2222 Fairless Dr Lorain, OH 44055
Property profile & analytics
2222 Fairless Dr, Lorain, OH 44055
- Strip malls
- 45,780 SF
- 2.97 lot acres
Property ID
US66-1773763
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.
Location Intelligence
Current Use by Public Records
- Save A Lot / Grocery & Convenience Store / Food Market
- Amazon Locker - Pard / Postal Service / Courier Service
Property Details for 2222 Fairless Dr
- Year built
- 1977
- Lot size
- 2.97 lot acres
- Property type
- Strip malls
- Property subtype
- Shopping centers
- APN
- 03-00-104-103-007
- APU
- 300104103007
Description
This exceptional investment opportunity presents a 45,140 square foot, single-story shopping center located at 2222 Fairless Dr, Lorain, OH 44055. Built in 1966, this grocery-anchored property sits on a 2.97-acre lot and boasts 96% occupancy with four tenants. The asking price is $1,600,000, representing a compelling price per square foot of $35.45 and a strong 10.04% capitalization rate, with a current NOI of $160,560. The property benefits from a weighted average lease term (WALT) of approximately 3.75 years, providing significant lease stability. Current rents are significantly below market rates ($6/SF vs. $10.81/SF), offering substantial upside potential for future income growth. The property's location within a densely populated area (136,939 people within a 5-mile radius, exhibiting 10-year growth) ensures consistent customer traffic and strong tenant demand. This is a fully stabilized, low-risk investment with immediate cash flow and significant potential for appreciation, offering a substantial discount to replacement cost, mitigating the risks associated with new retail development. The property's strong fundamentals and favorable market conditions make it an ideal addition to any investment portfolio.
Value Estimations
based on Realmo’s proprietary methodology
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $1,004,000
Market price range: $1.00M - $2.93M
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Lorain
- County
- Lorain
- State
- Ohio
- Longitude
- -82.118
- Latitude
- 41.4249
- 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
$16,225
$42,879
$163,622
$206,501
-
$122,510
$467,490
$590,000
