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

    23460 Lorain Rd North Olmsted, OH 44070

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    2.25 AC outparcel for sale on high-traffic Lorain Road.

    Property size:
    2 SF
    Lot size:
    2 SF

    Property Features for 23460 Lorain Rd

    General Information

    Standard status
    Active
    Size
    2 SF

    We can help!

    Listing Contact
    Kevin Moss
    Kevin Moss
    Source: Cbre

    Listing Agency: CBRE | Cleveland Listing Agent: Kevin Moss

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

    Learn more

    Overview

    2.25 AC Outparcel on Lorain

    This 2.25-acre outparcel is available for sale on Lorain Road, benefiting from high traffic counts exceeding 30,000 vehicles per day at the intersection. The property features over 250 feet of frontage along Lorain Road. It is zoned B-3 General Business. The location is near Starbucks and across from a new Chipotle, minutes from the Great Northern Mall and Westgate retail corridors. The surrounding area is densely populated, with 70,395 residents and an average household income of $121,163 within a 3-mile radius.
    Location Intelligence

    Current Use by Public Records

    Firewood Unlimited, Inc. Big Box & Wholesale Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    North Olmsted
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.8816167
    Latitude
    41.434033

    Nearby Similar for Lease

    • $1,000 /Mo
      14,810 SF

      Prime Commercial Space on Lorain

      Versatile 1,000 SF space in high-traffic North Olmsted corridor.
      28821 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      Pending

      Former Restaurant in Retail Corridor

      5,620 SF former restaurant in high-traffic retail area.
      24941 Country Club Blvd, North Olmsted, OH 44070
      View Details
    • Contact for pricing

      North Olmsted Office Space Available

      Two office buildings for rent in North Olmsted, Ohio.
      25111 Country Club Blvd, North Olmsted, OH 44070
      View Details
    • $18 SF/Yr
      28,860 SF

      North Olmsted Office Space Available

      Office space for lease in North Olmsted, Ohio.
      24950 Country Club Blvd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      4,137 SF

      Medical/Retail Building on Lorain Road

      4,137 SF medical/retail building in high-traffic area.
      24025 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      1,970 SF

      Renovated Office Space Available

      Office property with renovated lobby and outdoor patio seating.
      25111-25249 Country Club Blvd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      24,254 SF

      Industrial Space with Highway Visibility

      Industrial space for lease with highway visibility, delivery October 2025.
      31369 Industrial Pkwy, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      42,000 SF

      North Olmsted Office Space Available

      Unfinished office space with design flexibility in North Olmsted.
      24646-25102 Brookpark Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      2,001 SF

      Renovated Office Space Available

      Iconic office property with renovated lobby and outdoor seating.
      25209-25249 Country Club Blvd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      32,000 SF

      North Olmsted Office Space Available

      Unfinished office space with private entrance in North Olmsted.
      24800 Brookpark Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      3,100 SF

      Industrial Building Near Major Highways

      42,715 SF industrial building with highway access and ample parking.
      6767-6775 Industrial Pkwy Rd, North Olmsted, OH
      View Details
    • Contact for pricing
      8,615 SF

      Retail Space Near Great Northern

      Retail space available in North Olmsted near Great Northern.
      26508-26518 Lorain Rd, North Olmsted, OH 44070
      View Details

    FAQs

    What type of property is this?
    Commercial land - 2.25 AC outparcel for sale on high-traffic Lorain Road.
    Where is this commercial land located?
    The property is located at 23460 Lorain Rd North Olmsted, OH.
    What are key features of this property?
    This property features: - High traffic counts: Over 30,000 vehicles per day.; - Located on Lorain Road with over 250’ frontage.; - Dense market: 70,395 people with an average household income of $121,163 within a 3-mile radius.
    (216) 577-1517
    Request Owner's contact information
    23460 Lorain Rd North Olmsted, OH 44070
    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.
    23460 Lorain Rd
    North Olmsted, OH 44070
    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
    23460 Lorain Rd North Olmsted, OH 44070
    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

    We can help!
    Listing Contact
    Kevin Moss
    Kevin Moss
    Real Estate License ID: SAL.2015001299
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!