Four-Bay Automotive
For Sale
$500,000
41825 N Ridge Road, Elyria, OH 44035
GB-zoned property with a customer lobby, private office, spray booth, and concrete parking lot.
Property Size2,500 SF
Price / SF$200
Days on Market519
Property Features for 41825 N Ridge Road
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Commercial/Industrial
Zoning
GB
Site & Location
Highway Access
Yes
Road Access
Yes
Outdoor Storage
Yes
Additional Details
Service Bays
4
Taxes and HOA fees
Annual Taxes
$7,750
Amenities
spray booth
exhaust system
ADA compliant bathrooms
air conditioned lobby
reception counter
private office
Building Details
Year Built
2002
Buildings
1
Listing Agency:
Russell Real Estate Services
(440) 225-8449
Listed By:
Chad Schneider · License #2003013268
(440) 225-8449
Source:
Exitrealty
Added: Mar 30, 2025
Changed: Aug 30
Last Checked: Aug 30 at 2:01AM
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 Russell Real Estate Services
Investment Insights
Based on property information with market context.
Built in 2002, this automotive shop contains approximately 2500+ sq ft with four garage bays and ceiling height of about 12+ft. The facility includes a spray booth with exhaust equipment, two ADA compliant bathrooms, an air-conditioned lobby with reception counter, and a private office. Brick exterior construction and a concrete parking lot complete the property, with additional outdoor storage space behind the building. The site includes two parcels and is positioned at 41825 N Ridge Road in Elyria Township. ODOT traffic data reports daily counts exceeding 12k. The property is less than 10 minutes from the I-90/57 and RT2/Middle Ridge exits and the Ohio Turnpike, with access to Lorain, Elyria, Sheffield, Avon, and Amherst.
Key Highlights
- GB (General Business) zoning with two parcels
- Approximately 2500+ sq ft commercial building constructed in 2002
- Four garage bays with ceiling height of about 12+ft
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$25,148
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.03%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$502,960
$503.0K
Cap Rate 7%
$359,257
$359.3K
Cap Rate 9%
$279,422
$279.4K
Market Conditions
NOI Build-Up for 2,500 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$37.5K $15.00/SF
− Vacancy
−$1.6K −$0.63/SF
EGI
$35.9K $14.37/SF
− OpEx
−$10.8K −$4.31/SF
NOI
$25.1K $10.06/SF
Area
Lorain County, OH
Vacancy
4.20%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$502,960
Cap Rate 7%
$359,257
Cap Rate 9%
$279,422
Alternative Uses
Best Use
Retail
$359.3K
$314.4K – $419.1K
NOI $25,148 @ 7.0% cap · market cap 5.03%
Second Best
Industrial
$134.9K
$118.1K – $157.4K
NOI $9,444 @ 7.0% cap · market cap 1.89%
Theoretical Best
Office A
$630.0K
$551.3K – $735.0K
NOI $44,100 @ 7.0% cap · market cap 8.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Service bays
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
238
Businesses Nearby
14k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 69%
Dining 31%
Family Dollar
Shops & Services
4,575 visits/mo
0.2 miles
Exxon
Shops & Services
2,862 visits/mo
0.2 miles
Marco's Pizza
Dining
2,291 visits/mo
0.1 miles
AutoZone
Shops & Services
2,214 visits/mo
0.1 miles
Krispy Krunchy Chicken
Dining
2,111 visits/mo
0.2 miles
Demographics for 44035, OH
61,921
Population
29,637
Households
2.1
Avg Household Size
42
Median Age
17%
College-Educated
88%
High-School Grad
47.6 sq mi
ZIP Area
1,301
Density / Sq Mi
$54,362
Median Household Income
$38,493
Median Earnings
$871
Median Rent
$147,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Simple Fix Automotives — 42383 N Ridge Rd, Elyria, OH 44035
- Little Nicks Automotive — 5400 Hecock Ave, Lorain, OH 44055
- Tabor Auto Repair — 42419 N Ridge Rd, Elyria, OH 44035
- Tire Choice Auto Service Centers — 42483 N Ridge Rd, Elyria, OH 44035
- Imports and Performance LLC — 1717 N Ridge Rd, Elyria, OH 44055
Frequently Asked Questions
What type of property is this?
Auto shop - GB-zoned property with a customer lobby, private office, spray booth, and concrete parking lot.
Where is this auto shop located?
The property is located at 41825 N Ridge Road Elyria, OH.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: GB (General Business) zoning with two parcels; Approximately 2500+ sq ft commercial building constructed in 2002; Four garage bays with ceiling height of about 12+ft
