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    Property profile & analytics

    1501 Grafton Rd Elyria, OH 44035-8107

    • Retail space
    • 2,626 SF
    • 0.59 lot acres
    OFF-MARKET
    Last Sale
    Dec 08, 2023
    $120,000
    Value Estimations
    $130,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1946412
    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

    • Nicks DriveThru 2 / Convenience Store

    Property Details for 1501 Grafton Rd

    Year built
    1965
    Lot size
    0.59 lot acres
    Property size
    2,626 SF
    Property type
    Retail space
    APN
    10-00-004-123-073
    APU
    1000004123073

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $130,000
      ML approach
      $135,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $99,000
      Market price range: $98.7k - $260k
      AI Estimate
      $121,000
      Market price range: $92.4k - $358k

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

    Location Insight

    • Map
    • Local Demand
    City
    Elyria
    County
    Lorain
    State
    Ohio
    Longitude
    -82.0976
    Latitude
    41.3461
    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
    $1,888
    $11,655
    $19,047
    $30,702
    -
    $33,300
    $54,420
    $87,720

    Comparable in this City

    • Value Estimation
      $265,000
      7,252 SF

      321 Broad St

      RETAIL STORES (PERSONAL SERVICES) • 7,252 SF
      321 Broad St, Elyria, OH 44035-5503
      View Details
    • Value Estimation
      $285,000
      7,997 SF

      144 Reaser Ct

      RETAIL STORES (PERSONAL SERVICES) • 7,997 SF
      144 Reaser Ct, Elyria, OH 44035-6285
      View Details
    • Value Estimation
      $100,000
      1,472 SF

      419 Middle Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,472 SF
      419 Middle Ave, Elyria, OH 44035-5731
      View Details
    • Value Estimation
      $300,000
      4,800 SF

      120 Antioch Dr

      RETAIL STORES (PERSONAL SERVICES) • 4,800 SF
      120 Antioch Dr, Elyria, OH 44035-1543
      View Details
    • Value Estimation
      $265,000
      2,220 SF

      505 Broad St

      RETAIL STORES (PERSONAL SERVICES) • 2,220 SF
      505 Broad St, Elyria, OH 44035-5507
      View Details
    • Value Estimation
      $55,000
      1,395 SF

      354 Broad St

      RETAIL STORES (PERSONAL SERVICES) • 1,395 SF
      354 Broad St, Elyria, OH 44035-5504
      View Details

    Similar Nearby for Sale

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      6,600 SF

      Elyria Retail Investment Opportunity

      NNN leased retail property with attractive rental escalations for sale.
      914 Cleveland St, Elyria, OH 44035
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    • $199,900
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      Mixed-Use Property in High-Traffic Location

      Mixed-use property with retail/office space and residential apartment.
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      15,659 SF

      Retail Opportunity Near Rural King

      Retail space available near Rural King and major roadways.
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    • $184,000
      0.10 Acres

      Elyria Retail Building For Sale

      Former bakery/catering service building, potential for two storefronts.
      501 Lake 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.
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      7,598 SF

      Retail Space in Dense Area

      Retail property in a high-traffic location with national tenants.
      167 Cleveland St, Elyria, OH 44035
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    Similar Nearby for Lease

    • $1,895 /Mo
      8,712 SF

      Retail/Office Space in High-Traffic Area

      Versatile commercial space with showroom, offices, and convenient location.
      41981 N Ridge Rd, Elyria, OH 44035
      View Details
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      31,080 SF

      Retail Space Near I-90

      Retail space with high visibility and multiple anchor tenants.
      5244 Cobblestone Rd, Sheffield Village, OH 44035
      View Details
    • Contact for pricing
      31,902 SF

      Elyria Retail Space Available

      Retail space with high visibility near major retailers.
      2650 Midway Mall, Elyria, OH 44035
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      25,954 SF

      Elyria Retail Space For Lease

      25,594 SF retail space in dominant shopping center.
      360 Market Dr, Elyria, OH 44035
      View Details
    • Contact for pricing
      2,270 SF

      Retail Space Midway Mall

      Retail space available in Midway Mall, Elyria, OH.
      6355 Midway Mall, Elyria, OH 44035
      View Details
    • Contact for pricing
      267,000 SF

      River Street Square Retail Center

      Elyria, Ohio Shopping Center - 16 Spaces Available
      205 Midway Blvd, Elyria, OH 44035
      View Details
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    1501 Grafton Rd
    Elyria, OH 44035-8107
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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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