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    Property profile & analytics

    2235 Park Dr Lorain, OH 44053-1158

    • Warehouses
    • 10,000 SF
    • 1.54 lot acres
    OFF-MARKET
    Value Estimations
    $515,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-5939494
    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

    • IBEW Local 129 Fringe Benefits Office / Advocacy Group
    • Lorain County Electrical Training Center / Training Center

    Property Details for 2235 Park Dr

    Year built
    1991
    Lot size
    1.54 lot acres
    Property size
    10,000 SF
    Property type
    Warehouses
    APN
    02-02-019-104-014
    APU
    202019104014

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $315,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $765,000
      6.5%
      $705,000
      7%
      $655,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $566,000
      Market price range: $248k - $982k
      AI Estimate
      $480,000
      Market price range: $283k - $770k

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $595,000
      Current use
      AUTO REPAIR, GARAGE
      $825,000
      Change: +39% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $770,000
      Change: +30% Conversion: Moderate
      RETAIL STORES
      $620,000
      Change: +4% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Lorain
    County
    Lorain
    State
    Ohio
    Longitude
    -82.2116
    Latitude
    41.4455
    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
    $3,379
    $24,448
    $244,454
    $268,902
    -
    $69,850
    $698,440
    $768,290

    Comparable in this City

    • Value Estimation by Request
      6,562 SF

      6001 Baumhart Rd

      MINI-WAREHOUSE, STORAGE • 6,562 SF
      6001 Baumhart Rd, Lorain, OH 44053-2082
      View Details
    • Value Estimation by Request
      6,000 SF

      7474 Deer Trl Lna

      WAREHOUSE, STORAGE • 6,000 SF
      7474 Deer Trl Lna, Lorain, OH 44053-1981
      View Details
    • Value Estimation
      $675,000
      9,300 SF

      7405 Industrial Pkwy Dr

      WAREHOUSE, STORAGE • 9,300 SF
      7405 Industrial Pkwy Dr, Lorain, OH 44053-2064
      View Details
    • Value Estimation by Request
      8,832 SF

      7495 Industrial Pkwy Dr

      WAREHOUSE, STORAGE • 8,832 SF
      7495 Industrial Pkwy Dr, Lorain, OH 44053-2064
      View Details
    • Value Estimation by Request
      11,744 SF

      3179 21st St

      MINI-WAREHOUSE, STORAGE • 11,744 SF
      3179 21st St, Lorain, OH 44053-1115
      View Details
    • Value Estimation by Request
      8,400 SF

      8301 Erie Ave

      WAREHOUSE, STORAGE • 8,400 SF
      8301 Erie Ave, Lorain, OH 44053-2090
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      10,748 SF

      Flex Building with Outdoor Storage

      Flex building with versatile space and fenced outdoor storage.
      3315 W 21St St, Lorain, OH 44053
      View Details
    • $4,525,000
      73,360 SF

      Industrial Buildings with Fenced Yard

      Two industrial buildings with fenced yard and highway access.
      7405-7425 Industrial Parkway Dr, Lorain, OH 44053
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    • Contact for pricing
      36,000 SF

      Industrial Warehouse with Office Space

      36,000 SF warehouse with 2,000 SF office space.
      7470 Industrial Parkway Dr, Lorain, OH 44053
      View Details
    • $98,900

      Freestanding Building with Office Spaces

      Freestanding building with office spaces, parking, and storage.
      5363 Oberlin Ave, Lorain, OH 44053
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    • $125,000

      Prime Lorain Retail Opportunity

      Commercial retail building in a high-traffic Lorain location.
      3346 Oberlin Ave, Lorain, OH 44053
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    • $475,000
      0.48 Acres

      Lorain Office Building For Sale

      Office building in Lorain, previously used as a doctor's office.
      1670 Cooper Foster Park Rd W, Lorain, OH 44053
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      54,691 SF

      Lorain Warehouse Space Available

      75,576 SF warehouse space near State Route 2.
      5401 Baumhart Rd, Lorain, OH 44053
      View Details
    • $3 SF/Yr
      81,640 SF

      Lorain Industrial Site For Lease

      81,640 SF industrial property with redevelopment potential in Lorain, OH.
      7451 Terminal Dr, Lorain, OH 44053
      View Details
    • Contact for pricing

      Retail Space Inside Meijer

      Prime retail opportunity within high-traffic Meijer stores in the Midwest.
      5350 N Leavitt Rd, Lorain, OH 44053
      View Details
    • Contact for pricing

      5310 N Leavitt Rd, Lorain, OH 44053

      Retail space
      5310 N Leavitt 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
    • $1,200 /Mo
      8,712 SF

      Commercial Property in High-Traffic Area

      Well-maintained commercial property with high visibility and convenient parking.
      5363 Oberlin Ave, Lorain, OH 44053
      View Details
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    Lorain, OH 44053-1158
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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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