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

    23844 Lorain Rd North Olmsted, OH 44070-2229

    • Warehouses
    • 4,884 SF
    • 1.29 lot acres
    OFF-MARKET
    Value Estimations
    $205,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1775689
    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

    • North Olmsted Masonic Lodge / Association / Organization
    • Tip of the Tail Grooming Salon / Pet Groomer
    • Gayle's Hair Studio / Beauty Salon

    Property Details for 23844 Lorain Rd

    Year built
    1959
    Construction
    WOOD
    Lot size
    1.29 lot acres
    Property size
    4,884 SF
    Property type
    Warehouses
    APN
    231-29-019
    APU
    23129019

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $250,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $160,000
      Market price range: $123k - $422k
      AI Estimate
      $271,000
      Market price range: $148k - $676k

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $255,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    North Olmsted
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.8867
    Latitude
    41.4317
    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
    $4,845
    $6,410
    $138,570
    $144,980
    -
    $18,300
    $395,900
    $414,200

    Comparable in this City

    • Value Estimation
      $220,000
      7,000 SF

      Columbia Rd

      WAREHOUSE, STORAGE • 7,000 SF
      Columbia Rd, North Olmsted, OH 44070
      View Details
    • Value Estimation
      $250,000
      1,797 SF

      23537 Lorain Rd

      WAREHOUSE, STORAGE • 1,797 SF
      23537 Lorain Rd, North Olmsted, OH 44070-2219
      View Details
    • Value Estimation
      $355,000
      10,946 SF

      5871 Canterbury Rd

      WAREHOUSE, STORAGE • 10,946 SF
      5871 Canterbury Rd, North Olmsted, OH 44070-4522
      View Details
    • Value Estimation
      $370,000
      13,886 SF

      31336 Industrial Pkwy

      WAREHOUSE, STORAGE • 13,886 SF
      31336 Industrial Pkwy, North Olmsted, OH 44070-6334
      View Details
    • Value Estimation
      $710,000
      2,808 SF

      29919 Lorain Rd

      WAREHOUSE, STORAGE • 2,808 SF
      29919 Lorain Rd, North Olmsted, OH 44070-3988
      View Details
    • Value Estimation
      $260,000
      1,152 SF

      25043 Lorain Rd

      WAREHOUSE, STORAGE • 1,152 SF
      25043 Lorain Rd, North Olmsted, OH 44070-2054
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      13.51 Acres

      North Olmsted Industrial Land for Sale

      13.51 Acres, Light Industrial Zoning, Excellent Access
      31500 Bradley Rd, North Olmsted, OH 44070
      View Details
    • $300,000
      0.69 Acres

      Industrial Building with Renovated Office

      Industrial building featuring renovated office space and garage.
      23672 Lorain Rd, North Olmsted, OH 44070
      View Details
    • $1,950,000
      0.44 Acres

      Prime North Olmsted Commercial Land

      Profitable Car Wash Business for Sale
      25056 Lorain Rd, North Olmsted, OH 44070
      View Details
    • $375,000
      0.36 Acres

      North Olmsted Mixed-Use Opportunity

      Mixed-use property with income-generating home and former auto body.
      24265 Lorain Rd, North Olmsted, OH 44070
      View Details
    • $700,000
      0.70 Acres

      27048 Lorain Rd

      Land • 0.70 Acres
      27048 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      11,060 SF

      North Olmsted Office Building For Sale

      11,060 SF building on 1.85 acres in North Olmsted.
      28253 Lorain Rd, North Olmsted, OH 44070
      View Details

    Similar Nearby for Lease

    • $9 SF/Yr
      65,000 SF

      Industrial Space Near I-480

      Scalable industrial space with highway visibility and tax abatement.
      31350 Industrial Pkwy, North Olmsted, OH 44070
      View Details
    • $9 SF/Yr
      100,000 SF

      North Olmsted Industrial Warehouse

      Modern Warehouse Space, 65,000+ SF Available
      0 Industrial Pkwy, North Olmsted, OH 44070
      View Details
    • $3,500 /Mo
      30,213 SF

      North Olmsted Commercial Flex Space

      Renovated office and garage space with 12 ft overhead door.
      23672 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
    • $19 SF/Yr
      4,521 SF

      Office Space with Signage Opportunity

      Office space for lease with flexible options and ample parking.
      24950 Country Club Blvd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      20,804 SF

      North Olmsted Office Space Available

      Office space for lease in North Olmsted, Ohio.
      24950-25050 Country Club Blvd, North Olmsted, OH 44070
      View Details
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    23844 Lorain Rd
    North Olmsted, OH 44070-2229
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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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