Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    7007 Sprague Rd Independence, OH 44131-6569

    • Office buildings
    • 5,320 SF
    • 0.21 lot acres
    OFF-MARKET
    Value Estimations
    $310,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2755333
    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 7007 Sprague Rd

    Year built
    1942
    Lot size
    0.21 lot acres
    Property size
    5,320 SF
    Zone code
    U-1
    Property type
    Office buildings
    APN
    563-26-006
    APU
    56326006

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $310,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Independence
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.6344
    Latitude
    41.3516
    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
    $153
    $2,450
    $0.00
    $2,450
    -
    $7,000
    $0.00
    $7,000

    Comparable in this City

    • Value Estimation
      $985,000
      30,288 SF

      7325 Broadview Rd

      OFFICE BUILDING • 30,288 SF
      7325 Broadview Rd, Independence, OH 44131
      View Details
    • Value Estimation
      $1,580,000
      140,239 SF

      6450 Rockside Woods S Blvd

      OFFICE BUILDING • 140,239 SF
      6450 Rockside Woods S Blvd, Independence, OH 44131-2238
      View Details
    • Value Estimation
      $1,175,000
      307,703 SF

      6801 Brecksville Rd

      OFFICE BUILDING • 307,703 SF
      6801 Brecksville Rd, Independence, OH 44131-5032
      View Details
    • Value Estimation
      $325,000
      9,043 SF

      6683 Brecksville Rd

      OFFICE BUILDING • 9,043 SF
      6683 Brecksville Rd, Independence, OH 44131
      View Details
    • Value Estimation
      $1,595,000
      8,032 SF

      1200 Vly Belt Rd

      OFFICE BUILDING • 8,032 SF
      1200 Vly Belt Rd, Brooklyn Heights, OH 44131-1437
      View Details
    • Value Estimation
      $420,000
      2,040 SF

      4746 Spg Rd

      OFFICE BUILDING • 2,040 SF
      4746 Spg Rd, Brooklyn Heights, OH 44131-1027
      View Details

    Similar Nearby for Sale

    • $2,500,000
      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
    • $3,250,000
      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
    • $260,000
      3.31 Acres

      Vacant Land in Independence, Ohio

      3.31 acre vacant lot to build your dream home.
      Brecksville Rd, Independence, OH 44131
      View Details
    • $59,000
      0.33 Acres

      Buildable Lot in Seven Hills

      0.33 acre lot in mature neighborhood with utilities access.
      Vl Laura Lee Ln, Seven Hills, 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
    • $3,000,000

      Development Opportunity Near I-77

      3.2 acres of land suitable for retail or office development.
      Rockside Woods Blvd N, Independence, OH 44131
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
      4,653 SF

      Four-Story Office Building Available

      Two four-story office buildings with fitness center and ample parking.
      6155 Rockside Rd, Independence, OH 44131
      View Details
    • $14 SF/Yr
      2,775 SF

      Independence Office Building For Lease

      Nine-story office building with updated common areas and ample parking.
      5755 Granger Rd, Independence, OH 44131
      View Details
    • Contact for pricing
      134,000 SF

      Premier Suburban Office Building

      Class A office building in Independence, Ohio.
      6055 Rockside Woods Blvd, Independence, OH 44131
      View Details
    • Contact for pricing
      19,088 SF

      New Class A Office Building

      Newly constructed Class A office building with modern amenities.
      5959 Rockside Woods Blvd N, Independence, OH 44131
      View Details
    • 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
      4,293 SF

      Flex Space with Office Component

      Sublease space featuring drive-in bay, loading dock, and office.
      210 Hayes Dr, Brooklyn Heights, OH 44131
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    7007 Sprague Rd
    Independence, OH 44131-6569
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.