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    44.22 Acres of Land For Sale Title is generated by Realmo AI

    285 Benedict Avenue, Norwalk, OH 44857

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    For Sale
    $2,375,000

    44.22 acres of commercial land for sale in Norwalk, Ohio.

    Type:Land
    Property size:
    45 SF
    Lot size:
    44.22 Acres
    Price / SF:
    $52,777/SF
    Added:
    Mar 25, 2026
    Days on Market:
    70
    Last Refresh:
    Mar 18 at 8:00 am

    Property Features for 285 Benedict Avenue

    General Information

    Standard status
    Active
    Size
    45 SF
    Lot size
    44.22 Acres
    Property subtype
    Land

    We can help!

    Listing Contact
    Joseph Khouri
    Joseph Khouri

    Listing agent Joseph Khouri License #2008000837

    Listing office CBRE - Cleveland

    Listing date Mar 25, 2026

    Source Cbre

    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

    HighLights

    • 44.22 acres of land consisting of 3 parcels.
    • Portion of land rezoned to B‑4 commercial zoning.
    • Direct signalized access from Benedict Ave (Route 250).
    • Located directly across from Fisher Titus Medical Center.
    • Located adjacent to the US‑250/US‑20 interchange.
    • Potential for development incentives in Norwalk.

    Overview

    Available for sale are 44.22 acres of land, consisting of three parcels of 0.79 acres, 19.46 acres, and 24.76 acres respectively. A portion of the 0.79-acre and 19.46-acre properties, located at Route 20 and Route 250, was recently rezoned to a B-4 zoning designation, an expansive commercial zoning category within the city of Norwalk; the balance of the land is currently zoned R-1. The property allows for direct signalized access into the parcel from Benedict Ave (Route 250) and access to Old State Road, directly across from Fisher Titus, the major hospital system in Huron County, and from Norwalk High School. Norwalk is a business-friendly community with potential for development incentives. Norwalk is located approximately 10 miles south of Lake Erie and 50 miles west of the Cleveland-Akron corridor, adjacent to the US-250/US-20 interchange. Conceptual C-Store and Gas Site Plans, ALTA Survey, Phase 1 Environmental, Legal Description, New Zoning Information, Title Report, Marketing Plans, City of Norwalk District Plans, and an Existing Building Asbestos Survey are available.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Auto Repair Shop Hair Salon Nail Salon Hotel & Motel Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Norwalk
    County
    Huron
    State
    Ohio
    Longitude
    -82.6012037
    Latitude
    41.2254185

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    FAQs

    What type of property is this?
    Commercial land - 44.22 acres of commercial land for sale in Norwalk, Ohio.
    Where is this commercial land located?
    The property is located at 285 Benedict Avenue Norwalk, OH.
    What is the asking price?
    The asking price for this property is $2,375,000.
    What are key features of this property?
    This property features: 44.22 acres of land consisting of 3 parcels.; Portion of land rezoned to B‑4 commercial zoning.; Direct signalized access from Benedict Ave (Route 250).
    (216) 658-6120
    We can help!
    Listing Contact
    Joseph Khouri
    Joseph Khouri
    Real Estate License ID: 2008000837
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    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
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