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    2606 Riverside Dr Painesville, OH 44077

    • Gas stations
    • 1,800 SF
    • 0.90 lot acres
    For Sale
    View listing
    $195,850
    Last Sale
    Mar 04, 2025
    $190,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-0653523
    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

    • Gas stations

    Property Details for 2606 Riverside Dr

    Year built
    1970
    Lot size
    0.90 lot acres
    Property size
    1,800 SF
    Zone code
    B
    Property type
    Gas stations
    APN
    03-A-002-B-00-006-0
    APU
    03A002B000060

    Description

    This versatile 1,800 square foot commercial property, situated on a 0.9-acre lot at 2606 Riverside Drive in Painesville, Ohio, presents a unique investment opportunity. Originally constructed as a Gulf gas station, the building has served for many years as a thriving automotive repair shop. The property boasts three well-equipped bays, featuring newer overhead doors and recently replaced windows, ensuring efficient operation and a modern aesthetic. Significant recent upgrades include a new gas furnace installed within the bays, enhancing both comfort and operational efficiency. The electrical box was also updated within the last three to four years, providing a reliable and up-to-date electrical system. The property benefits from convenient access to city water, sanitary sewers, gas, and electric utilities. Zoned for business use (B-zoning), this property offers a multitude of potential uses, making it an ideal investment for entrepreneurs and business owners seeking a well-maintained and strategically located space. The ample 0.9-acre lot provides ample space for expansion or additional development, further enhancing its appeal. This property is ready for immediate occupancy and offers a strong return on investment. Its prime location and recent upgrades make it a highly desirable commercial property in the Painesville area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $160,000
      ML approach
      $145,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $212,000
      Market price range: $98.9k - $266k

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

    Location Insight

    • Map
    • Local Demand
    City
    Painesville
    County
    Lake
    State
    Ohio
    Longitude
    -81.1877
    Latitude
    41.7263
    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
    $2,977
    $10,710
    $25,790
    $36,500
    -
    $30,590
    $73,680
    $104,270

    Comparable in this City

    • Value Estimation
      $225,000
      4,080 SF

      201 Richmond St

      SERVICE STATION (FULL SERVICE) • 4,080 SF
      201 Richmond St, Painesville, OH 44077-3226
      View Details
    • Value Estimation by Request
      0.02 Acres

      Mentor Ave

      SERVICE STATION (FULL SERVICE) • 0.02 Acres
      Mentor Ave, Painesville, OH 44077
      View Details
    • Value Estimation
      $210,000
      16,218 SF

      1450 Rdg Rd

      SERVICE STATION (FULL SERVICE) • 16,218 SF
      1450 Rdg Rd, Painesville, OH 44077-4421
      View Details
    • Value Estimation
      $210,000
      9,600 SF

      1500 Rdg Rd

      SERVICE STATION (FULL SERVICE) • 9,600 SF
      1500 Rdg Rd, Painesville, OH 44077-4423
      View Details
    • Value Estimation
      $190,000
      1,123 SF

      600 High St

      SERVICE STATION (FULL SERVICE) • 1,123 SF
      600 High St, Fairport Harbor, OH 44077-5638
      View Details
    • Value Estimation
      $305,000
      2,320 SF

      7635 Crile Rd

      SERVICE STATION (FULL SERVICE) • 2,320 SF
      7635 Crile Rd, Concord Township, OH 44077-9622
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      21,694 SF

      Remodeled Auto Dealership Near Retail

      Recently remodeled 21,694 SF auto dealership near major retailers.
      2115 Mentor Ave, Painesville, OH 44077
      View Details
    • $250,000
      6.76 Acres

      Established Auto Business Assets For Sale

      Profitable auto business assets for sale in Painesville, Ohio.
      12010 Girdled Rd, Painesville, OH 44077
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    • $649,000
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      Painesville Auto Shop - $649K

      Prime Auto Shop, High Traffic Area
      1650 Mentor Ave, Painesville, OH 44077
      View Details
    • $1,700,000
      28,606 SF

      Versatile Commercial Space with Apartments

      25,772± SF commercial space with residential units.
      1840 Mentor Ave, Painesville, OH 44077
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    • $289,900
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      Prime Corner Lot Opportunity

      2.2-acre corner lot in Concord Township, Lake County, Ohio.
      Vl Ravenna Rd, Painesville, OH 44077
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    • Contact for pricing
      4.81 Acres

      Prime Painesville Redevelopment Opportunity

      4.81-acre commercial land, two buildings.
      1025/1083 Mentor Ave, Painesville, OH 44077
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    Similar Nearby for Lease

    • Contact for pricing
      980 SF

      Former Gas Station Retail Space

      980 SF retail space available for sublease in Painesville.
      8 E Erie St, Painesville, OH 44077
      View Details
    • Contact for pricing
      5,400 SF

      Retail Space on Mentor Avenue

      Retail space with excellent visibility and ample parking.
      1935-1945 Mentor Ave, Painesville, OH 44077
      View Details
    • Contact for pricing
      1,450 SF

      Retail Space on Fredle Drive

      Retail space available on Fredle Drive, Painesville, OH.
      7530-7596 Fredle Dr, Painesville, OH 44077
      View Details
    • Contact for pricing
      8,119 SF

      Painesville Retail Space For Rent

      Retail space available in Painesville, high-traffic location.
      6640-6644 Rogers Rd, Painesville, OH 44077
      View Details
    • Contact for pricing
      2,010 SF

      Retail Space Near Interstate 90

      Retail spaces available in new development near Interstate 90.
      7861 Crile Rd, Painesville, OH 44077
      View Details
    • $13 SF/Yr
      35,422 SF

      Downtown Painesville Redevelopment Opportunity

      Restaurant and office suites available in revitalized downtown Painesville.
      8 N State St, Painesville, OH 44077
      View Details
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    Painesville, OH 44077
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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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