Converted Office/Retail
23889 Lorain Rd North Olmsted, OH 44070
For Sale
Contact for pricing
Converted 2,400± SF building offers office and retail areas across two floors plus basement storage, with B1 zoning.
Property Size2,400 SF
Lot Size0.33 Acres
Price / SF$114.58
Days on Market429
Property Features for 23889 Lorain Rd
General Information
Standard status
Active
Size
2,400 SF
Lot size
0.33 Acres
Property subtype
RETAIL
Listing Agency:
Global Real Estate Advisors
(440) 339-8585
Listed By:
Neil Sawicki, SIOR, Broker
(440) 339-8585
Source:
Moodyscre
Added: May 27, 2025
Changed: Jul 26
Last Checked: Jul 28 at 2:59PM
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 Global Real Estate Advisors
Investment Insights
Based on property information with market context.
This converted home provides approximately 2,400± SF of office/retail space arranged with 960± SF on the 1st floor and 480± SF on the 2nd floor, plus a 960± SF basement/storage area. The 1st floor includes four offices, a kitchen, and a restroom, while the 2nd floor offers two offices.
The property includes .33± acres and 50± of frontage on Lorain Rd. It is zoned B1, Local Business, and has air conditioning. Built in 1928 and described as having easy access from Interstate 480, it is located on Lorain Rd between Clague Rd and Columbia Rd.
The property includes .33± acres and 50± of frontage on Lorain Rd. It is zoned B1, Local Business, and has air conditioning. Built in 1928 and described as having easy access from Interstate 480, it is located on Lorain Rd between Clague Rd and Columbia Rd.
Key Highlights
- 2,400± SF converted building set up for office/retail use, with office and retail areas on two floors plus basement storage
- 1st floor includes 960± SF retail/office area with 4 offices, a kitchen, and a restroom
- 2nd floor offers 480± SF retail/office area with 2 offices
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $36.0k | $15.00 |
| − Vacancy | −$3.2k | −$1.35 |
| EGI | $32.8k | $13.65 |
| − OpEx | −$9.8k | −$4.10 |
| NOI | $22.9k | $9.56 |
2,400 SF · lease $15.00/SF/yr · vacancy 9.00% · expense 30.00%
Alternative Uses
Best Use
Office B
$368.1K
$322.1K – $429.5K
NOI $25,767 @ 7.0% cap · market cap 9.37%
Second Best
Retail
$327.6K
$286.7K – $382.2K
NOI $22,932 @ 7.0% cap · market cap 8.34%
Theoretical Best
Warehouse
$1.92M
$1.68M – $2.24M
NOI $134,609 @ 7.0% cap · market cap 48.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Retail space - Converted 2,400± SF building offers office and retail areas across two floors plus basement storage, with B1 zoning.
Where is this retail space located?
The property is located at 23889 Lorain Rd North Olmsted, OH.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: 2,400± SF converted building set up for office/retail use, with office and retail areas on two floors plus basement storage; 1st floor includes 960± SF retail/office area with 4 offices, a kitchen, and a restroom; 2nd floor offers 480± SF retail/office area with 2 offices
