Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    Colorado Ave Lorain, OH

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    6.83 acres of land with light industrial zoning.

    Type:LAND
    Lot size:
    6.83 Acres
    Added:
    Apr 11, 2025
    Days on Market:
    373
    Last Refresh:
    Apr 5 at 10:40 pm

    Property Features for Colorado Ave

    General Information

    Standard status
    Active
    Lot size
    6.83 Acres
    Property subtype
    LAND

    We can help!

    Listing Contact
    Christopher J. Hondlik

    Listing agent Christopher J. Hondlik

    Listing office Hanna Commercial Real Estate | Cleveland

    Listing date Apr 11, 2025

    Source Moodyscre

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Hanna Commercial Real Estate | Cleveland

    Overview

    6.83 Acres For Sale

    This 6.83-acre property is available for sale. It features light industrial zoning and potential commercial zoning. All utilities are available at the site. The property also presents the potential for billboard income.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Land

    Map

    City
    Lorain
    County
    Lorain
    State
    Ohio
    Longitude
    -82.171
    Latitude
    41.4722

    Nearby Similar for Sale

    • $799,900

      Retail Building on Six Acres

      Well-maintained retail building with expansion potential on six acres.
      420 N Ridge Road W, Lorain, OH 44053
      View Details
    • $83,900

      Commercial Property in High-Traffic Area

      Well-maintained commercial property with high visibility and convenient parking.
      5363 Oberlin Avenue, Lorain, OH 44053
      View Details
    • $325,000
      11,062 SF

      Downtown Lorain Mixed-Use Opportunity

      Revitalized downtown location suitable for culinary, retail, office, or mixed-use.
      422 Broadway Avenue, Lorain, OH 44052
      View Details
    • $249,900
      3,804 SF

      Lorain Multifamily Investment Opportunity

      Multifamily property with long-term tenants and below-market rents.
      1310 Lindenwood Drive, Lorain, OH 44053
      View Details
    • $160,000
      1,584 SF

      Remodeled Duplex with Income Potential

      Updated duplex with separate driveways and large backyard.
      1627 E 33rd Street, Lorain, OH 44055
      View Details
    • $155,000
      2,274 SF

      Income-Producing Duplex with Recent Updates

      Updated duplex in Lorain, OH, with strong rental income.
      508 W 23rd Street, Lorain, OH 44052
      View Details
    • $215,000
      2,224 SF

      Renovated Brick Duplex Opportunity

      Updated duplex with new systems, modern finishes, and income potential.
      2400 Oberlin Avenue, Lorain, OH 44052
      View Details
    • $159,900

      Updated Duplex Investment Opportunity

      Well-maintained duplex with significant updates, offering flexibility and value.
      1113 W 9th Street, Lorain, OH 44052
      View Details
    • $149,900

      Lorain Commercial Lot Near Downtown

      Commercial lot in Lorain, ready for redevelopment or adaptive reuse.
      1122 F Street, Lorain, OH 44052
      View Details
    • $105,000
      2,511 SF

      Lorain Multifamily Investment Opportunity

      Multifamily property with long-term tenants in a quiet location.
      510 E 25th Street, Lorain, OH 44055
      View Details
    • $55,000

      Vacant Land in Lorain, OH

      5+ acres of vacant land with frontage on Lowell Ave.
      19TH COURT, LORAIN, OH 44052
      View Details
    • $49,900
      1,980 SF

      Lorain Retail Space For Sale

      Retail space available in Lorain, Ohio.
      2353 Livingston, Lorain, OH 44052
      View Details

    FAQs

    What type of property is this?
    Land - 6.83 acres of land with light industrial zoning.
    Where is this land located?
    The property is located at Colorado Ave Lorain, OH.
    What is the asking price?
    The asking price for this property is $295,000.
    What are key features of this property?
    This property features: 6.83 Acres For Sale; All Utilities at Site; Light Industrial Zoning, with potential for commercial zoning
    (216) 861-7200 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Christopher J. Hondlik
    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!