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    24265 Lorain Rd North Olmsted, OH 44070-2165
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    Property profile & analytics

    24265 Lorain Rd, North Olmsted, OH 44070-2165

    View on Map
    • Auto shops
    • 3,089 SF
    • 0.36 lot acres
    Off-Market
    Last Sale Jun 12, 2024
    Property ID
    US66-0611604
    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

    • Bert Auto Body / Auto Repair Shop

    Property Details for 24265 Lorain Rd

    Year built
    1957
    Construction
    WOOD
    Lot size
    0.36 lot acres
    Property type
    Auto shops
    APN
    237-04-004
    APU
    23704004

    Description

    This exceptional 3,089-square-foot automotive shop is available for lease in North Olmsted, Ohio. Currently configured as an auto repair and restoration facility, this property offers a turnkey operation with a modern spray/paint room and a reliable air compressor system. The existing business name, license, and phone number are optionally available for a seamless transition. Located on Lorain Road, this property benefits from high visibility and convenient access, situated near the Great Northern Mall and Great Northern Plaza, surrounded by car dealerships, hotels, office buildings, and apartment complexes. The strong local demographics, with average household incomes between $85,000 and $102,000 within a five-mile radius, provide a robust customer base. This single-tenant retail space presents a unique opportunity for an automotive business to thrive in a vibrant and established commercial area of North Olmsted. The property's address is 24265 Lorain Rd, North Olmsted, OH 44070. This is an ideal location for any automotive-related business seeking high visibility and a strong customer base.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    North Olmsted
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.8907
    Latitude
    41.4281
    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
    $9,374
    $35,070
    $47,670
    $82,740
    -
    $100,200
    $136,200
    $236,400

    Comparable in this City

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    • Value Estimation by Request
      2,416 SF

      29930 Lorain Rd

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      29930 Lorain Rd, North Olmsted, OH 44070-3983
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      4,000 SF

      28256 Lorain Rd

      AUTO REPAIR, GARAGE
      28256 Lorain Rd, North Olmsted, OH 44070-4028
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      2,626 SF

      23860 Lorain Rd

      AUTO REPAIR, GARAGE
      23860 Lorain Rd, North Olmsted, OH 44070-2226
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    • Value Estimation
      $1,625,000
      15,080 SF

      25482 Lorain Rd

      AUTO REPAIR, GARAGE
      25482 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Value Estimation by Request
      1,283 SF

      23055 Lorain Rd

      AUTO REPAIR, GARAGE
      23055 Lorain Rd, North Olmsted, OH 44070-1619
      View Details

    Similar Nearby for Sale

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      Take 5 Oil Change Opportunity

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      Established Car Wash on Lorain

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      2,400 SF

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      3,089 SF

      Freestanding Retail Building on Lorain

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    • $69,900
      0.21 Acres

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      High-visibility commercial lot suitable for various development projects.
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      2,400 SF

      Retail Center in North Olmsted

      Landmark retail center with high visibility and long-term tenants.
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      Retail Space For Lease

      Retail space available for lease.
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      Retail Space Near Great Northern

      Retail space available in North Olmsted near Great Northern.
      26508-26518 Lorain Rd, North Olmsted, OH 44070
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      Retail space available in a busy shopping center.
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    North Olmsted, OH 44070-2165
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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.

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