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

    5947 Mayfield Rd Mayfield Heights, OH 44124-2902

    • Specialty properties
    • 7,420 SF
    • 1.04 lot acres
    OFF-MARKET
    Last Sale
    Apr 02, 2021
    $400,000
    Value Estimations
    $365,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1616173
    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

    • Sherwin-Gilmour Party Center / Wedding Venue / Banquet Hall
    • Gilmour Inc / Wedding Venue
    • Knights of Columbus / Volunteer Organization
    • KNIGHTS OF COLUMBUS / Association Or Organization

    Property Details for 5947 Mayfield Rd

    Year built
    1960
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.04 lot acres
    Property size
    7,420 SF
    Zone code
    U-4
    Property type
    Specialty properties
    APN
    861-09-005
    APU
    86109005

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $365,000
      ML approach
      $315,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $364,000
      Market price range: $244k - $935k
      AI Estimate
      $565,000
      Market price range: $172k - $1.07M

    • Alternative Use

      Use
      Estimation
      CLUBS, LODGES, PROFESSIONAL ASSOCIATIONS
      $530,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $550,000
      Change: +4% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Mayfield Heights
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.4648
    Latitude
    41.5214
    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
    $16,136
    $63,390
    $115,120
    $178,510
    -
    $181,100
    $328,900
    $510,000

    Comparable in this City

    • Value Estimation
      $205,000
      0.26 Acres

      Mayfield Rd

      CHARITABLE ORGANIZATION • 0.26 Acres
      Mayfield Rd, Mayfield Heights, OH 44124
      View Details
    • Value Estimation
      $255,000
      1,850 SF

      1323 Haverston Rd

      CHARITABLE ORGANIZATION • 1,850 SF
      1323 Haverston Rd, Lyndhurst, OH 44124-1444
      View Details
    • Value Estimation
      $225,000
      1,748 SF

      5690 Falkirk Rd

      CHARITABLE ORGANIZATION • 1,748 SF
      5690 Falkirk Rd, Lyndhurst, OH 44124-3923
      View Details
    • Value Estimation
      $225,000
      1,490 SF

      1715 Lander Rd

      CHARITABLE ORGANIZATION • 1,490 SF
      1715 Lander Rd, Mayfield Heights, OH 44124-3345
      View Details
    • Value Estimation
      $185,000
      2,232 SF

      6561 Longridge Rd

      CHARITABLE ORGANIZATION • 2,232 SF
      6561 Longridge Rd, Mayfield Heights, OH 44124-4118
      View Details
    • Value Estimation
      $210,000
      0.23 Acres

      Som Ctr Rd

      CHARITABLE ORGANIZATION • 0.23 Acres
      Som Ctr Rd, Mayfield Heights, OH 44124
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      10.00 Acres

      Mayfield Heights Commercial Land

      Prime 10-acre commercial land, Mayfield Rd.
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      8,170 SF

      Landerbrook Dr Restaurant - For Sale/Lease

      8,170 SF Restaurant, Prime Lyndhurst Location
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      50,000 SF

      Class A Office Building Opportunity

      Two-story office building in Cleveland's strong suburban office market.
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      1.84 Acres

      Lander Circle Development Land

      1.838 Acres, Prime Pepper Pike Location
      3649 Lander Rd, Pepper Pike, OH 44124
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    • $475,000
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      Land Parcel in Pepper Pike

      1.1 acre lot in Pepper Pike, build your dream home.
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    • $375,000
      8.13 Acres

      Madison Commercial Land Opportunity

      8.13 Acres, R-4 Zoning, $375,000
      2155 Hubbard Rd, Pepper Pike, OH 44124
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    Similar Nearby for Lease

    • $20 SF/Yr
      1,535 SF

      Mayfield Road Retail Space For Lease

      Lyndhurst, Ohio: 1,535 SF Retail Space
      5361 Mayfield Rd, Lyndhurst, OH 44124
      View Details
    • Contact for pricing
      373,190 SF

      Golden Gate Shopping Center - Mayfield Heights

      Prime Retail Space, Mayfield Heights, Ohio
      6420 Mayfield Rd, Mayfield Heights, OH 44124
      View Details
    • Contact for pricing
      50,311 SF

      Jefferson Centre Office Suites in Lyndhurst

      Prime Lyndhurst Office Space Available
      5001 Mayfield Rd, Lyndhurst, OH 44124
      View Details
    • Contact for pricing
      38,666 SF

      Parkland Office Building: Mayfield Heights

      Class A Executive Suites, 38,666 SF Available
      6000 Parkland Blvd, Mayfield Heights, OH 44124
      View Details
    • Contact for pricing
      120,000 SF

      Prestigious Office Space in Pepper Pike

      Class A office buildings with convenient amenities and highway access.
      30050 Chagrin Blvd, Cleveland, OH 44124
      View Details
    • $8 SF/Yr
      4,000 SF

      Solon Flex Space Available

      Flex space for rent with excellent highway access.
      27100 Richmond Rd, Solon, OH 44124
      View Details
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    Mayfield Heights, OH 44124-2902
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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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