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    Freestanding Retail Building on Liberty Avenue Title is generated by Realmo AI

    4580 Liberty Ave, Vermilion, OH 44089

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    Former Rite Aid on 1.64 acres in Vermilion, OH.

    Type:Retail
    Property size:
    11,724 SF
    Lot size:
    1.64 Acres
    Price / SF:
    $23/SF
    Added:
    May 12, 2026
    Days on Market:
    16
    Last Refresh:
    May 16 at 8:39 pm

    Property Features for 4580 Liberty Ave

    General Information

    Standard status
    Active
    Size
    11,724 SF
    Lot size
    1.64 Acres
    Property subtype
    Retail

    Building Details

    Year Built
    1997

    We can help!

    Listing Contact
    Vincenzo Calabrese

    Listing agent Vincenzo Calabrese License #SAL.2020004495

    Listing office Hanna Commercial Real Estate Cleveland

    Listing date May 12, 2026

    Source Crexi

    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 Hanna Commercial Real Estate Cleveland

    HighLights

    • Freestanding 11,724 SF retail building on 1.64 acres.
    • Highly visible, signalized location on Liberty Avenue.
    • Traffic counts of approximately 14,588 vehicles per day.
    • Two full access points from Liberty Avenue and Salem Drive.
    • Average household income exceeding $127,000 within a 5‑mile radius.
    • Located in an established retail corridor surrounded by national and regional retailers.

    Overview

    The former Rite Aid at 4580 Liberty Ave, Vermilion, OH 44089, presents an opportunity to acquire a freestanding 11,724 SF retail building on 1.64 acres. The property is located in a highly visible, signalized location along Liberty Avenue, which experiences approximately 14,588 vehicles per day. The site offers over 236 feet of frontage on Liberty Avenue and benefits from two full access points from Liberty Avenue and Salem Drive. This allows for convenient customer access and strong circulation throughout the site. The location is surrounded by national and regional retailers, restaurants, and service providers. The property is suitable for owner-users, investors, or redevelopment-focused buyers. The average household income exceeds $127,000 within a 5-mile radius. Nearby residential density, daytime population, and strong community spending power support a wide range of potential uses. The property is ideal for retail, medical, service, or adaptive reuse. It combines scale, access, visibility, and redevelopment potential in a desirable Lake Erie area market.
    Location Intelligence

    Current Use by Public Records

    Rite Aid Pharmacy Rite Aid Pharmacy Pharmacy Frank S. Bodnar, ... Pharmacy Coinhub Bitcoin ATM ... Atm Western Union Bank

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

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

    Similar Places Nearby

    • Rite Aid 04580 — 4580 liberty ave, vermilion, oh 44089
    • Rite Aid Pharmacy — 4580 Liberty Ave, Vermilion, OH 44089
    • Giant Eagle Pharmacy — 4453 Liberty Ave, Vermilion, OH 44089
    • Frank S. Bodnar, RPh — 4580 Liberty Ave, Vermilion, OH 44089
    • Meagan Markovich — 4453 Liberty Ave, Vermilion, OH 440891907

    Location Insight

    • Map
    • Local Demand
    City
    Vermilion
    County
    Erie
    State
    Ohio
    Longitude
    -82.3480944
    Latitude
    41.4251566

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    FAQs

    What type of property is this?
    Drug store - Former Rite Aid on 1.64 acres in Vermilion, OH.
    Where is this drug store located?
    The property is located at 4580 Liberty Ave Vermilion, 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: Freestanding 11,724 SF retail building on 1.64 acres.; Highly visible, signalized location on Liberty Avenue.; Traffic counts of approximately 14,588 vehicles per day.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Vincenzo Calabrese
    Real Estate License ID: SAL.2020004495
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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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