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    16206 Center St LaGrange, OH 44050
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    16206 Center St, LaGrange, OH 44050

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    Property Details for 16206 Center St

    Property type
    Land

    Description

    This exceptional 3-acre commercial land parcel presents a unique investment opportunity in the burgeoning North Pointe Development in LaGrange, Ohio. Located at 16206 N Center St, 44050, this strategically positioned site sits at the main entrance of the future development, ensuring high visibility and accessibility. The property offers approximately 2.5 acres for development, presenting several exciting possibilities for prospective buyers. A build-to-suit option allows for customized construction tailored to specific business needs. Alternatively, a ground lease arrangement could provide a steady stream of passive income. For developers seeking a multi-tenant retail space, the site offers ample room for a building up to 20,000 square feet. The surrounding North Pointe Development is poised for significant growth, with plans for approximately 130 single-story and multifamily residential units. Construction on the multifamily component is scheduled to commence in 2024, further enhancing the area's appeal and driving increased foot traffic and consumer demand. This prime location in Lorain County, Ohio, offers a compelling blend of immediate development potential and long-term growth prospects, making it an ideal investment for discerning buyers seeking a high-return opportunity in a thriving community. The property is zoned for commercial use and is ready for immediate development. Contact us today to learn more about this exceptional opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    LaGrange
    County
    Lorain
    State
    Ohio
    Longitude
    -82.1197
    Latitude
    41.2494

    Comparable in this City

    • Value Estimation by Request
      59.80 Acres

      Main St

      Land
      0 Main St, LaGrange, OH 44050
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    • Value Estimation by Request
      2,736 SF

      240 Glendale St

      COMMERCIAL (GENERAL)
      240 Glendale St, Lagrange, OH 44050-9675
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      704 SF

      14219 State Rte 301

      COMMERCIAL (GENERAL)
      14219 State Rte 301, Lagrange, OH 44050-9544
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      0.13 Acres

      Rear Land Land

      COMMERCIAL (GENERAL)
      Rear Land Land, Lagrange, OH 44050
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    • Value Estimation by Request
      0.12 Acres

      142 Railroad St

      VACANT COMMERCIAL LAND
      142 Railroad St, Lagrange, OH 44050-9758
      View Details
    • Value Estimation
      $720,000
      0.25 Acres

      Railroad St

      VACANT COMMERCIAL LAND
      Railroad St, Lagrange, OH 44050
      View Details

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      Prime Land in North Pointe

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    Similar Nearby for Lease

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      31,000 SF

      Retail Space and Outlot Available

      Anchor space and outlot near major destinations in LaGrange, OH.
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      Mixed-Use Property for Lease

      Mixed-use property available for lease at 300 Commerce Drive.
      300 Commerce Dr, Lagrange, OH 44050
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    LaGrange, OH 44050
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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.

    More about this property
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