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    Tower City Cleveland, OH 44134
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    Property profile & analytics

    Tower City, Cleveland, OH 44134

    View on Map
    • Super regional malls
    • 11,688 SF
    • 0.27 lot acres
    Off-Market
    Last Sale Aug 6, 2024
    $15,600,000
    Property ID
    US66-3947719
    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
    $15,600,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Super regional malls

    Property Details for Tower City

    Year built
    1928
    Lot size
    0.27 lot acres
    Property type
    Super regional malls
    Property subtype
    Shopping centers
    APN
    101-23-072F
    APU
    10123072F

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Aug 9, 2024 — City Of Cleveland Raisin Industries LLC Re-recorded Document · related —
    Aug 6, 2024 — Skyline Property Partners LLC City Of Cleveland Quit Claim Deed · related —
    Aug 5, 2024 — City Of Cleveland Sapphire Acquisitions LLC Quit Claim Deed · related —
    Mar 23, 2016 $15,600,000 Raisin Industries LLC Tower City Avenue LLC Warranty Deed —

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $15,600,000
      ML approach
      $15,600,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.6921
    Latitude
    41.4974
    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
    $598
    $3,500
    $2,490
    $5,990
    -
    $10,000
    $7,100
    $17,100

    Comparable in this City

    • Value Estimation by Request
      10,600 SF

      1120 Pleasant Vly Rd

      SHOPPING CENTER, STRIP CENTER
      1120 Pleasant Vly Rd, Parma, OH 44134-6711
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    • Value Estimation
      $700,000
      8,000 SF

      7560 Broadview Rd, Unit 90

      SHOPPING CENTER, STRIP CENTER
      7560 Broadview Rd, Parma, OH 44134-6701
      View Details
    • Value Estimation by Request
      0.11 Acres

      6162 Broadview Rd

      SHOPPING CENTER, STRIP CENTER
      6162 Broadview Rd, Parma, OH 44134-3167
      View Details
    • Value Estimation by Request
      0.14 Acres

      Broadview Rd

      SHOPPING CENTER, STRIP CENTER
      Broadview Rd, Parma, OH 44134
      View Details
    • Value Estimation
      $1,100,000
      32,186 SF

      7381 State Rd, Unit 7399

      SHOPPING CENTER, STRIP CENTER
      7381 State Rd, Parma, OH 44134-4905
      View Details
    • Value Estimation by Request
      0.17 Acres

      64th E Dr

      SHOPPING CENTER, STRIP CENTER
      64th E Dr, Cleveland, OH 44134
      View Details

    Similar Nearby for Sale

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      10,000 SF

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      Broadview Road Commercial Land Available

      Commercial land available on Broadview Road in Parma, Ohio.
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      Mixed-Use Property in Parma, OH

      Mixed-use property with commercial and residential income potential.
      5432 State Rd, Parma, OH 44134
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    • $35,000
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      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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      Parma Duplex: Investment Opportunity

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    Similar Nearby for Lease

    • Contact for pricing
      2,400 SF

      Retail Space in High-Traffic Area

      Neighborhood shopping center with high visibility and traffic counts.
      7450-7490 Broadview Rd, Cleveland, OH 44134
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      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
    • Contact for pricing
      41,694 SF

      7450-7490 Broadview Rd

      Lifestyle centers
      7450-7490 Broadview Rd, Parma, OH 44134
      View Details
    • Contact for pricing
      2,250 SF

      Retail Spaces in Community Center

      Retail spaces available in established Parma community center.
      7542-1225 Pleasant Valley Rd, Parma, OH 44134
      View Details
    • Contact for pricing
      1,917 SF

      Retail Space in Parma, Ohio

      Retail space available in a shopping center in Parma, Ohio.
      5669-5739 Broadview Rd, Parma, OH 44134
      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
      View Details
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    Cleveland, OH 44134
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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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