Waterfront Property with Development
For Sale
$1,500,000
4245 W Lakeshore Dr, Port Clinton, OH 43452
Unique mixed-use property with lodging, restaurant, and waterfront access.
Property Size3,791 SF
Lot Size14.65 Acres
Price / SF$395.67
Days on Market306
Property Features for 4245 W Lakeshore Dr
General Information
Standard status
Active
Size
3,791 SF
Lot size
14.65 Acres
Taxes and HOA fees
Annual Taxes
$7,612
Listing Agency:
Gentile Real Estate, LLC
(440) 221-7757
Listed By:
Robert Lenthe
(440) 221-7757
Source:
Exprealty
Added: Oct 27, 2025
Changed: Aug 20
Last Checked: Aug 28 at 1:26PM
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 Gentile Real Estate, LLC
Investment Insights
Based on property information with market context.
This unique property on SR-2 in Port Clinton offers a combination of lodging, residential, commercial, and land-use opportunities. The motel features 10 guest rooms that have been fully gutted and remodeled and are currently operational. An on-site residence has also been fully gutted and remodeled, suitable for owner occupancy or management living quarters. A former restaurant structure presents the potential for reopening or conversion. A 52x80 heated metal building is ideal for a workshop, storage, or auxiliary business. The property includes waterfront access to a deep water creek/canal leading to Lake Erie, a rare amenity for lodging or recreation-oriented businesses. The 14.65-acre parcel provides ample room for expansion of the existing business or special-use development. A private sewer plant system services the entire property, and a dike system surrounds three sides of the parcel. The property benefits from high-visibility frontage on State Route 2, with easy access and significant drive-by traffic. The property has mixed-use flexibility, allowing for operation of lodging, revival of the restaurant, and use of the land for recreation development. The waterfront appeal and acreage offer possibilities for water-based activities, outdoor events, recreation, or hospitality-oriented uses. There is no zoning in Erie Township.
Key Highlights
- Direct canal access to Lake Erie: A rare waterfront amenity ideal for lodging, recreation, or water‑based business.
- 14.65 acres with no zoning in Erie Township: Ample room for expansion and flexible business concepts (subject to permitting).
- Operational 10‑room motel: Fully gutted/remodeled and ready for immediate income generation.
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
$51,860
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
3.46%
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%
$1,037,200
$1.0M
Cap Rate 7%
$740,857
$740.9K
Cap Rate 9%
$576,222
$576.2K
Market Conditions
NOI Build-Up for 3,791 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
$71.9K $18.96/SF
− Vacancy
−$2.7K −$0.72/SF
EGI
$69.1K $18.24/SF
− OpEx
−$17.3K −$4.56/SF
NOI
$51.9K $13.68/SF
Area
Ottawa County, OH
Vacancy
3.80%
Lease Rate
$18.96 /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%
$1,037,200
Cap Rate 7%
$740,857
Cap Rate 9%
$576,222
Alternative Uses
Best Use
Specialty Retail
$740.9K
$648.3K – $864.3K
NOI $51,860 @ 7.0% cap · market cap 3.46%
Second Best
Hotel Hospitality
$329.5K
$288.3K – $384.5K
NOI $23,067 @ 7.0% cap · market cap 1.54%
Theoretical Best
Retail
$1.35M
$1.18M – $1.58M
NOI $94,571 @ 7.0% cap · market cap 6.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
18
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43452, OH
13,443
Population
10,859
Households
1.2
Avg Household Size
52
Median Age
28%
College-Educated
93%
High-School Grad
46.2 sq mi
ZIP Area
291
Density / Sq Mi
$63,815
Median Household Income
$43,782
Median Earnings
$937
Median Rent
$206,800
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.
Frequently Asked Questions
What type of property is this?
Motel - Unique mixed-use property with lodging, restaurant, and waterfront access.
Where is this motel located?
The property is located at 4245 W Lakeshore Dr Port Clinton, OH.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Direct canal access to Lake Erie: A rare waterfront amenity ideal for lodging, recreation, or water‑based business.; 14.65 acres with no zoning in Erie Township: Ample room for expansion and flexible business concepts (subject to permitting).; Operational 10‑room motel: Fully gutted/remodeled and ready for immediate income generation.
