Lakefront Property with Versatile
For Sale
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4259 E Lake Rd, Sheffield Lake, OH 44054
Versatile lakefront property suitable for office, medical, or live/work use.
Property Size4,850 SF
Lot Size0.87 Acres
Price / SF$201.03
Days on Market138
Property Features for 4259 E Lake Rd
General Information
Standard status
Active
Size
4,850 SF
Class
B
Lot size
0.87 Acres
Property subtype
Office, Retail
Zoning
B-1
Lease Type
NNN
Building Details
Year Built
1990
Year Renovated
2015
Buildings
1
Stories
2
Tenancy
Single
Listing Agency:
CBRE - Cleveland
(216) 687-1800
Listed By:
Jenna Gauntner · License #SAL.2018005476
Source:
Crexi
Added: Apr 14
Changed: Aug 25
Last Checked: Aug 29 at 12:24PM
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
Investment Insights
Based on property information with market context.
Located at 4259 E. Lake Rd in Sheffield Lake, OH, this lakefront property offers a versatile asset suitable for office, medical, or live/work use. The 4,850 square foot building is situated on 0.87 acres and provides direct lake access and views. A paved lot offers over 25 parking spaces. Originally constructed in 1990 and renovated in 2015, the property includes 16 private offices, 2 conference rooms, a kitchenette/break area, 2 stairwells, and attic storage. Previously used as a medical office, the layout can accommodate professional office or medical tenants. The B-1 zoning also permits residential options, including single-family, multi-family, live-work, and short-term rental opportunities, subject to standards. Capital improvements include new windows installed in 2021, a $100,000 natural retention wall in 2021, an upgraded alarm system tied to dispatch in 2020, and new carpeting throughout much of the office in 2022. The property is located within walking distance of Apples Market, Shoreway Shopping Center, and Subway. The property combines functionality, flexibility, and curb appeal in Lorain County.
Key Highlights
- Direct lake access with breathtaking views on a 0.87‑acre lakefront lot.
- Versatile B‑1 zoning allows for office, medical, residential (single‑family, multi‑family, live‑work), or short‑term rental use.
- 4,850 SF building featuring 16 private offices, 2 conference rooms, and a kitchenette/break area.**
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
$61,219
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
6.28%
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%
$1,224,380
$1.2M
Cap Rate 7%
$874,557
$874.6K
Cap Rate 9%
$680,211
$680.2K
Market Conditions
NOI Build-Up for 4,850 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
$96.0K $19.80/SF
− Vacancy
−$14.4K −$2.97/SF
EGI
$81.6K $16.83/SF
− OpEx
−$20.4K −$4.21/SF
NOI
$61.2K $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%
$1,224,380
Cap Rate 7%
$874,557
Cap Rate 9%
$680,211
Alternative Uses
Best Use
Office B
$874.6K
$765.2K – $1.02M
NOI $61,219 @ 7.0% cap · market cap 6.28%
Second Best
Healthcare Medical
$835.3K
$730.9K – $974.5K
NOI $58,472 @ 7.0% cap · market cap 6.00%
Theoretical Best
Office A
$1.22M
$1.07M – $1.43M
NOI $85,554 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
114
Businesses Nearby
Explore this area
Business Placement
Demographics for 44054, OH
12,484
Population
6,059
Households
2.1
Avg Household Size
44
Median Age
25%
College-Educated
96%
High-School Grad
12.5 sq mi
ZIP Area
999
Density / Sq Mi
$73,151
Median Household Income
$47,207
Median Earnings
$1,059
Median Rent
$177,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Versatile lakefront property suitable for office, medical, or live/work use.
Where is this office units located?
The property is located at 4259 E Lake Rd Sheffield Lake, OH.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Direct lake access with breathtaking views on a 0.87‑acre lakefront lot.; Versatile B‑1 zoning allows for office, medical, residential (single‑family, multi‑family, live‑work), or short‑term rental use.; 4,850 SF building featuring 16 private offices, 2 conference rooms, and a kitchenette/break area.**
