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    Property profile & analytics

    6785 Wallings Rd North Royalton, OH 44133

    • Office buildings
    • 9,949 SF
    • 0.88 lot acres
    For Lease
    View listing
    $11 SF/Yr
    Last Sale
    Jul 27, 2023
    Value Estimations
    $670,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2612039
    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

    • Office buildings

    Property Details for 6785 Wallings Rd

    Year built
    1951
    Construction
    WOOD
    Lot size
    0.88 lot acres
    Property size
    9,949 SF
    Zone code
    OB
    Property type
    Office buildings
    APN
    488-01-002
    APU
    48801002

    Description

    This North Royalton, Ohio property, located at 6785 Wallings Rd, offers two executive office suites for lease. Situated on a 0.99-acre lot, the single-story, Class B building was constructed in 1951 and renovated in 1997. The property features ample parking with 41 spaces available. Two suites are currently available: Suite 3-F, a 640 square foot, second-floor suite boasting two offices with natural light, a reception area, and a private restroom

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $415,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $814,000
      Market price range: $695k - $2.92M
      AI Estimate
      $780,000
      Market price range: $781k - $2.34M

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

    Location Insight

    • Map
    • Local Demand
    City
    North Royalton
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.7353
    Latitude
    41.3244
    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
    $20,313
    $67,270
    $211,860
    $279,130
    -
    $192,200
    $605,300
    $797,500

    Comparable in this City

    • Value Estimation by Request
      6,000 SF

      10100 Royalton Rd

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    • Value Estimation by Request
      1,250 SF

      13948 Progress Pkwy

      OFFICE BUILDING • 1,250 SF
      13948 Progress Pkwy, North Royalton, OH 44133-4305
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    • Value Estimation by Request
      1,428 SF

      9903 Royalton Rd

      OFFICE BUILDING • 1,428 SF
      9903 Royalton Rd, North Royalton, OH 44133-4422
      View Details
    • Value Estimation by Request
      3,676 SF

      12333 Rdg Rd

      OFFICE BUILDING • 3,676 SF
      12333 Rdg Rd, North Royalton, OH 44133-3766
      View Details
    • Value Estimation
      $965,000
      13,920 SF

      14574 Rdg Rd

      OFFICE BUILDING • 13,920 SF
      14574 Rdg Rd, North Royalton, OH 44133-4940
      View Details
    • Value Estimation
      $675,000
      4,730 SF

      8888 Rdg Rd

      OFFICE BUILDING • 4,730 SF
      8888 Rdg Rd, North Royalton, OH 44133-1864
      View Details

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    Similar Nearby for Lease

    • $13 SF/Yr
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      North Royalton Office Space for Lease

      Prime Office & Retail Space Available
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      View Details
    • $850 /Mo
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      Office space with private kitchen, conference room, and multiple offices.
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    • $11 SF/Yr
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      North Royalton Executive Office Suites

      Prime location, two suites available.
      6785 Wallings Rd, North Royalton, OH 44133
      View Details
    • $9 SF/Yr
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      North Royalton Industrial Space For Lease

      Functional industrial space for lease, ideal for contractors and distributors.
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    • $1,200 /Mo
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      North Royalton Retail Space Available

      Prime retail space in high-traffic North Royalton location.
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      View Details
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    6785 Wallings Rd
    North Royalton, OH 44133
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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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