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

    240 Market Dr Elyria, OH 44035-2886

    • Individual retail properties
    • 122,824 SF
    • 10.24 lot acres
    OFF-MARKET
    Value Estimations
    $685,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2491966
    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

    • Cardtronics ATM / Bank / Atm
    • Shari R. Scudder, BS / Pharmacy
    • Shaleen Joshi, PharmD / Pharmacy
    • Starbucks / Coffee Shop / Cafe
    • CVS Pharmacy / Pharmacy

    Property Details for 240 Market Dr

    Year built
    1999
    Lot size
    10.24 lot acres
    Property size
    122,824 SF
    Property type
    Individual retail properties
    APN
    06-24-029-101-087
    APU
    624029101087

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $685,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Elyria
    County
    Lorain
    State
    Ohio
    Longitude
    -82.1085
    Latitude
    41.3889
    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
    $127,228
    $1,092,840
    $657,160
    $1,750,000
    -
    $3,122,400
    $1,877,600
    $5,000,000

    Comparable in this City

    • Value Estimation
      $245,000
      2,688 SF

      721 Lowell St

      DRY CLEANER • 2,688 SF
      721 Lowell St, Elyria, OH 44035-4842
      View Details
    • Value Estimation
      $325,000
      968 SF

      220 Market Dr

      APPLIANCE STORE • 968 SF
      220 Market Dr, Elyria, OH 44035-2886
      View Details
    • Value Estimation
      $370,000
      2,664 SF

      110 Chestnut Cmns Dr

      APPLIANCE STORE • 2,664 SF
      110 Chestnut Cmns Dr, Elyria, OH 44035-9601
      View Details
    • Value Estimation
      $245,000
      3,833 SF

      206 Brg St

      DRY CLEANER • 3,833 SF
      206 Brg St, Elyria, OH 44035-5221
      View Details
    • Value Estimation
      $970,000
      206,128 SF

      1000 Chestnut Cmns Dr

      APPLIANCE STORE • 206,128 SF
      1000 Chestnut Cmns Dr, Elyria, OH 44035-9602
      View Details
    • Value Estimation
      $670,000
      118,040 SF

      150 Market Dr

      APPLIANCE STORE • 118,040 SF
      150 Market Dr, Elyria, OH 44035-2885
      View Details

    Similar Nearby for Sale

    • $195,000
      5,584 SF

      Former Church and Retail Buildings

      Two buildings in high-visibility area, priced to sell.
      1611-1621 Middle Ave, Elyria, OH 44035
      View Details
    • $184,000
      0.10 Acres

      Elyria Retail Building For Sale

      Former bakery/catering service building, potential for two storefronts.
      501 Lake Ave, Elyria, OH 44035
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    • $1,697,000
      6,600 SF

      Elyria Retail Investment Opportunity

      NNN leased retail property with attractive rental escalations for sale.
      914 Cleveland St, Elyria, OH 44035
      View Details
    • $165,000
      3,920 SF

      Elyria Mixed-Use Investment Opportunity

      Four-unit property with storefront, great income potential, convenient location.
      1115 East Ave, Elyria, OH 44035
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    • New
      $199,900
      0.26 Acres

      Mixed-Use Property in High-Traffic Location

      Mixed-use property with retail/office space and residential apartment.
      436 Cleveland St, Elyria, OH 44035
      View Details
    • Contact for pricing
      15,659 SF

      Retail Opportunity Near Rural King

      Retail space available near Rural King and major roadways.
      426 Oberlin Rd, Elyria, OH 44035
      View Details

    Similar Nearby for Lease

    • $1,300 /Mo
      2,200 SF

      Versatile Commercial Space For Rent

      2,000 SF commercial space in high-traffic area.
      612-616 Prospect St, Elyria, OH 44035
      View Details
    • Contact for pricing
      1,600 SF

      Elyria Retail Space For Lease

      Retail spaces available in neighborhood shopping center anchored by major tenants.
      500 N Abbe Rd, Elyria, OH 44035
      View Details
    • $6 SF/Yr
      60,732 SF

      Elyria Warehouse with Office Space

      60,732 SF warehouse with 5,000 SF office space.
      823 Leona St, Elyria, OH 44035
      View Details
    • Contact for pricing
      2,900 SF

      Elyria Retail Space For Lease

      Retail spaces available in neighborhood shopping center anchored by major tenants.
      464-500 N Abbe Rd, Elyria, OH 44035
      View Details
    • $22 SF/Yr
      1,465 SF

      Retail Space in Elyria Plaza

      Retail space available within a 45,743 sq ft plaza.
      342 Chestnut Commons Dr, Elyria, OH 44035
      View Details
    • Contact for pricing
      3,000 SF

      Retail Space Near Midway Mall

      Retail space across from Midway Mall, near major retailers.
      249 Midway Blvd, Elyria, OH 44035
      View Details

    Property Visit Statistics

    • Visits by month
      114.1k
    • Visitors by month
      68.2k
    • Avg Time on site
      32 min
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    240 Market Dr
    Elyria, OH 44035-2886
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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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