Add Listing
    For Sale
    • 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

    307 Skyline Drive Elyria, OH 44035

    View on Map
    For Sale
    $79,900

    LAND - Elyria, OH

    Lot size:
    4.08 Acres
    Added:
    Sep 26, 2025
    Days on Market:
    188
    Last Refresh:
    Apr 1 at 5:06 pm

    Property Features for 307 Skyline Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    06-24-006-000-061
    Lot size
    4.08 Acres

    Taxes and HOA fees

    TaxYear
    2024
    TaxDescription
    HORIZON SUB 1 74.41 X 204.55
    TaxAnnualAmount
    1683

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    We can help!

    Listing Contact
    Andrea Neal
    Andrea Neal

    Listing agent Andrea Neal License #2004002356

    Listing office Russell Real Estate Services 201 N Leavitt Road, Strongsville, OH

    Listing date Sep 26, 2025

    MLS# 5160100 Listing URL

    Copyright © 2026 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Residential Land in Horizon Subdivision

    Located in the desirable Horizon subdivision in Elyria, this property features premium lots suitable for building a custom dream home. The available parcels combine to create a lot spanning over 4 acres. The property is ready-to-build, with public water, sewer, electric, and gas available at the street. Located on a cul-de-sac, the property is part of the Horizon Development, which has already provided the necessary infrastructure to facilitate design and construction.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Building Supply Big Box & Wholesale Store Gym & Fitness Center Pharmacy Kitchen & Bath Showroom Storage Facility Garden Center Electrical Service Travel Agency

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Elyria
    County
    Lorain
    State
    Ohio
    Longitude
    -82.143278
    Latitude
    41.354397

    Nearby Similar for Sale

    • $198,900

      Elyria Commercial Corner Lot

      High-visibility corner lot in downtown Elyria with redevelopment potential.
      827 Middle Avenue, Elyria, OH 44035
      View Details
    • $209,000

      Mixed-Use Building on High-Traffic Corner

      Mixed-use building with income potential in high-traffic location.
      632 Cleveland Street, Elyria, OH 44035
      View Details
    • $169,900
      2,440 SF

      Elyria Duplex: Potential Investment Opportunity

      Side-by-side duplex in Elyria, Ohio, with income potential.
      508 Wood Street, Elyria, OH 44035
      View Details
    • $160,000
      3,220 SF

      Cash-Flowing Duplex in Elyria, OH

      Turnkey duplex generating $1,945/month with solid tenants.
      434 9th Street, Elyria, OH 44035
      View Details
    • $125,000
      1,680 SF

      Updated Duplex Near Medical Center

      Turnkey duplex in Elyria, near hospitals and commuter routes.
      338 17th Street, Elyria, OH 44035
      View Details
    • $129,000
      2,112 SF

      Turnkey Multifamily Investment Property

      Cash-flowing 3-unit property with long-term tenants and minimal maintenance.
      317 West Avenue, Elyria, OH 44035
      View Details
    • $675,000

      Free-Standing Vacant Burger King

      Vacant restaurant in a densely populated area near highway.
      827 Cleveland St, Elyria, OH 44035
      View Details
    • $450,000
      12,900 SF

      Flex Space with Storage Building

      9102 SF brick building plus 4000 SF storage building.
      220 Oberlin Road, Elyria, OH 44035
      View Details
    • $100,000

      Elyria Multifamily Property For Sale

      Multifamily property in Elyria, Ohio, tenant occupied, sold as-is.
      241 7th Street, Elyria, OH 44035
      View Details
    • $65,000

      Riverfront Land Parcel in Elyria

      1.99-acre riverfront parcel zoned R-TH, allows duplex construction.
      V/L E Avenue, Elyria, OH 44035
      View Details
    • $1,454,991
      6,600 SF

      Elyria Retail Investment Opportunity

      NNN leased retail property with attractive rental escalations for sale.
      914 Cleveland St, Elyria, OH
      View Details
    • $54,900

      Residential Land in Horizon Subdivision

      Premium lot for custom dream home in desirable Elyria neighborhood.
      Apollo Drive lot: 25, Elyria, OH 44035
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Premium lots for custom dream home in Elyria, Ohio.
    Where is this residential land & home lot located?
    The property is located at 307 Skyline Drive Elyria, OH.
    What is the asking price?
    The asking price for this property is $79,900.
    What are key features of this property?
    This property features: Over 4‑acre cul‑de‑sac lot provides ample space for a custom dream home.; Ready‑to‑build lot with essential utilities (public water, sewer, electric, and gas) available at the street.; Located in Horizon subdivision, a beautiful and desirable neighborhood in Elyria.
    (440) 315-0686
    We can help!
    Listing Contact
    Andrea Neal
    Andrea Neal
    Real Estate License ID: 2004002356
    Learn More
    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.
    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.
    Sign Up Successful!
    You now have access to more from Realmo!