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

    24353 Lorain Rd, Unit 24371 North Olmsted, OH 44070-2166

    • Retail space
    • 21,569 SF
    • 2.43 lot acres
    OFF-MARKET
    Last Sale
    Jul 14, 2023
    Value Estimations
    $645,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1440261
    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

    • Wilhelmy's House of Flowers / (Bike/Boat/Book/etc) Store / Florist

    Property Details for 24353 Lorain Rd

    Year built
    1986
    Construction
    TYPE NOT SPECIFIED
    Lot size
    2.43 lot acres
    Property size
    21,569 SF
    Property type
    Retail space
    APN
    237-01-004
    APU
    23701004

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $603,000
      Market price range: $502k - $2.48M

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

    Location Insight

    • Map
    • Local Demand
    City
    North Olmsted
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.8919
    Latitude
    41.4271
    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
    $33,692
    $222,390
    $75,010
    $297,400
    -
    $635,400
    $214,300
    $849,700

    Comparable in this City

    • Value Estimation by Request
      1,528 SF

      23538 Lorain Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,528 SF
      23538 Lorain Rd, North Olmsted, OH 44070-2218
      View Details
    • Value Estimation by Request
      936 SF

      29290 Lorain Rd

      RETAIL STORES (PERSONAL SERVICES) • 936 SF
      29290 Lorain Rd, North Olmsted, OH 44070-3903
      View Details
    • Value Estimation by Request

      Great Northern Shop Ctr

      Individual retail properties
      0 Great Northern Shop Ctr, North Olmsted, OH 44070
      View Details
    • Value Estimation by Request
      2,116 SF

      30710 Lorain Rd

      RETAIL STORES (PERSONAL SERVICES) • 2,116 SF
      30710 Lorain Rd, North Olmsted, OH 44070-4716
      View Details
    • Value Estimation by Request
      1,215 SF

      26261 Lorain Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,215 SF
      26261 Lorain Rd, North Olmsted, OH 44070-2711
      View Details
    • Value Estimation by Request
      8,369 SF

      23999 Lorain Rd

      RETAIL STORES (PERSONAL SERVICES) • 8,369 SF
      23999 Lorain Rd, North Olmsted, OH 44070-2231
      View Details

    Similar Nearby for Sale

    • $300,000
      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
    • $375,000
      0.36 Acres

      North Olmsted Mixed-Use Opportunity

      Mixed-use property with income-generating home and former auto body.
      24265 Lorain Rd, North Olmsted, OH 44070
      View Details
    • $1,900,000
      7,504 SF

      North Olmsted Retail Opportunity

      Retail property for sale in North Olmsted, Ohio.
      25001 Country Club Blvd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      12,323 SF

      North Olmsted Retail Investment

      Fully Leased, High-Yield Retail Center
      26614 Lorain Rd, North Olmsted, OH 44070
      View Details
    • $375,000

      North Olmsted Mixed-Use Property

      Mixed-use property with residential and commercial potential in high-traffic area.
      24265 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      5,620 SF

      Retail/Restaurant Site Near Great Northern

      2.248-acre retail/restaurant site in a high-traffic area.
      24941 Country Club Blvd, North Olmsted, OH 44070
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,400 SF

      Retail Center in North Olmsted

      Landmark retail center with high visibility and long-term tenants.
      24048-24180 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      45,161 SF

      Regional Power Center Retail Space

      Retail space available in North Olmsted regional power center.
      25853-26429 Great Northern Shop Ctr, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      3,250 SF

      Regional Power Center Retail Space

      Retail space available in a regional power center.
      4580-4690 Great Northern Blvd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      22,984 SF

      Retail Space in North Olmsted

      Retail space available at Lorain and Dover Center Roads.
      27240-27270 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      882 SF

      Retail Space in Regional Center

      Retail spaces available in North Olmsted power center.
      5078-5198 Country Club Blvd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      2,600 SF

      Retail/Office/Medical End-Cap Space Available

      2,600 SF retail/office/medical space for lease in North Olmsted.
      4647-4759 Great Northern Blvd, North Olmsted, OH 44070
      View Details
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    North Olmsted, OH 44070-2166
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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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