Office Building with Attached
For Sale
$384,900
186 Lear Road, Avon Lake, OH 44012
Commercially zoned office building with central air and an attached garage.
Property Size1,886 SF
Days on Market100
Property Features for 186 Lear Road
General Information
Standard status
Active
Size
1,886 SF
Zoning
Commercial
Taxes and HOA fees
Annual Taxes
$3,741
Amenities
Central Air
Forced Air, Radiant
Attached, Garage
Building Details
Building Size
1,886 SF
Buildings
1
Stories
2
Listing Agency:
Russell Real Estate Services
(216) 244-0478
Listed By:
William E Gallagher · License #407351
(216) 244-0478
Source:
Evrealestate
Added: May 24
Changed: Aug 31
Last Checked: Aug 31 at 6:58AM
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.
This office building is located at 186 Lear Road in Avon Lake, Ohio, with Commercial zoning. Interior systems include central air along with forced-air and radiant heating. An attached garage is part of the property.
The property occupies the corner of Lear Road and Division Road, south of Lake Road and Electric Boulevard on Lear. The location is within Lorain County and provides a defined corner setting for office use.
The property occupies the corner of Lear Road and Division Road, south of Lake Road and Electric Boulevard on Lear. The location is within Lorain County and provides a defined corner setting for office use.
Key Highlights
- Office building with Commercial zoning
- Located at 186 Lear Road, Avon Lake, OH 44012
- Corner position at Lear Road and Division Road
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
$23,806
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
6.18%
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%
$476,120
$476.1K
Cap Rate 7%
$340,086
$340.1K
Cap Rate 9%
$264,511
$264.5K
Market Conditions
NOI Build-Up for 1,886 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
$37.3K $19.80/SF
− Vacancy
−$5.6K −$2.97/SF
EGI
$31.7K $16.83/SF
− OpEx
−$7.9K −$4.21/SF
NOI
$23.8K $12.62/SF
Area
Lorain County, OH
Vacancy
15.00%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
25.00%
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%
$476,120
Cap Rate 7%
$340,086
Cap Rate 9%
$264,511
Alternative Uses
Best Use
Office B
$340.1K
$297.6K – $396.8K
NOI $23,806 @ 7.0% cap · market cap 6.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$475.3K
$415.9K – $554.5K
NOI $33,269 @ 7.0% cap · market cap 8.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
113
Businesses Nearby
Explore this area
Business Placement
Demographics for 44012, OH
25,206
Population
10,884
Households
2.3
Avg Household Size
45
Median Age
54%
College-Educated
98%
High-School Grad
11.1 sq mi
ZIP Area
2,271
Density / Sq Mi
$110,174
Median Household Income
$63,289
Median Earnings
$1,500
Median Rent
$337,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Commercially zoned office building with central air and an attached garage.
Where is this office building located?
The property is located at 186 Lear Road Avon Lake, OH.
What is the asking price?
The asking price for this property is $384,900.
What are key features of this property?
This property features: Office building with Commercial zoning; Located at 186 Lear Road, Avon Lake, OH 44012; Corner position at Lear Road and Division Road
