7230 Engle RdMiddleburg Heights, OH 44130

Property Details for 7230 Engle Rd

Year built

1975

Construction

TYPE NOT SPECIFIED

Lot size

6.98 AC

Property size (Sq ft)

152,588 SF

Zone code

MS

Property type

Hotels

APN

373-03-007

APU

37303007

Description

This exceptional 238-key Crowne Plaza hotel, situated at 7230 Engle Rd, Middleburg Heights, OH 44130, presents a compelling investment opportunity. Boasting 172,450 square feet across five floors in a single building, this fee-simple property sits on a 6.98-acre lot and benefits from a permitted MS zoning designation. Built in 1978 and extensively renovated in 2008, 2016, 2018, and 2023, the hotel offers modernized rooms and suites, upgraded amenities, and a strong operational performance. Key features include an on-site restaurant and bar (Tavolo 72), a state-of-the-art fitness center, an indoor pool, and over 16,000 square feet of meeting and event space. Its strategic location less than 3 miles from Cleveland Hopkins International Airport and convenient access to Interstate 71 ensures high demand from business and leisure travelers. The property's proximity to major employers like NASA Glenn Research Center, University Hospitals Parma Medical Center, and General Motors Metal Fabrication Division further strengthens its market position. The hotel currently enjoys a 53% occupancy rate, generating a Net Operating Income (NOI) of $1,720,456 and an 11.87% cap rate. The asking price is $14,500,000, translating to $84.08 per square foot. This investment offers a blend of immediate returns and significant long-term growth potential, enhanced by its affiliation with the globally recognized Crowne Plaza brand and IHG's marketing and loyalty programs. The property's robust operational performance, diverse revenue streams, and experienced management team contribute to its financial stability. This is a 1031 exchange eligible property.

• CAP approach

  CAP return

  Valuation

  6%

  $31,179,272

  6.5%

  $28,780,866

  7%

  $26,725,090

• Comparable approach

  Method

  Valuation

  Relative Method

  $33,541,742

  Geo Method

  $33,541,742

• Alternative Use

  Use

  Valuation

  Residential

  $31,420,344

  Hospitality

  $28,780,866

  Educational

  $23,945,342

  Medical

  $24,768,860

  Retail

  $37,248,312

Location Insight

City

Middleburg Heights

County

Cuyahoga

State

Ohio

Latitude

41.3698

Longitude

-81.8257

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].