Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Downtown Lorain Retail Storefront Title is generated by Realmo AI

    506 Broadway, Lorain, OH 44052

    View on Map
    Claim this Listing
    For Lease
    $2,000/Mo $6 SF/Yr (calc)

    COMMERCIAL - Lorain, OH

    Property size:
    4,000 SF
    Lot size:
    0.01 Acres
    Added:
    Mar 15, 2026
    Days on Market:
    66
    Last Refresh:
    May 19 at 3:06 am

    Property Features for 506 Broadway

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Rooms
    Basement
    Parking features
    On Street
    Standard status
    Active
    APN
    02-01-004-700-001
    Size
    4,000 SF
    Lot size
    0.01 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1900
    Floors in Building
    1

    We can help!

    Listing Contact
    Denise M Rakich
    Denise M Rakich

    Listing agent Denise M Rakich License #413724

    Listing office Russell Real Estate Services 201 N Leavitt Road, Strongsville, OH

    Listing date Mar 15, 2026

    MLS# 5193489

    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.

    HighLights

    • Prime Downtown Lorain location.
    • Nearly 4,000 sq ft of retail space.
    • Versatile space suitable for restaurant, office, or retail.
    • Subletting potential for multiple entrepreneurs.
    • Central Air conditioning.
    • Natural Gas, Forced Air heating.

    Overview

    This commercial property, located in downtown Lorain, Ohio, offers approximately 4,000 square feet of retail storefront space. Previously utilized as a retail clothing, uniform, and tuxedo rental shop, the property presents opportunities for various business ventures. The space is suitable for a restaurant, professional office space, or retail sales. Alternatively, the property can be sublet to multiple entrepreneurs, allowing them to establish individual shops under one roof. The lot size is approximately 0.01 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Pure Ambience Body ... (Bike/Boat/Book/etc) Store First Step STNA ... College

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Lorain
    County
    Lorain
    State
    Ohio
    Longitude
    -82.176295
    Latitude
    41.466396

    Nearby Similar for Lease

    • $1,295/Mo
      1,700 SF

      Versatile Commercial Space in Lorain

      Adaptable commercial space suitable for office, studio, or retail use.
      1757 Broadway, Lorain, OH 44052
      View Details
    • $3 SF/Yr
      81,640 SF

      Lorain Industrial Site For Lease

      81,640 SF industrial property with redevelopment potential in Lorain, OH.
      7451 Terminal Drive, Lorain, OH, 44053
      View Details
    • Contact for pricing
      49,636 SF

      Former Grocery Store For Lease

      49,636 SF former grocery store available for lease.
      1051 Meister Road, Lorain, OH, 44052
      View Details
    • $3 SF/Yr
      60,000 SF

      Warehouse Space Available For Lease

      60,000 SF warehouse divisible for lease in Lorain, OH.
      2001 Elyria Avenue, Lorain, OH, 44052
      View Details
    • Contact for pricing
      20,765 SF

      Retail Space in Lorain, Ohio

      Retail space available in well-established shopping center on Route 57.
      2222 Fairless Drive, Lorain, OH, 44055
      View Details
    • Contact for pricing
      3,200 SF

      Retail Space Near I-90

      Retail space available near I-90 with flexible layout.
      1980-2000 Cooper Foster Park Rd, Lorain, OH
      View Details
    • Contact for pricing

      Lorain Office Space Available

      Office units available for rent in Lorain, Ohio.
      6100 S Broadway, Lorain, OH 44053
      View Details
    • Contact for pricing
      10,628 SF

      Retail Space in Grocery Anchored Center

      Retail space available in a high-profile, grocery-anchored shopping center.
      3221 Oberlin Avenue, Lorain, OH, 44053
      View Details
    • Contact for pricing
      4,500 SF

      Retail Space Available For Rent

      Retail space available for rent, 4500 square feet.
      4501 North Leavitt Road, Lorain, OH, 44053
      View Details
    • Contact for pricing
      675 SF

      Retail Space in Lorain, OH

      Retail spaces available in grocery-anchored shopping center.
      1115 Meister Rd, Lorain, OH
      View Details
    • Contact for pricing
      1,264 SF

      Lorain-Elyria Retail Corridor Space

      Retail spaces available in Sheffield Center Plaza, Lorain, OH.
      120-400 Sheffield Ctr, Lorain, OH
      View Details
    • Contact for pricing

      Retail Space Inside Meijer

      Prime retail opportunity within high-traffic Meijer stores in the Midwest.
      5350 N Leavitt Rd, Lorain, OH 44053
      View Details

    FAQs

    What type of property is this?
    Storefront property - Prime retail space suitable for various business ventures.
    Where is this storefront property located?
    The property is located at 506 Broadway Lorain, OH.
    What is the lease rate?
    The lease rate is $2,000 /Mo.
    What are key features of this property?
    This property features: Prime Downtown Lorain location.; Nearly 4,000 sq ft of retail space.; Versatile space suitable for restaurant, office, or retail.
    (440) 320-3611
    We can help!
    Listing Contact
    Denise M Rakich
    Denise M Rakich
    Real Estate License ID: 413724
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    506 Broadway, Lorain, OH 44052
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!