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    Property profile & analytics

    133 Academy Ct, Unit B Elyria, OH 44035-4646

    • Apartment buildings
    • 6,602 SF
    • 1.68 lot acres
    OFF-MARKET
    Last Sale
    Aug 27, 2024
    Value Estimations
    $740,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1608559
    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

    • Apartment buildings

    Property Details for 133 Academy Ct

    Year built
    1978
    Lot size
    1.68 lot acres
    Property size
    6,602 SF
    Property type
    Apartment buildings
    APN
    06-24-002-000-064
    APU
    624002000064

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $940,000
      6.5%
      $870,000
      7%
      $805,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $961,000
      Market price range: $386k - $962k

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

    Location Insight

    • Map
    • Local Demand
    City
    Elyria
    County
    Lorain
    State
    Ohio
    Longitude
    -82.1539
    Latitude
    41.3604
    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
    $28,697
    $32,340
    $362,261
    $394,601
    -
    $92,400
    $1,035,030
    $1,127,430

    Comparable in this City

    • Value Estimation by Request
      2,118 SF

      254 Washington Ave, Unit A2

      APARTMENT HOUSE (5+ UNITS) • 2,118 SF
      254 Washington Ave, Elyria, OH 44035-5158
      View Details
    • Value Estimation by Request
      3,080 SF

      6253 Lk Ave, Unit 1

      APARTMENT HOUSE (5+ UNITS) • 3,080 SF
      6253 Lk Ave, Elyria, OH 44035-1056
      View Details
    • Value Estimation
      $1,005,000
      8,356 SF

      240 4th St, Unit 203

      APARTMENT HOUSE (5+ UNITS) • 8,356 SF
      240 4th St, Elyria, OH 44035-5745
      View Details
    • Value Estimation
      $1,195,000
      918 SF

      601 Abbe N Rd, Unit A2

      APARTMENT HOUSE (5+ UNITS) • 918 SF
      601 Abbe N Rd, Elyria, OH 44035-3052
      View Details
    • Value Estimation
      $1,195,000
      918 SF

      605 Abbe N Rd, Unit B1

      APARTMENT HOUSE (5+ UNITS) • 918 SF
      605 Abbe N Rd, Elyria, OH 44035-3053
      View Details
    • Value Estimation
      $1,195,000
      918 SF

      605 Abbe N Rd, Unit B3

      APARTMENT HOUSE (5+ UNITS) • 918 SF
      605 Abbe N Rd, Elyria, OH 44035-3053
      View Details

    Similar Nearby for Sale

    • $408,000
      0.37 Acres

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      Well-maintained, six-unit apartment complex.
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    • $650,000
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      Elyria Multifamily Investment Opportunity

      16-Unit Apartment Building, High Demand
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    • $125,000
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      Updated Duplex Near Medical Center

      Turnkey duplex in Elyria, near hospitals and commuter routes.
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    • New
      $94,999
      0.26 Acres

      Elyria Duplex: Income Potential

      Duplex in Elyria, Ohio with potential rental income.
      526 East Ave, Elyria, OH 44035
      View Details
    • New
      $169,900
      2,440 SF

      Elyria Duplex: Investment Potential

      Side-by-side duplex with income potential in Elyria, Ohio.
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    • $100,000
      Pending

      Elyria Multifamily Property For Sale

      Multifamily property in Elyria, Ohio, tenant occupied, sold as-is.
      241 7Th St, Elyria, OH 44035
      View Details

    Similar Nearby for Lease

    • $10,000 /Mo
      53,143 SF

      Former Bank Building with Drive-Thru

      Versatile commercial space near LCCC, I-90, and major thoroughfares.
      5380 N Abbe Rd, Elyria, OH 44035
      View Details
    • Contact for pricing

      N Ridge

      Great Commercial location
      41957 N Ridge Rd, Elyria, OH 44035
      View Details
    • Contact for pricing

      Retail Shopping Mall Space Available

      Retail spaces available in a busy shopping center.
      1599 W River Rd N, Elyria, OH 44035
      View Details
    • Contact for pricing

      Retail Spaces Available For Rent

      Retail spaces ranging from 870 to 120,036 SqFt available.
      205 Midway Blvd, Elyria, OH 44035
      View Details
    • Contact for pricing

      Commercial Property for Rent

      Commercial property available for rent at 525 Mussey Ave.
      525 Mussey Ave, Elyria, OH 44035
      View Details
    • Contact for pricing

      Elyria Industrial Space Available

      72,000 SqFt industrial space available for lease in Elyria.
      901 Cleveland St, Elyria, OH 44035
      View Details
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    133 Academy Ct, Unit B
    Elyria, OH 44035-4646
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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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