Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    387 Main St Grafton, OH 44044

    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Prime Grafton commercial land, ideal development opportunity.

    Property Features for 387 Main St

    General Information

    Property type
    Land
    Lot Size
    117,612 SF

    We can help!

    Listing Contact
    Mike Petrigan
    Mike Petrigan

    Listing Agency: CBRE Cleveland Listing Agent: Mike Petrigan

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    This exceptional 2.7-acre commercial land parcel presents a unique investment opportunity in Grafton, Ohio. Located at 387 Main Street, this property boasts 317.08 feet of frontage on North Main Street (Route 57), providing excellent visibility and accessibility. The property's Commercial zoning allows for a variety of development options, including quick-service restaurants, retail spaces, office buildings, and medical facilities. Its strategic location offers convenient access to Route 57 and proximity to Highway 20, ensuring high traffic flow and visibility. Furthermore, the site enjoys the benefit of being only 10 minutes from the interchanges of I-80 (Ohio Turnpike) and I-480, significantly enhancing its accessibility and appeal to a wide range of businesses. Grafton's location, less than 30 minutes from Cleveland and situated near the city's growing west side suburbs, adds to the property's desirability. The property is also within 20 minutes of Cleveland Hopkins International Airport. The asking price for this exceptional property is $289,000, and the APN is 1100099000335. This is a rare opportunity to acquire a well-positioned commercial land parcel with significant development potential in a thriving area.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    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
    Grafton
    County
    Lorain
    State
    Ohio
    Longitude
    -82.06509986765
    Latitude
    41.287881192984

    Nearby Similar for Sale

    • $589,900
      6,380 SF

      Grafton, OH Commercial Land - High Traffic

      6.75 Acres, High Visibility, Multi-Use Potential
      697 Main St, Grafton, OH 44044
      View Details
    • $260,000
      1,000 SF

      Grafton Warehouse Condos for Sale

      Brand new, high-traffic location, investment opportunity.
      34626 Royalton Rd, Grafton, OH 44044
      View Details
    • $115,000
      1.02 Acres

      Grafton Commercial Land Opportunity

      High-traffic lot, prime development potential.
      551 Main St, Grafton, OH 44044
      View Details
    • $1,500,000
      5,470 SF

      Royalton Road Commercial Property

      Grafton, OH: Retail & Office Opportunity
      35960 Royalton Rd, Grafton, OH 44044
      View Details

    FAQs

    What type of property is this?
    Land - Prime Grafton commercial land, ideal development opportunity.
    Where is this land located?
    The property is located at 387 Main St Grafton, OH.
    What is the asking price?
    The asking price for this property is $289,000.
    What are key features of this property?
    This property features: 2.7-acre commercial land parcel in Grafton, Ohio.; 317.08 feet of frontage on Route 57 (North Main Street).; Commercially zoned for diverse development (restaurants, retail, offices, medical).
    (216) 363-6435 Call to check price and availability
    Request Owner's contact information
    387 Main St Grafton, OH 44044
    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.
    387 Main St
    Grafton, OH 44044
    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
    387 Main St Grafton, OH 44044
    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!
    Contact for Pricing
    Please call us for current price
    and status of this listing Mike Petrigan
    Mike Petrigan
    Real Estate License ID: SAL.0000435412
    (216) 363-6435 (216) 695-6356
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!