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    Property profile & analytics

    6020 Quarry Ln Independence, OH 44131-2202

    • Hotels
    • 16,128 SF
    • 2.46 lot acres
    OFF-MARKET
    Value Estimations
    $1,355,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1971395
    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

    • Hotels

    Property Details for 6020 Quarry Ln

    Year built
    1976
    Lot size
    2.46 lot acres
    Property size
    16,128 SF
    Zone code
    U-6A
    Property type
    Hotels
    APN
    562-17-003
    APU
    56217003

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,350,000
      6.5%
      $1,245,000
      7%
      $1,155,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $937,000
      Market price range: $144k - $938k

    • Alternative Use

      Use
      Estimation
      HOTEL/MOTEL
      $1,765,000
      Current use
      MEDICAL BUILDING
      $1,750,000
      Change: -1% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $1,635,000
      Change: -7% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $1,435,000
      Change: -19% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Independence
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.65
    Latitude
    41.3946
    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
    $74,405
    $318,330
    $870,210
    $1,188,540
    -
    $909,500
    $2,486,300
    $3,395,800

    Comparable in this City

    • Value Estimation
      $15,455,000
      206,120 SF

      5800 Rockside Woods N Blvd

      HOTEL • 206,120 SF
      5800 Rockside Woods N Blvd, Independence, OH 44131-2346
      View Details
    • Value Estimation by Request
      0.80 Acres

      5300 Fwy Freeway

      HOTEL • 0.80 Acres
      5300 Fwy Freeway, Independence, OH 44131
      View Details
    • Value Estimation
      $2,950,000
      81,713 SF

      5805 Rockside Rd

      HOTEL • 81,713 SF
      5805 Rockside Rd, Independence, OH 44131
      View Details
    • Value Estimation
      $6,365,000
      74,418 SF

      6025 Rockside Rd

      HOTEL • 74,418 SF
      6025 Rockside Rd, Independence, OH 44131
      View Details
    • Value Estimation by Request
      1.74 Acres

      6200 Quarry Ln

      HOTEL • 1.74 Acres
      6200 Quarry Ln, Independence, OH 44131-2218
      View Details
    • Value Estimation
      $5,280,000
      83,295 SF

      5051 Crk Rd

      HOTEL • 83,295 SF
      5051 Crk Rd, Independence, OH 44131-2165
      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
    • 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
    • $185,000
      0.36 Acres

      Residential Lot in Independence, OH

      Ready-to-build residential lot in a desirable Ohio suburb.
      Daisy Blvd, Independence, OH 44131
      View Details
    • $240,000
      3.13 Acres

      Land For Sale Independence, OH

      3.13 acre land parcel available in Independence, Ohio.
      Brecksville Rd, Independence, OH 44131
      View Details
    • $800,000
      4.88 Acres

      Prime Independence Commercial Land

      4.88 Acres, U5 Zoning, $800,000
      0 Acorn Dr, Independence, OH 44131
      View Details
    • $110,000
      1.00 Acre

      Land For Sale Independence, OH

      One acre of vacant land for sale in Independence, OH.
      23 Kingscote Park, Independence, OH 44131
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      420 SF

      Class A Office Space Available

      Available Class A office space with amenities on Rockside Corridor.
      6050-6150 Oak Tree Blvd | Independence, Independence, OH 44131
      View Details
    • Contact for pricing
      7,714 SF

      Renovated Office Space Available

      Suites available with freeway access and nearby amenities.
      6100 Rockside Woods Blvd, Independence, OH 44131
      View Details
    • Contact for pricing
      2,800 SF

      Retail Space on Rockside Road

      Retail spaces available in Independence, Ohio near Rockside Road.
      6700 Rockside Rd, Independence, OH 44131
      View Details
    • Contact for pricing
      79,998 SF

      Keynote Circle Executive Suites

      Cuyahoga County Office Space Available
      981 Keynote Cir, Brooklyn Heights, OH 44131
      View Details
    • $15 SF/Yr
      26,690 SF

      Independence Office Space for Lease

      Modern Executive Suites & Coworking
      6100 Oak Tree Blvd, Independence, OH 44131
      View Details
    • Contact for pricing
      946 SF

      Meijer In-Store Retail Space

      Seven Hills, OH Retail Opportunity
      7701 Broadview Rd, Seven Hills, OH 44131
      View Details
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    Independence, OH 44131-2202
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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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