Downtown Lorain Flexible Retail/Office
For Sale
$170,000
916 Broadway, Lorain, OH 44052
Versatile 3,500+ sq ft space in downtown Lorain.
Property Size3,500 SF
Lot Size0.09 Acres
Price / SF$48.57
Days on Market207
Property Features for 916 Broadway
General Information
Standard status
Active
Size
3,500 SF
Lot size
0.09 Acres
Taxes and HOA fees
Annual Taxes
$2,081
Listing Agency:
RE/MAX Above & Beyond
(202) 021-6375
Listed By:
Jacqueline A Jakacki · License #2021002776
(202) 021-6375
Source:
Exprealty
Added: Jan 26
Changed: Aug 20
Last Checked: Aug 20 at 11:26AM
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 RE/MAX Above & Beyond
Investment Insights
Based on property information with market context.
Located in downtown Lorain, this property provides over 3,500 square feet of adaptable space suitable for various purposes. The property features large front-facing windows, offering visibility and branding opportunities, along with rear garage access for convenience. This location is suitable for retail, office, studio, or creative space. The property benefits from steady foot traffic and downtown activity, presenting an opportunity to develop a unique concept in a central location.
Key Highlights
- Prime downtown Lorain location with high foot traffic.
- Boasting over 3,500 square feet of flexible, usable space.
- Large front‑facing windows for excellent visibility and branding.
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
$14,489
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
8.52%
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%
$289,780
$289.8K
Cap Rate 7%
$206,986
$207.0K
Cap Rate 9%
$160,989
$161.0K
Market Conditions
NOI Build-Up for 3,500 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
$23.1K $6.60/SF
− Vacancy
−$809 −$0.23/SF
EGI
$22.3K $6.37/SF
− OpEx
−$7.8K −$2.23/SF
NOI
$14.5K $4.14/SF
Area
Lorain County, OH
Vacancy
3.50%
Lease Rate
$6.60 /SF/Yr
Expense Ratio
35.00%
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%
$289,780
Cap Rate 7%
$206,986
Cap Rate 9%
$160,989
Alternative Uses
Best Use
Office B
$631.1K
$552.2K – $736.3K
NOI $44,179 @ 7.0% cap · market cap 25.99%
Second Best
Retail
$503.0K
$440.1K – $586.8K
NOI $35,207 @ 7.0% cap · market cap 20.71%
Theoretical Best
Office A
$882.0K
$771.8K – $1.03M
NOI $61,740 @ 7.0% cap · market cap 36.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
577
Businesses Nearby
Explore this area
Business Placement
Demographics for 44052, OH
29,249
Population
13,673
Households
2.1
Avg Household Size
37
Median Age
12%
College-Educated
83%
High-School Grad
9.5 sq mi
ZIP Area
3,079
Density / Sq Mi
$42,298
Median Household Income
$31,985
Median Earnings
$840
Median Rent
$104,000
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Versatile 3,500+ sq ft space in downtown Lorain.
Where is this retail space located?
The property is located at 916 Broadway Lorain, OH.
What is the asking price?
The asking price for this property is $170,000.
What are key features of this property?
This property features: Prime downtown Lorain location with high foot traffic.; Boasting over 3,500 square feet of flexible, usable space.; Large front‑facing windows for excellent visibility and branding.
