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    Conveniently Located Office Space Available Title is generated by Realmo AI

    347 Midway Blvd, Elyria, OH 44035

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    Office suites available near highway and Midway Mall.

    Type:Office
    Property size:
    9,000 SF
    Added:
    Aug 15, 2024
    Days on Market:
    660
    Last Refresh:
    May 12 at 10:14 pm

    Property Features for 347 Midway Blvd

    General Information

    Standard status
    Active
    Size
    9,000 SF
    Property subtype
    Office

    Building Details

    Year Built
    1973

    Spaces For Lease

    at 347 Midway Blvd Contact us

    106 $11/Mo

    Size
    1,231 SF
    Type
    Office
    First floor suite with 3 offices, open space, storage room with built-in shelves....
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    Contact us

    300,310,312 $10/Mo

    Size
    4,377 SF
    Type
    Office
    Third floor Shell space. Can be combined with the rest of the third floor for a total...
    show more
    Contact us

    202 $11/Mo

    Size
    1,210 SF
    Type
    Office
    Second floor suite with 5 large offices, storage/break room, lobby/reception area.
    Contact us

    306 $10/Mo

    Size
    4,480 SF
    Type
    Office
    Third floor suite with Lobby, reception area, 15 offices, meeting room, 4 entrance...
    show more
    Contact us

    101 $11/Mo

    Size
    3,183 SF
    Type
    Office
    Prime first floor suite near front entrance with reception areas, 3 entrance doors....
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    Contact us

    203 $10/Mo

    Size
    1,400 SF
    Type
    Office
    Second floor suite with Lobby, Meeting room, 3 offices. Former Mental Health Counseling...
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    Show more

    We can help!

    Listing Contact
    Vince Senauskas

    Listing agent Vince Senauskas License #OH 2018000713

    Listing office Gentile Real Estate LLC

    Listing date Aug 15, 2024

    Source Crexi

    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 Gentile Real Estate LLC

    HighLights

    • Convenient highway access to I‑90 and Ohio Turnpike.
    • Suites available from 500 sf to 9,000 sf.
    • Located across from Midway Mall, slated for redevelopment into a health, wellness, and industrial innovation park.
    • Surrounded by restaurants and retail.
    • Suites feature large meeting rooms, private bathrooms, and kitchens/break rooms.
    • Includes elevator and 80 parking spaces.

    Overview

    Midway Plaza provides office spaces with convenient highway access to I-90 and the Ohio Turnpike. The property is situated in an area with restaurants and retail options. It is located directly across from Midway Mall, which is planned for redevelopment into a health, wellness, and industrial innovation park. Suites are available on the first, second, and third floors, ranging in size from 500 square feet to 9,000 square feet. The building features an elevator and 80 parking spaces. Suites include large meeting rooms, private bathrooms, and kitchens or break rooms. The rate is $15-16 per square foot, plus electric.
    Property Profile Location Intelligence

    Current Use by Public Records

    Rauser & Associates Legal ... Law Firm Dr. Rakesh Ranjan Physician Campbell Paula A Foster Care Service Dea Manges Foster Care Service Jessica Adams Foster Care Service

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Elyria
    County
    Lorain
    State
    Ohio
    Longitude
    -82.2410123
    Latitude
    41.3993659

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    FAQs

    What type of property is this?
    Office units - Office suites available near highway and Midway Mall.
    Where is this office units located?
    The property is located at 347 Midway Blvd Elyria, OH.
    What is the lease rate?
    The lease rate is $10 SF/Yr.
    What are key features of this property?
    This property features: Convenient highway access to I‑90 and Ohio Turnpike.; Suites available from 500 sf to 9,000 sf.; Located across from Midway Mall, slated for redevelopment into a health, wellness, and industrial innovation park.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Vince Senauskas
    Real Estate License ID: OH 2018000713
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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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