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    6659 Pearl Rd Parma Heights, OH 44130-3821
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    Property profile & analytics

    6659 Pearl Rd, Parma Heights, OH 44130-3821

    View on Map
    • Office buildings
    • 25,264 SF
    • 0.92 lot acres
    Off-Market
    Last Sale Oct 31, 2023
    $1,375,000
    Property ID
    US66-6126912
    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
    $1,430,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office buildings

    Property Details for 6659 Pearl Rd

    Year built
    1966
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.92 lot acres
    Zone code
    C
    Property type
    Office buildings
    APN
    473-32-001
    APU
    47332001

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    May 13, 2025 — 6659 Pearl Rd LLC — Deed · related $465k · S & T Bank
    Oct 31, 2023 $1,375,000 6659 Pearl Rd LLC Cg2 LLC Warranty Deed $963k · S & T Bank
    Mar 6, 2023 — Cg 2 LLC Greg Clement Warranty Deed —
    May 30, 2019 — Greg Clement — Deed · related $300k · Pnc Bk
    Mar 3, 2006 $1,600,000 Greg Clement West End Properties LLC Warranty Deed $1.4M · West End Properties LLC
    Apr 19, 2004 — West End Properties LLC 6659 Pearl Rd LLC Grant Deed · related —
    May 8, 2001 — 6659 Pearl Road LLC Austin,robert S & Laura A Grant Deed · related —
    Dec 20, 2000 $1,161,900 Robert S Austin 1031-tt Land Corp Grant Deed —
    Jul 6, 2000 $670,000 1031-tt Land Corp Burns,victoria Quit Claim Deed · related —
    Feb 29, 2000 $600,000 Victoria Burns Mif Realty LP Grant Deed $500k · Western Reserve Bank
    Oct 16, 1998 $670,000 Mif Realty LP Columbia Medical Associates Trustees Deed —
    — — Greg Clement — Deed Of Trust · related $300k · Pnc Bk
    — — Greg Clement — Deed Of Trust · related $1.2M · Jp Morgan Chase Bank NA
    — — Greg Clement — Deed Of Trust · related $240k · Firstmerit Bank NA

    Description

    Freedom Square, located at 6659 Pearl Rd, Parma Heights, OH 44130, presents a compelling opportunity for businesses seeking versatile office space. This Class B, four-story building, totaling 30,434 square feet, underwent renovations in 2023, offering modern amenities within a well-established location. The property features 15 suites, with sizes ranging from a minimum of 300 square feet to a maximum contiguous space of 6,000 square feet, catering to diverse business needs. Multiple tenancy options are available. The building boasts convenient access, including one elevator and ample free surface parking with 65 spaces. Its prime location at the intersection of W. 130th & Pearl Rd provides excellent road exposure, with over 16,000 cars passing daily. The building offers 24/7 access and is ADA compliant. Situated on a 9.17-acre lot, Freedom Square benefits from its proximity to numerous restaurants, retail establishments, and hotels. The building is zoned Class C - Commercial and is part of the Parma Heights submarket. Built in 1966, this property combines classic charm with modern updates, making it an ideal location for a variety of businesses.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,620,000
      ML approach
      $1,625,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,153,000
      Market price range: $1.11M - $4.97M

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

    Location Insight

    • Map
    • Local Demand
    City
    Parma Heights
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.7806
    Latitude
    41.3815
    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
    $26,059
    $55,930
    $246,960
    $302,890
    -
    $159,800
    $705,600
    $865,400

    Comparable in this City

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      7050 Engle Rd

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      18000 Jefferson Park Rd

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    • Value Estimation by Request
      3,825 SF

      6674 Pearl Rd

      OFFICE BUILDING
      6674 Pearl Rd, Parma Heights, OH 44130-3820
      View Details
    • Value Estimation
      $3,835,000
      0.25 Acres

      6300 Pearl Rd

      OFFICE BUILDING (MULTI-STORY)
      6300 Pearl Rd, Parma Heights, OH 44130-3041
      View Details
    • Value Estimation
      $3,830,000
      0.39 Acres

      6300 Pearl Rd

      OFFICE BUILDING (MULTI-STORY)
      6300 Pearl Rd, Parma Heights, OH 44130-3041
      View Details

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      Office Space For Rent

      Office space for rent with ample parking and frontage.
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      Bagley Road Commercial Redevelopment Opportunity

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      Renovated Office Building with Amenities

      Recently renovated office building with fitness center, pool, and more.
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      Flexible Office Space in Parma

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      Office Space Near Airport

      Office space for rent with great airport access.
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      5,931 SF

      Medical Office Space Available

      5,931 SF medical office with 11 exam rooms.
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      500 SF

      Middleburg Heights Office Suite For Rent

      500 SF office suite in Middleburg Heights, Ohio.
      7017 Pearl Rd, Middleburg Heights, OH 44130
      View Details
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    Parma Heights, OH 44130-3821
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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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