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

    23460 Lorain Rd North Olmsted, OH 44070-2207

    • Commercial land
    • 0.97 lot acres
    OFF-MARKET
    Last Sale
    Oct 17, 2024
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-4204082
    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

    • Firewood Unlimited, Inc. / Firewood Supplier

    Property Details for 23460 Lorain Rd

    Lot size
    0.97 lot acres
    Property type
    Commercial land
    APN
    233-11-003
    APU
    23311003

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    North Olmsted
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.9528
    Latitude
    41.4028
    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
    $3,925
    $34,650
    $0.00
    $34,650
    -
    $99,000
    $0.00
    $99,000

    Comparable in this City

    • Value Estimation by Request
      0.40 Acres

      30630 Lorain Rd

      VACANT COMMERCIAL LAND • 1,084 SF
      30630 Lorain Rd, North Olmsted, OH 44070-4713
      View Details
    • Value Estimation
      $755,000
      3.48 Acres

      Brookpark Rd

      VACANT COMMERCIAL LAND • 3.48 Acres
      Brookpark Rd, North Olmsted, OH 44070
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    • Value Estimation by Request
      4.99 Acres

      31134 Lorain Rd

      VACANT COMMERCIAL LAND • 2,566 SF
      31134 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Value Estimation by Request
      0.33 Acres

      30791 Lorain Rd

      VACANT COMMERCIAL LAND • 1,200 SF
      30791 Lorain Rd, North Olmsted, OH 44070-4717
      View Details
    • Value Estimation by Request
      0.22 Acres

      31121 Lorain Rd

      VACANT COMMERCIAL LAND • 385 SF
      31121 Lorain Rd, North Olmsted, OH 44070-4726
      View Details
    • Value Estimation by Request
      0.32 Acres

      25675 Lorain Rd

      VACANT COMMERCIAL LAND • 2,145 SF
      25675 Lorain Rd, North Olmsted, OH 44070-3325
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.03 Acres

      North Olmsted Commercial Lot

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      Prime Development Land Available

      7-15 acres of development land with utilities and highway access.
      31084 Lorain Rd, North Olmsted, OH 44070
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      Commercial Land Near Vitalia Community

      2 AC commercial land across from Vitalia active adult community.
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      Prime Retail Land Available

      0.66 acres of general retail land for sale.
      23459 Lorain Rd, North Olmsted, OH 44070
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    • $250,000

      High-Traffic Corner Lot Available

      Drive-thru lot on high-traffic corner of Lorain and Bailey.
      25675 Lorain Rd, North Olmsted, OH 44070
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      Commercial Land Near Great Northern

      Commercial land with high visibility near Great Northern Mall.
      27116 Lorain Rd, North Olmsted, OH 44070
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    Similar Nearby for Lease

    • Contact for pricing
      2,400 SF

      Retail Center in North Olmsted

      Landmark retail center with high visibility and long-term tenants.
      24048-24180 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      32,000 SF

      North Olmsted Office Space Available

      Unfinished office space with private entrance in North Olmsted.
      24800 Brookpark Rd, North Olmsted, OH 44070
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      1,820 SF

      Olmsted Plaza Retail Space

      Regional power center with national and local retailers.
      4692-4706 Great Northern Blvd, North Olmsted, OH 44070
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      10,657 SF

      Retail Space on Lorain Road

      10,657 SF retail space available for lease.
      29000 Lorain Rd, North Olmsted, OH 44070
      View Details
    • $9 SF/Yr
      9,845 SF

      Industrial Space with Highway Visibility

      Industrial space for lease with highway visibility, delivery October 2025.
      31369 Industrial Pkwy, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      1,200 SF

      Retail Spaces at Cornerstone Plaza

      Retail spaces for lease at a busy intersection.
      23420 Lorain Rd, North Olmsted, OH 44070
      View Details
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    23460 Lorain Rd
    North Olmsted, OH 44070-2207
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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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