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    Residential Land with Ranch Home Title is generated by Realmo AI

    6261 Elyria Avenue, Elyria, OH 44035

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    Claim this Listing
    New
    For Sale
    $359,900

    LAND - Elyria, OH

    Property size:
    2,156 SF
    Lot size:
    15.40 Acres
    Price / SF:
    $166/SF
    Added:
    May 20, 2026
    Days on Market:
    3
    Last Refresh:
    May 22 at 3:06 am

    Property Features for 6261 Elyria Avenue

    General Information

    Property type
    Land
    Property subtype
    Other
    Parking features
    Driveway
    Standard status
    Active
    APN
    06-21-005-105-024
    Size
    2,156 SF
    Lot size
    15.40 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    5904

    Utilities

    Sewer type
    Septic Tank
    Water source
    Public

    Building Details

    Additional Structures
    Barn(s)

    We can help!

    Listing Contact
    Matthew P Klein

    Listing agent Matthew P Klein License #2018000266

    Listing office Walnut Creek Realty, LLC. 12169 Springview Drive, Burton, OH

    Listing date May 20, 2026

    MLS# 5212113 Listing URL

    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

    • 15.4 acres of land in Elyria Township, a targeted new build market.
    • Two contiguous parcels offered together, providing development flexibility.
    • Front parcel includes a 2,156 sq ft ranch home and a 3‑car attached garage.
    • Additional 1,200 sq ft pole building on the front parcel.
    • Rear parcel offers 11.8 acres of level, un‑platted residential land.
    • Approximately 284 feet of frontage on Elyria Avenue.

    Overview

    This property features 15.4 acres in Elyria Township, consisting of two contiguous parcels offered together. The front parcel spans 3.56 acres and includes a 2,156-square-foot ranch home with a 3-car attached garage, as well as a 1,200-square-foot pole building. This parcel has approximately 284 feet of frontage on Elyria Avenue. The rear parcel comprises 11.8 acres of level, un-platted residential land extending nearly 2,000 feet deep. Orchard Meadows, the first residential development in Elyria Township in 60 years, is located less than a mile from the property, indicating that the new build market has targeted this corridor. Parcels are sold together only, and a survey is required prior to transfer. Buyers are responsible for performing their own due diligence on zoning, utilities, and development requirements.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Elyria
    County
    Lorain
    State
    Ohio
    Longitude
    -82.14136
    Latitude
    41.413209

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    FAQs

    What type of property is this?
    Residential land & home lot - 15.4 acres with home and pole building in Elyria.
    Where is this residential land & home lot located?
    The property is located at 6261 Elyria Avenue Elyria, OH.
    What is the asking price?
    The asking price for this property is $359,900.
    What are key features of this property?
    This property features: 15.4 acres of land in Elyria Township, a targeted new build market.; Two contiguous parcels offered together, providing development flexibility.; Front parcel includes a 2,156 sq ft ranch home and a 3‑car attached garage.
    (216) 785-2345
    We can help!
    Listing Contact
    Matthew P Klein
    Real Estate License ID: 2018000266
    Learn More
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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.

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