Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search

    26520 Lorain Rd North Olmsted, OH 44070

    Sponsored
    For Lease
    Contact for pricing

    North Olmsted, OH: Prime Retail Opportunity

    Lot size:
    19,115 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    403
    This exceptional retail space, located in the thriving Ashley Furniture Plaza in North Olmsted, Ohio, presents a unique investment opportunity. Situated at the high-traffic intersection of Lorain Road and Brookpark Road, directly across from Great Northern Plaza, this property boasts unparalleled visibility and accessibility. Available spaces range from 8,000 to 10,500 square feet, with the option to combine units for a total of up to 19,115 square feet, providing flexibility for businesses of various sizes. The strong demographics of the area are a significant advantage, with over 73,000 households within a 5-mile radius, boasting an average household income exceeding $100,000. This affluent customer base draws shoppers from surrounding communities including North Olmsted, Rocky River, Westlake, Bay Village, and Lakewood, ensuring a consistent flow of potential customers. The property's strategic location and impressive demographics make it an ideal choice for businesses seeking high visibility and a strong customer base in a rapidly growing market. This is a rare opportunity to secure prime retail space in a highly desirable location with exceptional potential for success. Contact us today to learn more about this exciting opportunity and schedule a viewing.

    Property Features for 26520 Lorain Rd

    General Information

    Property type
    Retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    19,115 SF

    Unit(s) available at that property

    Space
    Available Space 1
    Size
    19,115 SF

    We can help!

    Listing Contact
    Steve Altemare
    Steve Altemare

    Learn more

    HighLights

    • 8,000 to 10,500 SF and 8,615 SF of retail space available, combinable up to 19,115 SF.
    • Located in North Olmsted, OH at Lorain Road and Brookpark Road, across from Great Northern Plaza.
    • Strong demographics: Over 73,000 households within a 5‑mile radius with average household incomes exceeding $100,000.
    • Draws customers from North Olmsted, Rocky River, Westlake, Bay Village, and Lakewood.
    Property Profile Location Intelligence

    Current Use by Public Records

    Ashley Outlet Furniture Store

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    North Olmsted
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.915488121343
    Latitude
    41.419720430437

    Nearby Similar for Lease

    • $3,500 /Mo
      30,213 SF

      North Olmsted Commercial Flex Space

      Renovated office and garage space with 12 ft overhead door.
      23672 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      27,830 SF

      Prime Retail Space in Brooklor Plaza

      High-traffic retail space in North Olmsted's core retail area.
      25999 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      45,161 SF

      Regional Power Center Retail Space

      Retail space available in North Olmsted regional power center.
      25853-26429 Great Northern Shop Ctr, North Olmsted, OH 44070
      View Details
    • $9 SF/Yr
      100,000 SF

      North Olmsted Industrial Warehouse

      Modern Warehouse Space, 65,000+ SF Available
      0 Industrial Pkwy, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      4,137 SF

      Medical/Retail Building on Lorain Road

      4,137 SF medical/retail building in high-traffic area.
      24053 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      882 SF

      Retail Space in Regional Center

      Retail spaces available in North Olmsted power center.
      5078-5198 Country Club Blvd, North Olmsted, OH 44070
      View Details
    • $19 SF/Yr
      2,675 SF

      Full Floor Office Space Available

      Office space for rent in a highly accessible location.
      25757-25761 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      1,200 SF

      Retail Spaces at Cornerstone Plaza

      Retail spaces for lease at a busy intersection.
      23420 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      2,600 SF

      Retail/Office/Medical End-Cap Space Available

      2,600 SF retail/office/medical space for lease in North Olmsted.
      4647-4759 Great Northern Blvd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      8,615 SF

      Retail Space Near Great Northern

      Retail space available in North Olmsted near Great Northern.
      26508-26518 Lorain Rd, North Olmsted, OH 44070
      View Details
    • $9 SF/Yr
      65,000 SF

      Industrial Space Near I-480

      Scalable industrial space with highway visibility and tax abatement.
      31350 Industrial Pkwy, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      1,820 SF

      Olmsted Plaza Retail Space

      Regional power center with national and local retailers.
      4692-4706 Great Northern Blvd, North Olmsted, OH 44070
      View Details

    FAQs

    What type of property is this?
    Retail property - North Olmsted, OH: Prime Retail Opportunity
    Where is this retail property located?
    The property is located at 26520 Lorain Rd North Olmsted, OH.
    What are key features of this property?
    This property features: 8,000 to 10,500 SF and 8,615 SF of retail space available, combinable up to 19,115 SF.; Located in North Olmsted, OH at Lorain Road and Brookpark Road, across from Great Northern Plaza.; Strong demographics: Over 73,000 households within a 5-mile radius with average household incomes exceeding $100,000.
    Request Owner's contact information
    26520 Lorain Rd North Olmsted, OH 44070
    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.
    26520 Lorain Rd
    North Olmsted, OH 44070
    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
    26520 Lorain Rd North Olmsted, OH 44070
    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

    We can help!
    Listing Contact
    Steve Altemare
    Steve Altemare
    Real Estate License ID: OH SAL.0000387601
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.