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Property profile & analytics
OFF-MARKET
Estimated value
$6,705,000
Office buildings
603 Alpha Dr Highland Heights, OH 44143-2114
Entity Owned
8-yr Hold
Free & Clear
Property ID
US66-1176052
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
2008
Total area
30,532 SF
Lot
10 ac (435,600 SF)
Zoning code
P-C-M
APN
822-08-022
UPID
US66-1176052
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$6.82M
Comparable Approach
Comparable
$8.96M
Blend (final)
Blend
$6.71M
Owner & transaction history
Progressive Direct Ins Co · 8 yrs held
Progressive Direct Ins Co
since 2018
6 recorded transactions
Zoning & alternative use
P-C-M · Highland Heights, OH
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The purpose of this district is to accommodate park commercial manufacturing
Zone name
Park Commercial Manufacturing
General category
INDUSTRIAL
Zone area
657.23 ac
Source
Realmo
Top alternative use upside
Restaurant
$5.2M
+4.3%
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 Highland Heights submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Highland Heights 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%
$7,385,000
6.5%
$6,820,000
7%
$6,330,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$4,940,000
Current use
RESTAURANT
$5,150,000
Change: +4% · Conversion: Moderate
Blend value · Realmo final
$6.71M
Range $6.03M – $7.38M · ±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
$220 / 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
Tax billed
$434,342
Tax year 2023
Assessed value
$5,079,660
Assessed 2023
Previous assessed
$5,079,660
+0.0% YoY
Effective rate
8.55%
On assessed value
Assessed land
$481,250
Assessed improvement
$4,598,410
Land market value
$1,375,000
Improvement market value
$13,138,300
Total market value
$14,513,300
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
2008
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
2
Stories
2
Total area
30,532 SF
Lot
10 ac (435,600 SF)
Zoning code
P-C-M
APN
822-08-022
UPID
US66-1176052
Jurisdiction
CUYAHOGA
Zoning & alternative use
P-C-M · Highland Heights, OHZoning P-C-M · permitted uses
P-C-M · Highland Heights, OH
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The purpose of this district is to accommodate park commercial manufacturing
Zone name
Park Commercial Manufacturing
General category
INDUSTRIAL
Zone area
657.23 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$4.9M
RESTAURANT
Est. value
$5.2M
OFFICE BUILDING Current
RESTAURANT
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
2008
Heating
FORCED AIR
Cooling
Yes
Stories
2
Buildings
2
Lot
10 ac
Current owner
From public records · entity-resolved
Progressive Direct Ins Co
Entity
Free & Clear · 8 yrs held
Mailing address
2211 YORK RD STE #222, OAK BROOK, IL 60523-4024
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 23, 2018
$13,500,000
Progressive Direct Ins Co
Ethan Invs Highland Hts Ltd
Grant Deed
—
May 21, 2018
—
Gift,ethan P G Trust
Ethan Invs Highland Hts Ltd
Quit Claim Deed
related
—
Apr 27, 2018
$2,400,000
Ethan Invs Highland Hts Ltd
Ethan Investment Corp
Grant Deed
related
—
Feb 15, 2008
—
Ethan Inv Highland Heights Ltd
—
Deed Of Trust
related
$13,500,000 · Thrivent Financial For Luthera
Aug 9, 2007
—
Ethan Inv Highland Heights Ltd
—
Grant Deed
related
$12,500,000 · Huntington National Bank
Jan 3, 2001
$1,250,000
Ethan Investment Corp
Picker X-ray Corp
Grant Deed
$400,000 · Marconi Medical Systems INC
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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