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    7530 Lucerne Dr Middleburg Heights, OH 44130
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    Property profile & analytics

    7530 Lucerne Dr Middleburg Heights, OH 44130

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    • Office buildings
    • 55,236 SF
    • 23.68 lot acres
    For Lease
    $5,620,000
    View Listing →
    Renovated Office Building with Amenities For Lease
    $5,620,000

    Renovated Office Building with Amenities

    Recently renovated office building with executive conference room and fitness center.

    7530 Lucerne Dr, Middleburg Heights, OH 44130
    View Listing
    Property ID
    US66-2070900
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office buildings

    Property Details for 7530 Lucerne Dr

    Year built
    1978
    Construction
    TYPE NOT SPECIFIED
    Lot size
    23.68 lot acres
    Property size
    55,236 SF
    Zone code
    OB
    Property type
    Office buildings
    APN
    374-15-001
    APU
    37415001

    Description

    Islander II, a four-story, 48,631 square foot office building located at 7530 Lucerne Dr, Middleburg Heights, OH 44130 (cross street: Pearl Road), offers a blend of traditional and creative office spaces. Built in 1978 and extensively renovated in 2023, this Cuyahoga County property boasts multiple tenancy options with a minimum divisible space of 1,881 square feet and larger suites available up to 6,541 square feet. Recent upgrades include completely remodeled lobbies and tenant corridors, reflecting a significant investment by ownership. The building provides exceptional amenities for tenants, including a newly renovated executive conference room, a fully equipped fitness center, a refreshing swimming pool, and tennis courts. A large meeting room with a capacity of up to 50 people is also available. On-site management and engineering teams ensure smooth operations and responsive maintenance. This well-located property presents a compelling opportunity for businesses seeking modern, amenity-rich office space in a desirable location. Six spaces are currently available.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $6,501,000
      Market price range: $2.42M - $10.9M

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

    Location Insight

    • Map
    • Local Demand
    City
    Middleburg Heights
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.8157
    Latitude
    41.3553
    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
    $147,268
    $1,273,130
    $433,480
    $1,706,610
    -
    $3,637,500
    $1,238,500
    $4,876,000

    Comparable in this City

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      8,400 SF

      12800 Corporate Dr

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      12800 Corporate Dr, Parma, OH 44130-9311
      View Details
    • Value Estimation
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      41,546 SF

      7017 Engle Rd

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      7017 Engle Rd, Middleburg Heights, OH 44130
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    • Value Estimation
      $7,420,000
      68,744 SF

      6908 Engle Rd

      OFFICE BUILDING • 68,744 SF
      6908 Engle Rd, Middleburg Heights, OH 44130-3459
      View Details
    • Value Estimation
      $2,300,000
      18,456 SF

      7300 Engle Rd

      OFFICE BUILDING • 18,456 SF
      7300 Engle Rd, Middleburg Heights, OH 44130-3429
      View Details

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      Office Building with 8,453 SqFt

      Office building available for sale, totaling 8,453 square feet.
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      8,453 SF

      Bagley Road Commercial Redevelopment Opportunity

      High-visibility commercial property with redevelopment potential in Middleburg Heights.
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    • $400,000

      Prime Commercial Land Opportunity

      3+ acres of land suitable for retail, restaurant, office.
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      2,089 SF

      New Popeyes Restaurant For Sale

      New Popeyes with 20-year NNN lease in Middleburg Heights.
      17505 Bagley Rd, Middleburg Heights, OH 44130
      View Details
    • $1,350,000
      3.15 Acres

      Bagley Road Redevelopment Opportunity

      High-visibility commercial site with redevelopment potential in Middleburg Heights.
      18820 Bagley Rd, Middleburg Heights, OH 44130
      View Details

    Similar Nearby for Lease

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      12,000 SF

      Freestanding Office Building For Rent

      12,000 SF office building with private offices and parking.
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      Renovated Office Building with Amenities

      Recently renovated office building with fitness center, pool, and more.
      7550 Lucerne Dr, Middleburg Heights, OH 44130
      View Details
    • Contact for pricing

      Renovated Office Building with Amenities

      Recently renovated office building with executive conference room and fitness center.
      7530 Lucerne Dr, Middleburg Heights, OH 44130
      View Details
    • Contact for pricing

      Flexible Office and Warehouse Space

      Adaptable spaces near Cleveland Hopkins Airport, I-71, and I-480.
      6745 Engle Rd, Middleburg Heights, OH 44130
      View Details
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      10,000 SF

      Middleburg Heights Office Space

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      2,500 SF

      Medical/Office Complex Near Hospital

      Single-story complex near Southwest General Hospital with prominent co-tenants.
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      View Details
    View Listing
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    Middleburg Heights, OH 44130
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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.

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