Four-Bay Auto
For Sale
$500,000
41825 N Ridge Road, Elyria, OH 44035
CommercialSale, Elyria, OH
Property Size2,500 SF
Lot Size0.20 Acres
Price / SF$200
Days on Market512
Property Features for 41825 N Ridge Road
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Wilbur Heights
Elementary school district
Elyria CSD - 4706
Middle school district
Elyria CSD - 4706
High school district
Elyria CSD - 4706
Directions
RT 57 TO N RIDGE TO 41825.
Standard status
Active
APN
06-22-018-106-011
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
WILBUR HTS FRNT 0060.00 DPTH 0148.00 6/26/14 TOD 2014-0509506
Tax Annual Amount
7750
Legal Description
WILBUR HTS FRNT 0060.00 DPTH 0148.00 6/26/14 TOD 2014-0509506
Utilities
Heating system
Forced Air
Amenities
spray booth
exhaust system
ADA compliant bathrooms
air conditioned lobby
reception counter
private office
Building Details
Year built
2002
Listing Agency:
Russell Real Estate Services
(440) 327-6511
Listed By:
Chad Schneider · License #2003013268
(440) 225-8449
Added: Mar 29, 2025
Changed: Aug 20
Last Checked: Aug 22 at 9:06AM
MLS# 5109455
Copyright © 2026 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 2002, this approximately 2,500+ square-foot auto shop occupies two parcels totaling 0.2 acres. The facility includes four garage bays with about 12+ feet of ceiling clearance, a spray booth with exhaust equipment, and a concrete parking area. Interior improvements include an air-conditioned lobby with reception counter, private office space, and two ADA-compliant bathrooms. Forced-air heating serves the building, while a brick front provides a finished exterior presentation. A small area behind the shop offers outdoor storage.
The corner site fronts N Ridge Road in Elyria Township, with ODOT-reported traffic counts exceeding 12k daily. The property is less than 10 minutes from the I-90/57 and RT2/Middle Ridge exits and the Ohio Turnpike. GB (General Business) zoning supports the stated automotive-shop use and construction-related operations.
The corner site fronts N Ridge Road in Elyria Township, with ODOT-reported traffic counts exceeding 12k daily. The property is less than 10 minutes from the I-90/57 and RT2/Middle Ridge exits and the Ohio Turnpike. GB (General Business) zoning supports the stated automotive-shop use and construction-related operations.
Key Highlights
- Four garage bays with about 12+ feet of ceiling height
- Approximately 2,500+ square feet on two parcels
- GB (General Business) zoning
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
- Imports and Performance LLC — 1717 N Ridge Rd, Elyria, OH 44055
- Tire Choice Auto Service Centers — 42483 N Ridge Rd, Elyria, OH 44035
Frequently Asked Questions
What type of property is this?
Auto shop - GB-zoned commercial facility with automotive improvements, a customer lobby, office space, and outdoor storage capacity.
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: Four garage bays with about 12+ feet of ceiling height; Approximately 2,500+ square feet on two parcels; GB (General Business) zoning
