44131
      View Details
    • Contact for pricing
      12,000 SF

      Freestanding Office Building For Rent

      12,000 SF office building with private offices and parking.
      7510 E Pleasant Valley Rd, Independence, OH 44131
      View Details
    • Contact for pricing
      14,137 SF

      Six-Story Office Building with Amenities

      Office suites with fitness center, conference room, and parking.
      6000 Lombardo Ctr, Seven Hills, OH 44131
      View Details
    • $17 SF/Yr

      Four-Story Office Building Available

      Office suites available in a well-amenitized building near I-77.
      6111 Oak Tree Blvd, Independence, OH 44131
      View Details
    • Contact for pricing
      1,172 SF

      Independence Office Building For Lease

      Nine-story office building with updated common areas and ample parking.
      5755 Granger Rd, Independence, OH 44131
      View Details
    View Listing
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    Independence, OH 44131
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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.

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