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    238 Elmwood Ave Medina, OH 44256-2210

    • Office buildings
    • 5,104 SF
    • 0.51 lot acres
    OFF-MARKET
    Value Estimations
    $315,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2560483
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Got Milt Health & Fitness / Fitness Center
    • STUDIO 238 / Hair Salon
    • Medina County BOE Media Center / School
    • Aesthetically Fit / Massage Therapist

    Property Details for 238 Elmwood Ave

    Year built
    1962
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.51 lot acres
    Property size
    5,104 SF
    Property type
    Office buildings
    APN
    028-19A-21-251
    APU
    02819A21251

    Description

    This exceptional office space, located at 238 S. Elmwood Avenue in Medina, Ohio, presents a fantastic opportunity for businesses seeking a convenient and well-appointed location. The property is a Class B, traditional office building with a total of 5,208 square feet, offering multiple tenancy options. Currently, there is 416 square feet of vacant space available, divisible into units ranging from a minimum of 112 square feet to a maximum contiguous space of 169 square feet. The building features ample parking with 10 spaces available for tenants. The electrical service is a single 3-phase, 220v/200 amp system. This first-floor unit is situated in a highly desirable location within walking distance of Medina's historic square, providing excellent visibility and accessibility. The property is zoned C2 and located in Medina County, Ohio, zip code 44256. All utilities are included in the lease. This is an ideal space for a small business or individual professional seeking a convenient and well-equipped office environment. The building's convenient location and included utilities make this an attractive option for businesses looking to minimize overhead costs while maximizing productivity. Inquire today to learn more about leasing options.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Estimation
      $300,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $385,000
      6.5%
      $400,000
      7%
      $415,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $375,000
      Geo Method
      $395,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $365,000
      Retail
      $385,000
      Mixed-Use
      $305,000
      Hospitality
      $335,000
      Educational
      $295,000
      Residential Income
      $360,000
      Energy
      $395,000
      Income-Based Land
      $400,000
      Food Service
      $295,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Medina
    County
    Medina
    State
    Ohio
    Longitude
    -81.8656
    Latitude
    41.1368
    CBSA code
    17460
    CBSA name
    CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $6,600
    $41,640
    $71,470
    $113,110
    -
    $118,980
    $204,190
    $323,170

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    238 Elmwood Ave
    Medina, OH 44256-2210
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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.

    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
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