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    Property profile & analytics

    24291 Lorain Rd North Olmsted, OH 44070-2165

    • Office buildings
    • 3,335 SF
    • 0.48 lot acres
    OFF-MARKET
    Value Estimations
    $525,000
    Show details
    Cap Rate Potential
    8.2%
    Office buildings
    Location Intelligence
    Property ID
    US66-1753837
    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 Fire Department / Fire Station

    Property Details for 24291 Lorain Rd

    Year built
    1994
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.48 lot acres
    Property size
    3,335 SF
    Property type
    Office buildings
    APN
    237-04-002
    APU
    23704002

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $465,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $635,000
      6.5%
      $590,000
      7%
      $545,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $528,000
      Market price range: $201k - $528k

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

    Location Insight

    • Map
    • Local Demand
    City
    North Olmsted
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.8909
    Latitude
    41.4275
    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
    $0.00
    $44,100
    $453,500
    $497,600
    -
    $126,000
    $1,295,700
    $1,421,700

    Comparable in this City

    • Value Estimation
      $19,680,000
      141,221 SF

      25300 Al Moen Dr

      OFFICE BUILDING • 141,221 SF
      25300 Al Moen Dr, North Olmsted, OH 44070-5619
      View Details
    • Value Estimation
      $760,000
      3,553 SF

      25990 Lorain Rd, Unit 26000

      OFFICE BUILDING • 3,553 SF
      25990 Lorain Rd, North Olmsted, OH 44070-2736
      View Details
    • Value Estimation
      $2,545,000
      25,250 SF

      31269 Bradley Rd

      OFFICE BUILDING • 25,250 SF
      31269 Bradley Rd, North Olmsted, OH 44070-3875
      View Details
    • Value Estimation
      $2,190,000
      41,692 SF

      24954 Brookpark Rd

      OFFICE BUILDING • 41,692 SF
      24954 Brookpark Rd, North Olmsted, OH 44070-3400
      View Details
    • Value Estimation
      $735,000
      9,696 SF

      28111 Lorain Rd

      OFFICE BUILDING • 9,696 SF
      28111 Lorain Rd, North Olmsted, OH 44070-4027
      View Details
    • Value Estimation
      $580,000
      1,875 SF

      31269 Lorain Rd

      OFFICE BUILDING • 1,875 SF
      31269 Lorain Rd, North Olmsted, OH 44070-4728
      View Details

    Similar Nearby for Sale

    • 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
    • Contact for pricing
      135,000 SF

      North Olmsted Office Building For Sale

      135,000 SF office building with amenities and parking.
      25300 Al Moen Dr, North Olmsted, OH 44070
      View Details
    • $89,900
      0.21 Acres

      Commercial Corner Lot For Sale

      High-visibility 0.21-acre commercial lot at a signalized intersection.
      27693 Butternut Ridge Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      2,400 SF

      Converted Home for Office/Retail

      2,400± SF converted home suitable for office or retail.
      23889 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
    • $339,000
      3,089 SF

      North Olmsted Mixed-Use Property

      Mixed-use property with income-generating home and former auto body.
      24265 Lorain Rd, North Olmsted, OH 44070
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      42,000 SF

      North Olmsted Office Space Available

      Unfinished office space with design flexibility in North Olmsted.
      24646-25102 Brookpark Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      2,001 SF

      Renovated Office Space Available

      Iconic office property with renovated lobby and outdoor seating.
      25209-25249 Country Club Blvd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      2,675 SF

      Full Floor Office Space Available

      Office space for rent in a highly accessible location.
      25757-25761 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      4,137 SF

      Medical/Retail Building on Lorain Road

      4,137 SF medical/retail building in high-traffic area.
      24053 Lorain Rd, North Olmsted, OH 44070
      View Details
    • $1,000 /Mo
      14,810 SF

      Prime Commercial Space on Lorain

      Versatile 1,000 SF space in high-traffic North Olmsted corridor.
      28821 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      32,000 SF

      North Olmsted Office Space Available

      Unfinished office space with private entrance in North Olmsted.
      24800 Brookpark Rd, North Olmsted, OH 44070
      View Details
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    24291 Lorain Rd
    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.

    More about this property
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