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

    7728 Commerce Park Oval Independence, OH 44131-2306

    • Manufacturing properties
    • 32,870 SF
    • 1.74 lot acres
    OFF-MARKET
    Value Estimations
    $750,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1318991
    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

    • Manufacturing properties

    Property Details for 7728 Commerce Park Oval

    Year built
    1969
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.74 lot acres
    Property size
    32,870 SF
    Zone code
    U-6
    Property type
    Manufacturing properties
    APN
    561-16-010
    APU
    56116010

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $590,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $904,000
      Market price range: $519k - $1.37M

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

    Location Insight

    • Map
    • Local Demand
    City
    Independence
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.6331
    Latitude
    41.3961
    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
    $26,650
    $47,010
    $378,700
    $425,710
    -
    $134,300
    $1,082,000
    $1,216,300

    Comparable in this City

    • Value Estimation
      $430,000
      37.77 Acres

      8001 Pleasant Vly Rd

      MANUFACTURING (LIGHT) • 37.77 Acres
      8001 Pleasant Vly Rd, Independence, OH 44131-5526
      View Details
    • Value Estimation
      $190,000
      0.62 Acres

      Commerce Park Oval

      MANUFACTURING (LIGHT) • 0.62 Acres
      Commerce Park Oval, Independence, OH 44131
      View Details
    • Value Estimation
      $165,000
      2,704 SF

      4869 Van Epps Rd

      MANUFACTURING (LIGHT) • 2,704 SF
      4869 Van Epps Rd, Brooklyn Heights, OH 44131-1015
      View Details
    • Value Estimation
      $355,000
      11,040 SF

      7717 Commerce Park Oval

      MANUFACTURING (LIGHT) • 11,040 SF
      7717 Commerce Park Oval, Independence, OH 44131-2305
      View Details
    • Value Estimation
      $385,000
      6,224 SF

      1300 Granger Rd

      MANUFACTURING (LIGHT) • 6,224 SF
      1300 Granger Rd, Brooklyn Heights, OH 44131-1206
      View Details
    • Value Estimation
      $540,000
      36,000 SF

      5405 Vly Belt Rd

      MANUFACTURING (LIGHT) • 36,000 SF
      5405 Vly Belt Rd, Brooklyn Heights, OH 44131-1452
      View Details

    Similar Nearby for Sale

    • $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
    • $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
    • $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
    • $800,000
      4.88 Acres

      Prime Independence Commercial Land

      4.88 Acres, U5 Zoning, $800,000
      0 Acorn Dr, Independence, OH 44131
      View Details
    • $240,000
      3.13 Acres

      Land For Sale Independence, OH

      3.13 acre land parcel available in Independence, Ohio.
      Brecksville Rd, Independence, OH 44131
      View Details

    Similar Nearby for Lease

    • $4 SF/Yr
      61,980 SF

      Manufacturing/Distribution Space with Highway Access

      61,980 SF manufacturing/distribution space with great highway access.
      12201 Elmwood Ave, Cleveland, OH 44131
      View Details
    • $6 SF/Yr
      16,650 SF

      Modern Industrial Space For Lease

      Modern industrial facility with high ceilings and convenient highway access.
      240 Tuxedo Ave, Brooklyn Heights, 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
    • $10 SF/Yr
      12,750 SF

      Industrial Flex Space For Rent

      Centrally located industrial flex space with excellent highway access.
      6599 Granger Rd, Independence, OH 44131
      View Details
    • $18 SF/Yr
      4,850 SF

      Industrial Property with Fenced Yard

      Centrally located industrial property with excellent access and outside storage.
      5502 Schaaf Rd, Independence, OH 44131
      View Details
    • Contact for pricing
      7,078 SF

      Brooklyn Heights Warehouse Space Available

      7,078 SF warehouse with office space near I-480.
      100 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.
    7728 Commerce Park Oval
    Independence, OH 44131-2306
    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.