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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    7708 Commerce Park Oval Independence, OH 44131-2306

    • Office buildings
    • 3,710 SF
    • 0.84 lot acres
    OFF-MARKET
    Value Estimations
    $595,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2369551
    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 7708 Commerce Park Oval

    Year built
    1965
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.84 lot acres
    Property size
    3,710 SF
    Zone code
    U-6
    Property type
    Office buildings
    APN
    561-16-009
    APU
    56116009

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $900,000
      6.5%
      $830,000
      7%
      $770,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $376,000
      Market price range: $113k - $745k

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

    Location Insight

    • Map
    • Local Demand
    City
    Independence
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.6338
    Latitude
    41.3959
    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
    $9,452
    $22,750
    $128,240
    $150,990
    -
    $65,000
    $366,400
    $431,400

    Comparable in this City

    • Value Estimation by Request
      0.19 Acres

      712 Nn St

      OFFICE BUILDING • 0.19 Acres
      712 Nn St, Brooklyn Heights, OH 44131-1145
      View Details
    • Value Estimation
      $37,800,000
      302,734 SF

      5005 Rockside Rd

      OFFICE BUILDING • 302,734 SF
      5005 Rockside Rd, Independence, OH 44131-2194
      View Details
    • Value Estimation
      $16,530,000
      150,661 SF

      6000 Lombardo Ctr

      OFFICE BUILDING • 150,661 SF
      6000 Lombardo Ctr, Seven Hills, OH 44131-2579
      View Details
    • Value Estimation
      $2,075,000
      9,694 SF

      7300 Pleasant Vly Rd

      OFFICE BUILDING • 9,694 SF
      7300 Pleasant Vly Rd, Independence, OH 44131-5540
      View Details
    • Value Estimation
      $1,350,000
      4,320 SF

      5667 Schaaf Rd

      OFFICE BUILDING • 4,320 SF
      5667 Schaaf Rd, Independence, OH 44131-1305
      View Details
    • Value Estimation
      $950,000
      6,000 SF

      7819 Broadview Rd

      OFFICE BUILDING • 6,000 SF
      7819 Broadview Rd, Seven Hills, OH 44131-6146
      View Details

    Similar Nearby for Sale

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      Renovated Office Building Near I-77

      Office building with recent renovations, parking, and highway access.
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    • $800,000
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      Prime Independence Commercial Land

      4.88 Acres, U5 Zoning, $800,000
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      Land For Sale Independence, OH

      3.13 acre land parcel available in Independence, Ohio.
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    • $179,000
      Pending

      Residential Lot in Independence, OH

      Ready-to-build residential lot in a desirable suburban location.
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    • $260,000
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      Vacant Land in Independence, Ohio

      3.31 acre vacant lot to build your dream home.
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    • $3,250,000
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      65,000 SF Industrial Building

      65,000 SF industrial building on 4.093 AC available.
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    Similar Nearby for Lease

    • Contact for pricing
      134,000 SF

      Premier Suburban Office Building

      Class A office building in Independence, Ohio.
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      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
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    • $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
    • $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
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    • Contact for pricing
      3,252 SF

      Independence Medical Office Building

      Prime Medical Office Space For Lease
      4801 Acorn Dr, Independence, OH 44131
      View Details
    • Contact for pricing
      79,998 SF

      Keynote Circle Executive Suites

      Cuyahoga County Office Space Available
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      View Details
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    7708 Commerce Park Oval
    Independence, OH 44131-2306
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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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