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    6020 Quarry Ln Independence, OH 44131-2202
    Property profile & analytics

    6020 Quarry Ln, Independence, OH 44131-2202

    View on Map
    • Hotels
    • 16,128 SF
    • 2.46 lot acres
    Off-Market
    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.
    Value Estimations
    $1,355,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Hotels

    Property Details for 6020 Quarry Ln

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

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jan 22, 2024 — Cleveland Hotel Suites LLC — Deed · related $4.8M · Seven Seventeen Credit Union INC
    May 15, 2019 $3,995,000 Cleveland Hotel Suites LLC Rri I LLC Grant Deed $4.2M · Northeast Bk
    May 20, 2011 — Rri Opco LLC — Deed Of Trust · related $120.7M · Deutsche Bank Trust Co America
    Mar 10, 2011 — Rri I LLC R-roof V LLC Grant Deed $100M · Deutsche Bank Trust Co America
    Oct 2, 2007 — R-roof V LLC Red Roof Inns INC Grant Deed $310M · Citigroup Global Markets Realt
    Oct 1, 2004 $1,375,000 Digeronimo Aggregates LLC Hydraulic Press Brick Grant Deed —
    — — Rri I LLC — Deed Of Trust · related $85k · German American Capital Corp

    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 estimation — 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
      5800 Rockside Woods N Blvd, Independence, OH 44131-2346
      View Details
    • Value Estimation by Request
      0.80 Acres

      5300 Fwy Freeway

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

      5805 Rockside Rd

      HOTEL
      5805 Rockside Rd, Independence, OH 44131
      View Details
    • Value Estimation
      $18,700,000
      76,771 SF

      Rockside Rd

      HOTEL
      Rockside Rd, Independence, OH 44131
      View Details
    • Value Estimation
      $3,300,000
      41,294 SF

      6161 Quarry Ln

      HOTEL
      6161 Quarry Ln, Independence, OH 44131-2203
      View Details
    • Value Estimation by Request
      1.34 Acres

      6001 Rockside Rd

      HOTEL
      6001 Rockside Rd, Independence, OH 44131-2209
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Independence Office Building For Sale

      Office building for sale in Independence, Ohio.
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      View Details
    • $185,000
      Pending

      Residential Lot in Independence, OH

      Ready-to-build residential lot in a desirable Ohio suburb.
      Daisy Blvd, Independence, OH 44131
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    • Contact for pricing
      65,000 SF

      65,000 SF Industrial Building

      65,000 SF industrial building on 4.093 AC available.
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      Corner Lot on Rockside Road

      Corner lot in Seven Hills, suitable for office, retail.
      3628 Rockside Rd, Seven Hills, OH 44131
      View Details
    • 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
    • $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

    Similar Nearby for Lease

    • Contact for pricing
      2,000 SF

      Retail Space in Seven Hills

      Two multi-tenant buildings on 1.4 acres for lease.
      7589 Broadview Rd, Seven Hills, OH 44131
      View Details
    • Contact for pricing
      4,965 SF

      Renovated Office Space Available

      Full floor sublease with amenities and highway access.
      5950 W Creek Rd, Independence, OH 44131
      View Details
    • Contact for pricing

      Office Space with Green Views

      Office space in Independence, Ohio, with scenic wooded views.
      6100 Oak Tree Blvd, Independence, OH 44131
      View Details
    • Contact for pricing

      Office Space for Lease

      Office space available for lease in Brooklyn Heights, OH.
      981 Keynote Cir, Brooklyn Heights, OH 44131
      View Details
    • $16 SF/Yr
      40,990 SF

      Office Space with Tenant Amenities

      Office space for rent with conference rooms, fitness center.
      4 Summit Park Dr, Independence, OH 44131
      View Details
    • $17 SF/Yr
      59,753 SF

      Unique Office Unit For Rent

      Two-floor office unit with private entrance and ample parking.
      5700 Lombardo Ctr, 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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