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    Property profile & analytics

    1534 28th St Lorain, OH 44055-1606

    • Retail space
    • 5,148 SF
    • 0.28 lot acres
    OFF-MARKET
    Last Sale
    Dec 03, 2024
    $30,000
    Value Estimations
    $250,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1866738
    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

    • Jay's Remodeling General Contractor / Bathroom Remodeler

    Property Details for 1534 28th St

    Year built
    1950
    Lot size
    0.28 lot acres
    Property size
    5,148 SF
    Property type
    Retail space
    APN
    03-00-097-103-011
    APU
    300097103011

    Description

    This exceptional commercial property in Lorain, Ohio, presents a unique investment opportunity. Located at 1534 E 28th Street, this 0.56-acre lot features a retail building with a fully operational auto body shop and a separate apartment. The auto body shop boasts a grandfathered-in custom spray/paint room, compliant with city, county, and EPA standards, a feature difficult to replicate today. This room is insulated, custom-built, and ventilated for professional use, and includes a recently updated paint mixing system with software and hardware, connected to a supplier for convenient refills. The shop also includes a frame straightening machine and other equipment, an office space, an open floor plan shop area with multiple large door entries, and is situated on three parcels, allowing for potential expansion. Adding to its versatility, a large one-bedroom, one-bathroom apartment is located above the shop, offering on-site living convenience or potential rental income. A detached garage is also included. The asking price is $240,000. This turnkey operation is ready for immediate use and offers significant income potential for a car enthusiast, experienced mechanic, or expanding business. The property's unique combination of retail space, auto body shop, and residential apartment makes it a truly exceptional investment opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $260,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $241,000
      Market price range: $241k - $808k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $320,000
      Current use
      AUTO REPAIR, GARAGE
      $425,000
      Change: +33% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $395,000
      Change: +25% Conversion: Moderate
      WAREHOUSE, STORAGE
      $305,000
      Change: -4% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Lorain
    County
    Lorain
    State
    Ohio
    Longitude
    -82.1479
    Latitude
    41.445
    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
    $1,550
    $5,604
    $14,133
    $19,737
    -
    $16,010
    $40,380
    $56,390

    Comparable in this City

    • Value Estimation
      $255,000
      760 SF

      2923 Pearl Ave

      RETAIL STORES (PERSONAL SERVICES) • 760 SF
      2923 Pearl Ave, Lorain, OH 44055-1836
      View Details
    • Value Estimation
      $240,000
      1,500 SF

      2927 Pearl Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,500 SF
      2927 Pearl Ave, Lorain, OH 44055-1836
      View Details
    • Value Estimation
      $255,000
      1,624 SF

      2957 Pearl Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,624 SF
      2957 Pearl Ave, Lorain, OH 44055-1836
      View Details
    • Value Estimation
      $115,000
      5,358 SF

      513 28th St

      RETAIL STORES (PERSONAL SERVICES) • 5,358 SF
      513 28th St, Lorain, OH 44055-1329
      View Details
    • Value Estimation
      $270,000
      5,974 SF

      3145 Broadway

      RETAIL STORES (PERSONAL SERVICES) • 5,974 SF
      3145 Broadway, Lorain, OH 44055-1268
      View Details
    • Value Estimation
      $110,000
      5,344 SF

      3045 Clinton Ave

      RETAIL STORES (PERSONAL SERVICES) • 5,344 SF
      3045 Clinton Ave, Lorain, OH 44055-1947
      View Details

    Similar Nearby for Sale

    • $500,000
      0.33 Acres

      Established Grocery Store Opportunity

      Profitable grocery store with real estate, equipment, and licenses included.
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    • $500,000
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      Lorain Retail Business for Sale

      Established Grocery Store, Turnkey Operation
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      View Details
    • $40,000
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      Residential Land in Established Neighborhood

      0.74 acre lot for dream home in Lorain, OH.
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      View Details
    • Contact for pricing
      0.16 Acres

      Residential Lot in Lorain, OH

      Buildable residential lot in Lorain, OH, value-priced.
      1711 E 30Th St, Lorain, OH 44055
      View Details
    • $33,500
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      Lorain Industrial Land - $33,500

      0.7-acre Industrial Lot, Lorain, OH
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      Commercial Land Opportunity Available

      Commercial land suitable for various business ventures, great location.
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    Similar Nearby for Lease

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      1,264 SF

      Lorain-Elyria Retail Corridor Space

      Retail spaces available in Sheffield Center Plaza, Lorain, OH.
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    • Contact for pricing
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      Retail Space in Sheffield Center

      Retail spaces available in Lorain-Elyria retail corridor.
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      11,312 SF

      Former Rite Aid Retail Building

      Freestanding 11,312 SF building, high traffic, strong sales history.
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    • Contact for pricing
      20,765 SF

      Retail Space in Lorain, Ohio

      Save A Lot anchored shopping center on Route 57.
      2222 Fairless Dr, Lorain, OH 44055
      View Details
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    Lorain, OH 44055-1606
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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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