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    4701 Great Northern Dr North Olmsted, OH 44070
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    4701 Great Northern Dr, North Olmsted, OH 44070

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    • Retail properties & Spaces
    • 3,000 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 4701 Great Northern Dr

    Property type
    Retail properties & Spaces

    Description

    This exceptional 3,000 square foot retail space is ideally situated in North Olmsted, Ohio, at 4701-4763 Great Northern Drive. The property boasts a prime location between Lorain Road and Brookpark Road, benefiting from a combined daily traffic count exceeding 66,000 vehicles. The single-story, Class B building sits on a generous 2.268-acre lot, offering ample space and potential for expansion or outdoor amenities. Currently, the entire 3,000 square feet is vacant, presenting a unique opportunity for a single tenant or the potential for multiple smaller tenants. The B-3 zoning allows for a variety of retail uses. The property's address is 4701 Great Northern Dr, North Olmsted, OH 44070, with the APN 23605041 in Cuyahoga County. A key advantage is the potential for drive-thru capabilities, making it highly attractive to businesses requiring this feature. This property represents a significant opportunity for businesses seeking high visibility and accessibility in a thriving commercial area. The building consists of one structure with a total of 3,000 square feet. This is a rare opportunity to secure a substantial retail space in a high-traffic location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    North Olmsted
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.9011
    Latitude
    41.4206

    Comparable in this City

    • Value Estimation by Request
      7,821 SF

      26800 Lorain Rd

      Individual retail properties
      26800 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Value Estimation by Request
      7,821 SF

      26800 Lorain Rd

      Individual retail properties
      26800 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Value Estimation by Request
      2,973 SF

      31255 Lorain Rd

      NURSERY, GREENHOUSE, FLORIST
      31255 Lorain Rd, North Olmsted, OH 44070-4728
      View Details
    • Value Estimation by Request

      Great Northern Shop Ctr

      Individual retail properties
      0 Great Northern Shop Ctr, North Olmsted, OH 44070
      View Details
    • Value Estimation by Request
      45,706 SF

      29087 Lorain Rd

      Retail properties & Spaces
      29087 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Value Estimation
      $5,640,000
      214,653 SF

      25188 Country Clb Blvd

      DEPARTMENT STORE
      25188 Country Clb Blvd, North Olmsted, OH 44070-5311
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,400 SF

      Office and Retail Space Available

      2,400 SqFt office and retail space for sale.
      23889 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      2,494 SF

      Freestanding Restaurant Building on Lorain

      2,494 SF restaurant on 0.99 AC in North Olmsted.
      27350 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      7,504 SF

      North Olmsted Retail Opportunity

      Retail property for sale in North Olmsted, Ohio.
      25001 Country Club Blvd, North Olmsted, OH 44070
      View Details
    • New
      $299,000
      0.69 Acres

      Lorain Road Redevelopment Opportunity

      Commercial land with redevelopment potential in a high-traffic area.
      30447 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      3,089 SF

      Freestanding Retail Building on Lorain

      3,089 SF retail building on heavily traveled Lorain Road.
      25775 Lorain Rd, North Olmsted, OH 44070
      View Details
    • $69,900
      0.21 Acres

      Prime Commercial Corner Lot Available

      High-visibility commercial lot suitable for various development projects.
      27693 Butternut Ridge Rd, North Olmsted, OH 44070
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      Pending

      Former Restaurant in Retail Corridor

      5,620 SF former restaurant in high-traffic retail area.
      24941 Country Club Blvd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      2,400 SF

      Retail Center in North Olmsted

      Landmark retail center with high visibility and long-term tenants.
      24048-24180 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      26,000 SF

      North Olmsted Retail Space Available

      26,000 SF retail space in North Olmsted trade area.
      26662 Brookpark Road Ext, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      10,657 SF

      Retail Space on Lorain Road

      10,657 SF retail space available for lease.
      29000 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      1,208 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
      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
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    North Olmsted, OH 44070
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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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