Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1641 Root Rd Lorain, OH 44052
    Back to Search
    Property profile & analytics

    1641 Root Rd, Lorain, OH 44052

    View on Map
    • Lifestyle centers
    • 16.10 lot acres
    For Sale
    $1,300,000
    View Listing →
    Lorain Mixed-Use Development Opportunity For Sale
    $1,300,000

    Lorain Mixed-Use Development Opportunity

    16.1 Acres, Prime Location, High Potential

    1641 Root Rd, Lorain, OH 44052
    View Listing
    Property ID
    US66-1799035
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Lifestyle centers

    Property Details for 1641 Root Rd

    Lot size
    16.10 lot acres
    Property type
    Lifestyle centers
    Property subtype
    Power centers
    APN
    0300058101033/1032/1038

    Description

    This 16.1-acre property in Lorain, Ohio, presents a unique redevelopment opportunity. Currently zoned commercial, it includes three parcels with frontage on Root Rd and offers significant potential for hotels, restaurants, and boutique shops. The land itself holds the primary value, featuring existing gas and water wells, and all mineral rights are included in the sale. The property's strategic location near Lake Erie, a new race car facility, and a planned 300-acre Metro Sports Entertainment Complex, coupled with proximity to I-90, ensures high visibility and accessibility. Further enhancing its appeal, the site benefits from the positive economic impact of a proposed Bartlett Maritime Corporation submarine component repair facility, actively supported by Senator Sherrod Brown and federal officials. This project, along with the sports complex, promises substantial growth and increased demand in the Lorain/Sheffield area, making this a prime location for ground-floor development. The asking price is $1,300,000. Additional land may be available. The property is classified as Class C and consists of one building. The property is currently used as a residential home and apartment.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Lorain
    County
    Lorain
    State
    Ohio
    Longitude
    -82.132326556665
    Latitude
    41.465752634422

    Comparable in this City

    • $325,000
      11,062 SF

      Downtown Lorain Mixed-Use Opportunity

      Revitalized downtown location suitable for culinary, retail, office, or mixed-use.
      422 Broadway Ave, Lorain, OH 44052
      View Details
    • $140,000
      0.15 Acres

      Lorain Mixed-Use Landmark Building

      Mixed-use building with retail and residential income potential.
      1605 Broadway, Lorain, OH 44052
      View Details
    • $399,900
      Pending

      Turnkey Bar and Restaurant Opportunity

      Successful bar/restaurant, real estate, and rental home for sale.
      900 Broadway, Lorain, OH 44052
      View Details
    • $259,900
      6,534 SF

      Downtown Lorain Mixed-Use Gem

      Historic building, three levels, high potential.
      822 Broadway, Lorain, OH 44052
      View Details
    • $470,000
      11,062 SF

      Historic Downtown Lorain Mixed-Use

      Prime Commercial Building, Endless Potential
      422 Broadway, Lorain, OH 44052
      View Details
    • $350,000

      Prime Location For Sale

      Corner property with high visibility, ideal for business or investment.
      1397 Colorado Ave, Lorain, OH 44052
      View Details

    Similar Nearby for Sale

    • $325,000
      11,062 SF

      Downtown Lorain Mixed-Use Opportunity

      Revitalized downtown location suitable for culinary, retail, office, or mixed-use.
      422 Broadway Ave, Lorain, OH 44052
      View Details
    • $140,000
      0.15 Acres

      Lorain Mixed-Use Landmark Building

      Mixed-use building with retail and residential income potential.
      1605 Broadway, Lorain, OH 44052
      View Details
    • $399,900
      Pending

      Turnkey Bar and Restaurant Opportunity

      Successful bar/restaurant, real estate, and rental home for sale.
      900 Broadway, Lorain, OH 44052
      View Details
    • $259,900
      6,534 SF

      Downtown Lorain Mixed-Use Gem

      Historic building, three levels, high potential.
      822 Broadway, Lorain, OH 44052
      View Details
    • $470,000
      11,062 SF

      Historic Downtown Lorain Mixed-Use

      Prime Commercial Building, Endless Potential
      422 Broadway, Lorain, OH 44052
      View Details
    • $350,000

      Prime Location For Sale

      Corner property with high visibility, ideal for business or investment.
      1397 Colorado Ave, Lorain, OH 44052
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,000 SF

      Retail Space in Grocery Anchored Center

      Retail spaces available in high-traffic, grocery-anchored shopping center.
      1111 Meister Rd, Lorain, OH 44052
      View Details
    • Contact for pricing
      49,636 SF

      Retail Space in Grocery Anchored Center

      Retail spaces available in high-traffic, grocery-anchored shopping center.
      3221-3311 Oberlin Ave, Lorain, OH 44052
      View Details
    • Contact for pricing
      675 SF

      Retail Space in Lorain, OH

      Retail spaces available in grocery-anchored shopping center.
      1115 Meister Rd, Lorain, OH 44052
      View Details
    • $2,000 /Mo
      436 SF

      Downtown Lorain Retail Storefront

      Prime retail space suitable for various business ventures.
      506 Broadway, Lorain, OH 44052
      View Details
    • Contact for pricing
      49,636 SF

      Former Grocery Store For Lease

      49,636 SF former grocery store available for lease.
      1051 Meister Rd, Lorain, OH 44052
      View Details
    • $1,295 /Mo
      2,614 SF

      Versatile Commercial Space in Lorain

      Adaptable commercial space suitable for office, studio, or retail use.
      1757 Broadway, Lorain, OH 44052
      View Details
    View Listing
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1641 Root Rd
    Lorain, OH 44052
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1641 Root Rd, Lorain, OH, 44052
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!