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    Property profile & analytics

    1501 Vernon Odom Blvd Akron, OH 44307

    • Automotive properties
    • 16,020 SF
    • 4.65 lot acres
    For Sale
    View listing
    $3,698,500
    Last Sale
    Nov 12, 2020
    $1,250,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1370412
    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

    • Prestige Auto Credit / Car Dealer
    • Prestige Auto Family of Dealerships / Used Car Dealer

    Property Details for 1501 Vernon Odom Blvd

    Year built
    1988
    Lot size
    4.65 lot acres
    Property size
    16,020 SF
    Property type
    Automotive properties
    APN
    67-62794
    APU
    6762794

    Description

    This exceptional opportunity presents a 16,861-square-foot, single-tenant retail space ideally suited for an auto dealership. Strategically located in Akron, Ohio, off I-77, this property boasts a 4.65-acre lot and offers a fully equipped facility. The building features a 6,861-square-foot air-conditioned office/showroom with upgraded LED lighting, abundant natural light, and two ADA-accessible restrooms. The showroom includes five offices, two waiting areas, and a children's play area. The remaining 9,891 square feet comprise a well-equipped auto maintenance/body shop with impressive 17- to 20-foot clear heights, seven vehicle lifts/frame racks, and six drive-in doors. Additional features include mezzanine storage (not included in the 16,861 square feet), a recently added paint booth and mixing room, a new ramp, and a modern air compressor system. This property is situated in Summit County, Ohio, with the full address being 1501 Vernon Odom Blvd, Akron, OH 44320. The property's prime location and extensive features make it an exceptional investment opportunity for the right automotive business.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,600,000
      ML approach
      $1,200,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,763,000
      Market price range: $672k - $2.49M
      AI Estimate
      $1,857,000
      Market price range: $746k - $2.74M

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $1,600,000
      Current use
      MEDICAL BUILDING
      $1,745,000
      Change: +9% Conversion: Difficult
      RESTAURANT
      $1,700,000
      Change: +6% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $1,495,000
      Change: -6% Conversion: Difficult
      OFFICE BUILDING
      $1,290,000
      Change: -19% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Akron
    County
    Summit
    State
    Ohio
    Longitude
    -81.5761
    Latitude
    41.0647
    CBSA code
    10420
    CBSA name
    AKRON, 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
    $23,173
    $114,030
    $142,310
    $256,340
    -
    $325,790
    $406,610
    $732,400

    Comparable in this City

    • Value Estimation
      $895,000
      5,586 SF

      1370 Vernon Odom Blvd

      VEHICLE SALES, RENTALS • 5,586 SF
      1370 Vernon Odom Blvd, Akron, OH 44320-4036
      View Details
    • Value Estimation by Request
      9,007 SF

      2171 Romig Rd

      VEHICLE SALES, RENTALS • 9,007 SF
      2171 Romig Rd, Akron, OH 44320-3821
      View Details
    • Value Estimation
      $905,000
      6,000 SF

      2183 Romig Rd, Unit 2199

      VEHICLE SALES, RENTALS • 6,000 SF
      2183 Romig Rd, Akron, OH 44320-4103
      View Details
    • Value Estimation
      $510,000
      4,300 SF

      2455 Romig Rd

      VEHICLE SALES, RENTALS • 4,300 SF
      2455 Romig Rd, Akron, OH 44320-3826
      View Details
    • Value Estimation
      $4,005,000
      24,619 SF

      1531-1535 Vernon Odom Blvd

      VEHICLE SALES, RENTALS • 24,619 SF
      1531-1535 Vernon Odom Blvd, Akron, OH 44320
      View Details
    • Value Estimation
      $4,795,000
      57,098 SF

      1490 Vernon Odom Blvd

      VEHICLE SALES, RENTALS • 57,098 SF
      1490 Vernon Odom Blvd, Akron, OH 44320-4026
      View Details

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    • $90,000
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      Akron Land: 5.8 Acres Development Opportunity

      Prime Akron land, ideal for residential or retail development.
      0 Romig Rd, Akron, OH 44320
      View Details

    Similar Nearby for Lease

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      Hawkins Plaza Retail Center

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      Akron Drive-Thru Restaurant Opportunity

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    • $7 SF/Yr
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      View Details
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    1501 Vernon Odom Blvd
    Akron, OH 44307
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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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