23660 Miles RdBedford Heights, OH 44128

Property Details for 23660 Miles Rd

Year built

1971

Construction

TYPE NOT SPECIFIED

Lot size

0.77 AC

Property size (Sq ft)

13,898 SF

Zone code

I

Property type

Office buildings

APN

791-07-001

APU

79107001

Description

This exceptional investment opportunity presents a 23,469-square-foot multi-tenant warehouse located at 23660 Miles Road in Bedford Heights, Ohio, within Cuyahoga County, zip code 44128. The property, built in 1971, is currently listed at $1,030,000, translating to a price per square foot of $51. All tenants are on leases expiring at the end of 2024, many with a significant history of occupancy. This presents a compelling acquisition opportunity well below current replacement costs. The property boasts significant recent improvements: the front roof features a brand-new TPO roof complete with a warranty, while the back roof, installed in 2007, still benefits from a remaining portion of its 20-year warranty. Strategically positioned less than half a mile from the intersection of Interstates 480 and 271, this warehouse enjoys excellent access to major transportation arteries, enhancing its logistical appeal and potential for future growth. This is a rare chance to acquire a well-maintained, strategically located industrial property with strong tenant occupancy and significant upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $2,500,249

  6.5%

  $2,307,922

  7%

  $2,143,071

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,300,019

  Geo Method

  $1,300,019

• Alternative Use

  Use

  Valuation

  Residential

  $2,861,824

  Hospitality

  $2,621,415

  Educational

  $2,180,986

  Medical

  $2,255,994

  Retail

  $3,392,646

Location Insight

City

Bedford Heights

County

Cuyahoga

State

Ohio

Latitude

41.4239

Longitude

-81.512

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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