Retail Outlot with Signal
For Sale
Contact for pricing
27048 Lorain Rd, North Olmsted, OH 44070
Corner outlot with about 165 feet of frontage on Lorain Road, offering full access to both Lorain and Dover Center.
Property Size4,000 SF
Lot Size0.70 Acres
Price / SF$175
Days on Market740
Property Features for 27048 Lorain Rd
General Information
Standard status
Active
Size
4,000 SF
Lot size
0.70 Acres
Property subtype
LAND
Site & Location
Traffic Count
34,726 vehicles/day
Road Access
Yes
Listing Agency:
CBRE | Cleveland
(216) 687-1800
Listed By:
Joseph Khouri · License #2008000837
(216) 658-6120
Source:
Moodyscre
Added: Oct 14, 2024
Changed: Oct 11
Last Checked: Oct 20 at 10:58PM
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 CBRE | Cleveland
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Investment Insights
Based on property information with market context.
This is a premier retail outlot opportunity along Lorain Road in North Olmsted, with a traffic signal at the main entrance. The site offers the flexibility for a build-to-suit lease structure and is also presented for sale as approximately 0.70 acres or as a ground lease. Visibility is supported by direct street frontage and corner access.
The property is located on Lorain Road at the intersection with Dover Center Road, with traffic counts cited as 34,726 vehicles per day at the corner of Dover Center Road and Lorain Road. The site is positioned next to new Starbucks and Swensons and has full access to both Lorain Road and Dover Center Road.
The listing notes approximately 165 feet of frontage along Lorain Road. A super regional trade area is referenced, with nearby Great Northern Mall anchored by Dillard’s, Macy’s, Dick’s Sporting Goods, and Home Depot. The surrounding demographics cited include dense population and daytime population within a five-mile radius, along with an average household income of $99,511 within a five-mile radius.
The property is located on Lorain Road at the intersection with Dover Center Road, with traffic counts cited as 34,726 vehicles per day at the corner of Dover Center Road and Lorain Road. The site is positioned next to new Starbucks and Swensons and has full access to both Lorain Road and Dover Center Road.
The listing notes approximately 165 feet of frontage along Lorain Road. A super regional trade area is referenced, with nearby Great Northern Mall anchored by Dillard’s, Macy’s, Dick’s Sporting Goods, and Home Depot. The surrounding demographics cited include dense population and daytime population within a five-mile radius, along with an average household income of $99,511 within a five-mile radius.
Key Highlights
- Corner outlot with approx. 165' frontage on Lorain Rd, offering full access to both Lorain Rd and Dover Center Rd
- Traffic signal at the main entrance and traffic counts of 34,726 VPD at the corner of Dover Center Rd & Lorain Rd
- 4,000 SF available for lease as build‑to‑suit, or approx. 0.70 acres for sale or ground lease
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,220
Cap Rate
5.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$764,400
$764.4K
Cap Rate 7%
$546,000
$546.0K
Cap Rate 9%
$424,667
$424.7K
Market Conditions
NOI Build-Up for 4,000 SF
Gross rent
$60.0K $15.00/SF
− Vacancy
−$5.4K −$1.35/SF
EGI
$54.6K $13.65/SF
− OpEx
−$16.4K −$4.10/SF
NOI
$38.2K $9.56/SF
Area
Cuyahoga County, OH
Vacancy
9.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$764,400
Cap Rate 7%
$546,000
Cap Rate 9%
$424,667
Alternative Uses
Best Use
Retail
$546.0K
$477.8K – $637.0K
NOI $38,220 @ 7.0% cap · market cap 5.46%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.20M
$2.80M – $3.74M
NOI $224,348 @ 7.0% cap · market cap 32.05%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
34,726 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
633
Businesses Nearby
Explore this area
Business Placement
Demographics for 44070, OH
32,442
Population
13,953
Households
2.3
Avg Household Size
44
Median Age
33%
College-Educated
95%
High-School Grad
11.7 sq mi
ZIP Area
2,773
Density / Sq Mi
$85,435
Median Household Income
$49,900
Median Earnings
$1,092
Median Rent
$202,400
Median Home Value
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Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Commercial land - Corner outlot with about 165 feet of frontage on Lorain Road, offering full access to both Lorain and Dover Center.
Where is this commercial land located?
The property is located at 27048 Lorain Rd North Olmsted, OH.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Corner outlot with approx. 165' frontage on Lorain Rd, offering full access to both Lorain Rd and Dover Center Rd; Traffic signal at the main entrance and traffic counts of 34,726 VPD at the corner of Dover Center Rd & Lorain Rd; 4,000 SF available for lease as build‑to‑suit, or approx. 0.70 acres for sale or ground lease
