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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2200 Cooper Foster Park Rd Lorain, OH 44053

    • Commercial real estate
    • 5,760 SF
    • 12.85 lot acres
    For Sale
    View listing
    $3,150,000
    Last Sale
    May 28, 2024
    $750,000
    Value Estimations
    Cap Rate Potential
    7.9%
    Commercial real estate
    Location Intelligence
    Property ID
    US66-1668773
    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

    • Commercial real estate

    Property Details for 2200 Cooper Foster Park Rd

    Lot size
    12.85 lot acres
    Property size
    5,760 SF
    Property type
    Commercial real estate
    APN
    02-02-003-102-003
    APU
    202003102003

    Description

    This exceptional 25.51-acre commercial land parcel presents a unique investment opportunity in Lorain, Ohio's thriving Amherst retail corridor. Located at 2200-2250 Cooper Foster Park Rd, 44053, this high-profile site boasts excellent visibility and accessibility. The property is divisible into three separate parcels, offering flexibility for various development scenarios. Parcel 1 (2 acres) and Parcel 3 (12.85 acres) are zoned B2 General Business District, while Parcel 2 (10.66 acres) is zoned B1 General Business District. Dimensions are: Total (25.51 AC): 727’ x 1,462’

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $750,000
      ML approach
      $750,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $995,000
      6.5%
      $915,000
      7%
      $850,000

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $1,230,000
      MEDICAL BUILDING
      $535,000
      RESTAURANT
      $515,000
      OFFICE BUILDING
      $495,000
      AUTO REPAIR, GARAGE
      $475,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Lorain
    County
    Lorain
    State
    Ohio
    Longitude
    -82.2047
    Latitude
    41.4205
    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
    $2,424
    $32,480
    $7,263
    $39,743
    -
    $92,800
    $20,750
    $113,550

    Comparable in this City

    • Value Estimation by Request
      19.40 Acres

      6401 Ridge Rd

      Land • 19.40 Acres
      6401 Ridge Rd, Lorain, OH 44053
      View Details
    • Value Estimation by Request
      1,664 SF

      4500 Oberlin Ave

      COMMERCIAL (GENERAL) • 1,664 SF
      4500 Oberlin Ave, Lorain, OH 44053-3113
      View Details
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      2,040 SF

      5421 Oberlin Ave

      COMMERCIAL (GENERAL) • 2,040 SF
      5421 Oberlin Ave, Lorain, OH 44053-3439
      View Details
    • Value Estimation by Request
      1,705 SF

      4479 Oberlin Ave

      COMMERCIAL (GENERAL) • 1,705 SF
      4479 Oberlin Ave, Lorain, OH 44053-3110
      View Details
    • Value Estimation
      $630,000
      4,320 SF

      5431 Erie Ave

      COMMERCIAL MISC • 4,320 SF
      5431 Erie Ave, Lorain, OH 44053
      View Details
    • Value Estimation by Request
      320 SF

      3708 Erie Ave

      COMMERCIAL (GENERAL) • 320 SF
      3708 Erie Ave, Lorain, OH 44053
      View Details

    Similar Nearby for Sale

    • $1,360,000
      19.40 Acres

      Prime Lorain County Land

      19.4 Acres, $1.36M, High Visibility
      6401 Ridge Rd, Lorain, OH 44053
      View Details
    • $3,150,000
      25.51 Acres

      Amherst Retail Corridor Land

      25.51 Acres, Prime Development Site
      2200 Cooper Foster Park Rd, Lorain, OH 44053
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    • $260,000
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      Lorain Commercial Building - Great Potential

      All-brick building, versatile, strong cash flow.
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      View Details
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      7,466 SF

      Lorain Mixed-Use Investment Opportunity

      High-yield multifamily, office, & warehouse.
      4645 Oberlin Ave, Lorain, OH 44053
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    • $108,900
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      Lorain Office Building: Prime Location

      Traditional Office, 12 Parking Spaces, Great Curb Appeal
      5363 Oberlin Ave, Lorain, OH 44053
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    • $500,000
      0.48 Acres

      Lorain Office Building - Great Potential

      Four-unit office building, prime location, $500,000
      1670 Cooper Foster Park Rd, Lorain, OH 44053
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,200 SF

      Retail Space Near I-90

      Retail space available near I-90 with flexible layout.
      1980-2000 Cooper Foster Park Rd, Lorain, OH 44053
      View Details
    • Contact for pricing
      4,588 SF

      Retail Space in Grocery Anchored Center

      Retail spaces available in high-traffic, grocery-anchored shopping center.
      3221-3311 Oberlin Ave, Lorain, OH 44053
      View Details
    • $3,750,000
      81,640 SF

      Lorain Industrial Redevelopment Opportunity

      81,640 SF industrial building on 38.3 acres for lease.
      7451 Terminal Dr, Lorain, OH 44053
      View Details
    • Contact for pricing
      7,907 SF

      Oak Point Medical Condos For Sale/Lease

      Medical Office Suites, Lorain County, OH
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    • Contact for pricing
      6,000 SF

      Lorain Meijer Outparcel Land

      Prime retail land, build-to-suit options.
      3100 Cooper Foster Park Rd, Lorain, OH 44053
      View Details
    • Contact for pricing
      13,103 SF

      Lorain Retail Spaces Available

      Prime Lorain location, multiple retail spaces.
      4805 Leavitt Rd, Lorain, OH 44053
      View Details
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    Lorain, OH 44053
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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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