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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1215 Middle Ave Elyria, OH 44035-7064

    • Specialty properties
    • 45,704 SF
    • 4.73 lot acres
    OFF-MARKET
    Value Estimations
    $6,730,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-5248644
    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

    • Hamilton Elementary School / Elementary School

    Property Details for 1215 Middle Ave

    Lot size
    4.73 lot acres
    Property size
    45,704 SF
    Property type
    Specialty properties
    APN
    06-26-007-101-004
    APU
    626007101004

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $7,885,000
      6.5%
      $7,275,000
      7%
      $6,760,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,058,000
      Market price range: $1.13M - $4.06M
      AI Estimate
      $8,848,000
      Market price range: $2.01M - $8.85M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $5,000,000
      MEDICAL BUILDING
      $4,255,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Elyria
    County
    Lorain
    State
    Ohio
    Longitude
    -82.1088
    Latitude
    41.3544
    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
    $0.00
    $91,053
    $1,574,020
    $1,665,073
    -
    $260,150
    $4,497,200
    $4,757,350

    Comparable in this City

    • Value Estimation by Request
      4.45 Acres

      1205 Sugar Ln

      Land • 4.45 Acres
      1205 Sugar Ln, Elyria, OH 44035
      View Details
    • Value Estimation by Request
      3,804 SF

      301 Hadaway St

      VETERINARY, ANIMAL HOSPITAL • 3,804 SF
      301 Hadaway St, Elyria, OH 44035-7754
      View Details
    • Value Estimation by Request
      2,057 SF

      327 Cleveland St

      FUNERAL HOME • 2,057 SF
      327 Cleveland St, Elyria, OH 44035-6141
      View Details
    • Value Estimation by Request
      8,993 SF

      114 2nd St

      FUNERAL HOME • 8,993 SF
      114 2nd St, Elyria, OH 44035-5607
      View Details
    • Value Estimation by Request
      616 SF

      1255 Lowell St

      CHARITABLE ORGANIZATION • 616 SF
      1255 Lowell St, Elyria, OH 44035-4803
      View Details
    • Value Estimation by Request
      512 SF

      555 Ternes Ln

      CHARITABLE ORGANIZATION • 512 SF
      555 Ternes Ln, Elyria, OH 44035-6251
      View Details

    Similar Nearby for Sale

    • $549,000
      4.45 Acres

      Elyria Industrial Land - 4.45 Acres

      Prime Elyria industrial land, excellent highway access.
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      View Details
    • $200,000
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      Elyria Commercial Building & Land

      High-traffic location, investment opportunity.
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    • $90,000
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      Downtown Elyria Office Suite

      Upscale Office Space, Prime Location
      124 Middle Ave, Elyria, OH 44035
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    • $195,000
      5,584 SF

      Former Church and Retail Buildings

      Two buildings in high-visibility area, priced to sell.
      1611-1621 Middle Ave, Elyria, OH 44035
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    • $195,000
      1.00 Acre

      Elyria Commercial Land: Prime Location

      One-acre commercial lot, ideal for diverse uses.
      661 Griswold Rd, Elyria, OH 44035
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    • $345,900
      1,260 SF

      opening doors to a wide array of business ventures. Whether you\u00e2\u0080\u0099re looking to revive this iconic establishment

      take advantage of the apartment rental possibilities
      40980 Butternut Park Ct, Elyria, OH 44035
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    Similar Nearby for Lease

    • $1,863,125

      Freestanding Family Dollar Store Investment

      Family Dollar store in Elyria, OH with NN lease.
      401 Lake Ave, Elyria, OH 44035
      View Details
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      21,780 SF

      Elyria Retail Outlot & Building

      High-traffic location, co-tenancy with Rural King
      430 Oberlin Rd, Elyria, OH 44035
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      157,580 SF

      Retail Space Midway Mall, Elyria

      Retail space available in Midway Mall, Elyria, Ohio.
      4000 Midway Mall, Elyria, OH 44035
      View Details
    • Contact for pricing
      201,019 SF

      Prime Retail Location in Elyria

      High-visibility retail space near major retailers and highways.
      4900 Midway Mall, Elyria, OH 44035
      View Details
    • Contact for pricing
      7,000 SF

      Retail Space Near Midway Mall

      Retail space across from Midway Mall, near I-80 and I-90.
      201-285 Midway Blvd, Elyria, OH 44035
      View Details
    • Contact for pricing
      3,736 SF

      Stand Alone Bank Building

      Well-kept building suitable for office or medical use.
      361 Midway Blvd, Elyria, OH 44035
      View Details
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    1215 Middle Ave
    Elyria, OH 44035-7064
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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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