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    7498 Broadview Rd Parma, OH 44134-5718
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    Property profile & analytics

    7498 Broadview Rd, Parma, OH 44134-5718

    View on Map
    • Grocery and convenience stores
    • 3,030 SF
    • 0.41 lot acres
    Off-Market
    Last Sale Feb 6, 2023
    $1,988,183
    Property ID
    US66-6112381
    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
    $1,910,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Grocery and convenience stores

    Property Details for 7498 Broadview Rd

    Year built
    2002
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.41 lot acres
    Zone code
    RB
    Property type
    Grocery and convenience stores
    APN
    452-34-011
    APU
    45234011

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Feb 6, 2023 $1,988,183 Garson C Soe Cole Ck Portfolio II LLC Limited Warranty Deed —
    Jan 7, 2008 $1,255,469 Cole Ck Portfolio II LLC Macs Convenience Stores LLC Grant Deed $8.3M · Wells Fargo Bank
    Oct 5, 2006 $1,056,000 Macs Convenience Stores LLC Holland Oil Grant Deed —
    — — Spirit Ck Portfolio II LLC — Loan Modification · related $7.6M · Wells Fargo Bank
    — — Spirit Ck Portfolio II LLC — Loan Modification · related $8.3M · Wells Fargo Bank

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,855,000
      ML approach
      $1,800,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Parma
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.685
    Latitude
    41.3618
    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
    $25,720
    $115,990
    $192,960
    $308,950
    -
    $331,400
    $551,300
    $882,700

    Comparable in this City

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      0.11 Acres

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    • Value Estimation
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      1,989 SF

      7411 State Rd

      CONVENIENCE STORE
      7411 State Rd, Parma, OH 44134-5884
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    • Value Estimation by Request
      1,980 SF

      6138 Broadview Rd

      CONVENIENCE STORE
      6138 Broadview Rd, Parma, OH 44134-3111
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    • Value Estimation by Request
      1,211 SF

      2402 Brookpark Rd

      CONVENIENCE STORE
      2402 Brookpark Rd, Cleveland, OH 44134-1405
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    • Value Estimation
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      60,070 SF

      1765 Snow Rd, Unit 2075

      GROCERY, SUPERMARKET
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      View Details
    • Value Estimation by Request
      480 SF

      3500 Brookpark Rd

      CONVENIENCE STORE
      3500 Brookpark Rd, Cleveland, OH 44134-1118
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      10,000 SF

      Freestanding Three-Story Retail Building

      10,000 SF retail building on 1.3 to 3.2 acres.
      7892 Broadview Rd, Parma, OH 44134
      View Details
    • $210,000
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      Mixed-Use Property in Parma, OH

      Mixed-use property with commercial and residential income potential.
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    • Contact for pricing

      Broadview Road Commercial Land Available

      Commercial land available on Broadview Road in Parma, Ohio.
      6338 Broadview Rd, Parma, OH 44134
      View Details
    • $439,000
      10,800 SF

      Two-Story Commercial Investment Property

      Two-story commercial property with high visibility and income potential.
      2221 Brookpark Rd, Parma, OH 44134
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    • $35,000
      0.33 Acres

      Residential Land in Parma, Ohio

      Land available for building a home near highways and amenities.
      Vl Grantwood Dr, Parma, OH 44134
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    • $350,000
      Pending

      Parma Duplex: Investment Opportunity

      Newer duplex with renovated units and strong investment potential.
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    Similar Nearby for Lease

    • Contact for pricing
      2,250 SF

      Retail Spaces in Community Center

      Retail spaces available in established Parma community center.
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      View Details
    • Contact for pricing
      4,000 SF

      Retail Space in Parma, Ohio

      Retail space available in Parma, anchored by Giant Eagle.
      1825-2005 Snow Rd, Parma, OH 44134
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    • Contact for pricing
      6,160 SF

      Freestanding Building in Parma, OH

      Highly visible 6,160 SF building for lease in Parma.
      2503 Brookpark Rd, Parma, OH 44134
      View Details
    • Contact for pricing
      3,326 SF

      Retail Space in Parma, Ohio

      Retail space available in high-traffic Parma location.
      2200 Snow Rd, Parma, OH 44134
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    • Contact for pricing
      3,500 SF

      Retail Space in Parma Plaza

      Retail space available in a busy Parma shopping center.
      7381-7399 State Rd, Parma, OH 44134
      View Details
    • Contact for pricing
      1,320 SF

      Retail Space on Broadview Road

      Retail space available in Parma, Ohio shopping plaza.
      7862-7890 Broadview Rd, Parma, OH 44134
      View Details
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    Parma, OH 44134-5718
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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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