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Property profile & analytics
OFF-MARKET
Estimated value
$48,840,000
Office buildings
601 Lakeside E Ave Cleveland, OH 44114-1027
Entity Owned
15-yr Hold
Free & Clear
Property ID
US66-2800921
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1911
Construction
CONCRETE
Total area
314,625 SF
Lot
5.57 ac (242,572 SF)
Zoning code
GR
APN
101-03-005
UPID
US66-2800921
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Cleveland Traffic Engineering Police Department
-
Willard Park Garage Parking Lot & Garage
-
Cleveland City Hall City Hall
-
Cleveland Law Department-Civil Division City Government Office
-
Buds on Rose Spa & Massage Center Alternative Medicine Practice
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$49.44M
Blend (final)
Blend
$48.84M
Owner & transaction history
County Of Cuyahoga Oh · 15 yrs held
County Of Cuyahoga Oh
since 2010
3 recorded transactions
Zoning & alternative use
GR · Cleveland, OH
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$53.1M
+45.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Cleveland submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Cleveland submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$36,435,000
Current use
RESTAURANT
$53,070,000
Change: +46% · Conversion: Moderate
MEDICAL BUILDING
$34,185,000
Change: -6% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$31,870,000
Change: -13% · Conversion: Difficult
Blend value · Realmo final
$48.84M
Range $43.96M – $53.72M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$155 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Assessed value
$9,418,610
Assessed 2023
Previous assessed
$9,418,610
+0.0% YoY
Assessed land
$3,396,020
Assessed improvement
$6,022,590
Land market value
$9,702,900
Improvement market value
$17,207,400
Total market value
$26,910,300
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1911
Construction
CONCRETE
Heating
FORCED AIR
Cooling
CENTRAL
Stories
5
Total area
314,625 SF
Lot
5.57 ac (242,572 SF)
Zoning code
GR
APN
101-03-005
UPID
US66-2800921
Jurisdiction
CUYAHOGA
Zoning & alternative use
GR · Cleveland, OH
Zoning GR · permitted uses
GR · Cleveland, OH
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Cleveland. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$36.4M
RESTAURANT
Est. value
$53.1M
MEDICAL BUILDING
Est. value
$34.2M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$31.9M
OFFICE BUILDING Current
RESTAURANT
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1911
Construction
CONCRETE
Heating
FORCED AIR
Cooling
Yes
Stories
5
Lot
5.57 ac
Current owner
From public records · entity-resolved
County Of Cuyahoga Oh
Entity
Free & Clear · 15 yrs held
Mailing address
601 LAKESIDE AVE E, CLEVELAND, OH 44114-1027
Ownership since
2010
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 29, 2010
—
County Of Cuyahoga Oh
City Of Cleveland
Quit Claim Deed
related
—
May 12, 2005
$300
Clifford Pitts SR.
City Of Cleveland
Quit Claim Deed
related
—
—
—
Lpa Associates LP
—
Deed Of Trust
related
$600,000 · Cleveland City (oh)
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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