Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    242 Is Dr Elyria, OH 44035-8912

    • Mobile home & RV parks
    • 10.80 lot acres
    OFF-MARKET
    Last Sale
    Aug 06, 2021
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2630135
    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

    • Mobile home & RV parks

    Property Details for 242 Is Dr

    Lot size
    10.80 lot acres
    Property type
    Mobile home & RV parks
    APN
    06-24-001-000-061
    APU
    624001000061

    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
    Elyria
    County
    Lorain
    State
    Ohio
    Longitude
    -82.1537
    Latitude
    41.3537
    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
    $10,321
    $40,618
    $145,530
    $186,148
    -
    $116,050
    $415,800
    $531,850

    Comparable in this City

    • Value Estimation by Request
      0.95 Acres

      155 Fox Chase Dr

      MOBILE HOME PARK, TRAILER PARK • 0.95 Acres
      155 Fox Chase Dr, Elyria, OH 44035-4727
      View Details
    • Value Estimation by Request
      2,136 SF

      220 Cherry Btm Gln

      MOBILE HOME PARK, TRAILER PARK • 2,136 SF
      220 Cherry Btm Gln, Elyria, OH 44035-4793
      View Details
    • Value Estimation by Request
      144 SF

      149 Gull Dr

      MOBILE HOME PARK, TRAILER PARK • 144 SF
      149 Gull Dr, Elyria, OH 44035-2616
      View Details
    • Value Estimation by Request
      2,624 SF

      101 Ashwood Dr

      MOBILE HOME PARK, TRAILER PARK • 2,624 SF
      101 Ashwood Dr, Elyria, OH 44035-4782
      View Details
    • Value Estimation
      $610,000
      56.71 Acres

      422 Eagle Cir

      MOBILE HOME PARK, TRAILER PARK • 56.71 Acres
      422 Eagle Cir, Elyria, OH 44035-2613
      View Details
    • Value Estimation by Request
      3,249 SF

      101 Eagle Cir

      MOBILE HOME PARK, TRAILER PARK • 3,249 SF
      101 Eagle Cir, Elyria, OH 44035-2606
      View Details

    Similar Nearby for Sale

    • $650,000
      0.38 Acres

      Elyria Multifamily Investment Opportunity

      16-Unit Apartment Building, High Demand
      332 4Th 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
      View Details
    • $408,000
      0.37 Acres

      Elyria Six-Unit Apartment Building

      Well-maintained, six-unit apartment complex.
      136 Brunswick Dr, Elyria, OH 44035
      View Details
    • $135,000
      Pending

      Updated Duplex Near Medical Center

      Turnkey duplex in Elyria, near hospitals and commuter routes.
      338 17Th St, Elyria, OH 44035
      View Details
    • $99,999
      Pending

      Elyria Duplex: Investment Opportunity

      Duplex in Elyria, Ohio, offering income potential.
      526 East Ave, Elyria, OH 44035
      View Details
    • New
      $157,500
      Pending

      Elyria Duplex with Income Potential

      Turnkey duplex in Elyria, tenants pay all utilities.
      227 6Th St, Elyria, OH 44035
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      21,780 SF

      Elyria Retail Outlot & Building

      High-traffic location, co-tenancy with Rural King
      430 Oberlin Rd, Elyria, OH 44035
      View Details
    • Contact for pricing
      157,580 SF

      Retail Space Midway Mall, Elyria

      Retail space available in Midway Mall, Elyria, Ohio.
      4000 Midway Mall, Elyria, OH 44035
      View Details
    • Contact for pricing
      201,019 SF

      Prime Retail Location in Elyria

      High-visibility retail space near major retailers and highways.
      4900 Midway Mall, Elyria, OH 44035
      View Details
    • Contact for pricing
      7,000 SF

      Retail Space Near Midway Mall

      Retail space across from Midway Mall, near I-80 and I-90.
      201-285 Midway Blvd, Elyria, OH 44035
      View Details
    • Contact for pricing
      3,736 SF

      Stand Alone Bank Building

      Well-kept building suitable for office or medical use.
      361 Midway Blvd, Elyria, OH 44035
      View Details
    • Contact for pricing
      6,629 SF

      Retail Space Midway Mall

      Retail space available in Midway Mall, Elyria, OH.
      2040 Midway Mall, Elyria, OH 44035
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    242 Is Dr
    Elyria, OH 44035-8912
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.