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Property profile & analytics
OFF-MARKET
Estimated value
$1,305,000
Auto shops
15200 Lorain Ave 15220 Cleveland, OH 44111-5531
Individually Owned
5-yr Hold
Free & Clear
Property ID
US66-2242405
Property summary
AI-generated overview
Exceptional redevelopment opportunity in Cleveland's vibrant Kamm's Corners District. This vacant, 34,250 square foot retail property, situated on a 2.47-acre lot at 15200 Lorain Ave, Cleveland, OH 44111, presents significant potential. The property features two buildings, constructed in 1963 and renovated in 2018, boasting 3-phase/480 amp power, nine drive-ins ranging from 8' to 14' in height, and 14' clear height in the warehouse space. The existing structure includes 3,975 square feet of office and showroom space, plus an additional 2,233 square feet of second-floor office space. The LR-C2 (Local Retail Business District) zoning permits a wide range of retail uses (excluding automotive). The high-traffic location, with 14,000 vehicles passing daily on Lorain Road, and its proximity to I-77 (one mile, three-minute drive), makes this an ideal site for a mixed-use development. The property includes approximately 55,000 square feet of paved parking. APN numbers are 02524030, 02524029, 02524027, and 02524023. This is a rare chance to acquire a substantial property in a thriving commercial district.
Property profile
Verified
Property type
Auto shops
Use group
AUTO REPAIR, GARAGE
Year built
1963
Construction
TYPE NOT SPECIFIED
Total area
13,333 SF
Lot
1.04 ac (45,264 SF)
Zoning code
LR
APN
025-24-023
UPID
US66-2242405
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Lakewood Acceptance Corporation Loan Service
-
Byrider Cleveland Auto Repair Shop
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.27M
Blend (final)
Blend
$1.31M
Owner & transaction history
William L Lake · 5 yrs held
William L Lake
since 2021
1 recorded transaction
Zoning & alternative use
LR · Cleveland, OH
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$2.2M
+81.8%
Medical building
$1.5M
+22.1%
Neighborhood: shopping center
$1.4M
+13.9%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Cleveland submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Cleveland submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
AUTO REPAIR, GARAGE
$1,185,000
Current use
OFFICE BUILDING
$2,155,000
Change: +82% · Conversion: Difficult
MEDICAL BUILDING
$1,450,000
Change: +22% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$1,350,000
Change: +14% · Conversion: Difficult
COMMERCIAL (GENERAL)
$1,105,000
Change: -7% · Conversion: Moderate
APARTMENT HOUSE (5+ UNITS)
$985,000
Change: -17% · Conversion: Difficult
Blend value · Realmo final
$1.31M
Range $1.17M – $1.44M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$98 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$26,507
Tax year 2023
Assessed value
$265,410
Assessed 2023
Previous assessed
$265,410
+0.0% YoY
Effective rate
9.99%
On assessed value
Assessed land
$69,720
Assessed improvement
$195,690
Land market value
$199,200
Improvement market value
$559,100
Total market value
$758,300
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Auto shops
Use group
AUTO REPAIR, GARAGE
Status
Off-Market
Year built
1963
Construction
TYPE NOT SPECIFIED
Heating
NONE
Cooling
NONE
Buildings
3
Stories
1
Total area
13,333 SF
Lot
1.04 ac (45,264 SF)
Zoning code
LR
APN
025-24-023
UPID
US66-2242405
Jurisdiction
CUYAHOGA
Zoning & alternative use
LR · Cleveland, OH
Zoning LR · permitted uses
LR · Cleveland, OH
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Cleveland. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
AUTO REPAIR, GARAGE Current
Est. value
$1.2M
OFFICE BUILDING
Est. value
$2.2M
MEDICAL BUILDING
Est. value
$1.5M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$1.4M
COMMERCIAL (GENERAL)
Est. value
$1.1M
APARTMENT HOUSE (5+ UNITS)
Est. value
$985,000
AUTO REPAIR, GARAGE Current
OFFICE BUILDING
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
COMMERCIAL (GENERAL)
APARTMENT HOUSE (5+ UNITS)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1963
Construction
TYPE NOT SPECIFIED
Heating
NONE
Cooling
Yes
Stories
1
Buildings
3
Lot
1.04 ac
Current owner
From public records · entity-resolved
William L Lake
Individual
Free & Clear · 5 yrs held
Mailing address
22585 DETROIT RD, ROCKY RIVER, OH 44116-2056
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 23, 2021
—
William L Lake
William L Lake
Intrafamily Transfer
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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