Building Details

Year Built 1985

Buildings 1

Construction brick

Listing Agency: Russell Real Estate Services

Listed By: Andrea Neal · License #2004002356 Show Phone

Source: Homesinneohio

Added: Sep 1 Changed: Oct 14 Last Checked: Oct 7 at 1:42PM

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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 Russell Real Estate Services

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Investment Insights

Based on property information with market context.

Built in 1985, this brick commercial building is classified as an office property and offers an existing configuration that can be retained or redesigned. The layout may be retrofitted for a new owner’s requirements, subject to applicable approvals.

The property is positioned along S Broadway with multiple access points and connections to major highways. The surrounding area includes established businesses, restaurants, shopping, schools, churches, parks, and residential neighborhoods, placing the building within a mix of commercial and community uses.

Key Highlights

• Brick commercial building constructed in 1985
• Multiple access points along S Broadway
• Connections to major highways and surrounding communities

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$66,256

Cap Rate

4.73%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,325,120 $1.3M

Cap Rate 7%

$946,514 $946.5K

Cap Rate 9%

$736,178 $736.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,249 SF

Gross rent

$103.9K $19.80/SF

− Vacancy

−$15.6K −$2.97/SF

EGI

$88.3K $16.83/SF

− OpEx

−$22.1K −$4.21/SF

NOI

$66.3K $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 Rate 5%

$1,325,120

Cap Rate 7%

$946,514

Cap Rate 9%

$736,178

Alternative Uses

Best Use

Office B

$946.5K

$828.2K – $1.10M (±1% cap)

NOI $66,256 @ 7.0% cap · market cap 4.73%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.32M

$1.16M – $1.54M (±1% cap)

NOI $92,592 @ 7.0% cap · market cap 6.61%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Michael D. Tully ... Law Firm David P. Miraldi Law Firm Miraldi & Barrett Co., ... Law Firm

Suggested Use

Top Pick Real Estate Agency Restaurant Law Firm Spa & Massage Center Hair Salon Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

223

Businesses Nearby

Explore this area Business Placement

Demographics for 44053, OH

20,735

Population

9,529

Households

2.2

Avg Household Size

44

Median Age

21%

College-Educated

91%

High-School Grad

10.8 sq mi

ZIP Area

1,920

Density / Sq Mi

$65,332

Median Household Income

$43,654

Median Earnings

$827

Median Rent

$189,500

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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Frequently Asked Questions

What type of property is this?

Office building - Existing commercial building with multiple access points along the S Broadway corridor.

Where is this office building located?

The property is located at 6061 S Broadway Lorain, OH.

What is the asking price?

The asking price for this property is $1,400,000.

What are key features of this property?

This property features: Brick commercial building constructed in 1985; Multiple access points along S Broadway; Connections to major highways and surrounding communities