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    24250 Lake Shore Blvd Euclid, OH 44123

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    24250 Lake Shore Blvd Euclid, OH 44123

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    • Commercial real estate
    • 10,530 SF
    Off-Market
    Property ID
    US66-1515558
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 24250 Lake Shore Blvd

    Year built
    1972
    Property size
    10,530 SF
    Property type
    Commercial real estate
    APN
    644-20-056

    Description

    This exceptional 8-unit apartment building presents a compelling value-add investment opportunity in Euclid, Ohio. Located at 24250 Lakeshore Blvd, this 10,530 square foot property boasts six two-bedroom and two one-bedroom units, each offering ample living space. Built in 1972, the building features a well-maintained brick exterior, a newer concrete parking lot with over 16 designated spaces, and several recent upgrades including some newer windows. The property also includes a full walk-out basement equipped with individual storage lockers for each unit. The asking price is $575,000, translating to $71,875 per unit and $54.61 per square foot. Situated in a suburban location approximately 10 minutes from downtown, this property offers convenient access to public transportation, major hospitals, and significant employers. The current rent roll presents an estimated 20% upside potential, making this a highly attractive investment prospect. The sale is subject to a 1031 exchange. The property's APN is 644-20-056. This is a must-see opportunity for discerning investors seeking strong returns in a desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Euclid
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.5137559
    Latitude
    41.615994

    Comparable in this City

    • New
      $139,900
      Pending

      Colonial Duplex with Income Potential

      Euclid duplex with rental income potential and detached garage.
      20101 Tracy Ave, Euclid, OH 44123
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    • $336,800
      0.11 Acres

      Euclid Multifamily Property Near Lake

      Well-maintained triplex near Lake Erie, close to Cleveland.
      21051 S Lake Shore Blvd, Euclid, OH 44123
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    • $185,000
      Pending

      Euclid Brick Duplex For Sale

      Euclid duplex with month-to-month tenant, sold as is.
      654 E 240Th St, Euclid, OH 44123
      View Details
    • $105,000
      Pending

      Charming Duplex in Euclid, OH

      Charming 2-bedroom duplex, ideal for investors or homeowners.
      21971 Crystal Ave, Euclid, OH 44123
      View Details
    • Contact for pricing
      86,760 SF

      Grocery Anchored Neighborhood Center

      Neighborhood center with strong visibility in Euclid, Ohio.
      22800 Lake Shore Blvd, Euclid, OH 44123
      View Details
    • Contact for pricing
      0.11 Acres

      Land Near Euclid Lake

      Residential land parcel near the lake in Euclid, Ohio.
      110 E 238Th St, Euclid, OH 44123
      View Details

    Similar Nearby for Sale

    • New
      $139,900
      Pending

      Colonial Duplex with Income Potential

      Euclid duplex with rental income potential and detached garage.
      20101 Tracy Ave, Euclid, OH 44123
      View Details
    • $336,800
      0.11 Acres

      Euclid Multifamily Property Near Lake

      Well-maintained triplex near Lake Erie, close to Cleveland.
      21051 S Lake Shore Blvd, Euclid, OH 44123
      View Details
    • $185,000
      Pending

      Euclid Brick Duplex For Sale

      Euclid duplex with month-to-month tenant, sold as is.
      654 E 240Th St, Euclid, OH 44123
      View Details
    • $105,000
      Pending

      Charming Duplex in Euclid, OH

      Charming 2-bedroom duplex, ideal for investors or homeowners.
      21971 Crystal Ave, Euclid, OH 44123
      View Details
    • Contact for pricing
      86,760 SF

      Grocery Anchored Neighborhood Center

      Neighborhood center with strong visibility in Euclid, Ohio.
      22800 Lake Shore Blvd, Euclid, OH 44123
      View Details
    • Contact for pricing
      0.11 Acres

      Land Near Euclid Lake

      Residential land parcel near the lake in Euclid, Ohio.
      110 E 238Th St, Euclid, OH 44123
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Euclid Retail Space Available

      Retail spaces available, ranging from 1,250 to 11,200 SqFt.
      22451-22690 Shore Center Dr, Euclid, OH 44123
      View Details
    • Contact for pricing
      11,500 SF

      Retail Space in Community Center

      Retail space available in a busy community shopping center.
      22480 Shore Center Dr, Euclid, OH 44123
      View Details
    • Contact for pricing
      1,250 SF

      Retail Space in Busy Center

      Community center retail space available for lease.
      22674-22690 Shore Center Dr, Euclid, OH 44123
      View Details
    • $3,000 /Mo

      940 Babbitt Rd

      MODERN INDUSTRIAL SPACE IN EUCLID YOUR PRIME LOCATION FOR GROWTH AND LOGISTICS
      940 Babbitt Rd, Euclid, OH 44123
      View Details
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    Euclid, OH 44123
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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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