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

    24485 Lorain Rd North Olmsted, OH 44070-2168

    • Strip malls
    • 24,499 SF
    • 4.60 lot acres
    OFF-MARKET
    Last Sale
    Mar 23, 2020
    Value Estimations
    $2,285,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-0122275
    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

    • Western Union / Money Transfer Service
    • Discount Drug Mart / Grocery Store / Home Health Care Service
    • Discount Drug Mart, llc / Drug Store / Convenience Store
    • Discount Drug Mart Deli / Deli

    Property Details for 24485 Lorain Rd

    Year built
    1957
    Lot size
    4.60 lot acres
    Property size
    24,499 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    237-01-018
    APU
    23701018

    Description

    This exceptional property located at 24485 Lorain Road in North Olmsted, Ohio, presents a unique opportunity for businesses seeking versatile warehouse and retail space. Situated in Cuyahoga County, this multi-tenant building offers a total of 4,500 square feet, with 3,000 square feet currently available for lease. The property is classified as both retail and industrial, making it ideal for a variety of uses. Two individual spaces are immediately available, ranging in size from 1,260 to 1,500 square feet, providing flexibility for businesses of different scales. The building's location in North Olmsted, Ohio, offers convenient access to major transportation routes, ensuring efficient logistics and distribution. The property's zoning allows for a blend of retail and industrial operations, catering to businesses requiring both storefront presence and warehouse functionality. This presents a rare chance to secure prime commercial space in a thriving Ohio community. The available space is ready for immediate occupancy, allowing businesses to quickly establish their operations. Interested parties are encouraged to inquire promptly to secure this desirable property. The zip code for this location is 44070.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $2,595,000
      Current use
      MEDICAL BUILDING
      $2,685,000
      Change: +3% Conversion: Difficult
      RETAIL STORES
      $2,390,000
      Change: -8% Conversion: Easy
      COMMERCIAL (GENERAL)
      $2,290,000
      Change: -12% Conversion: Easy
      AUTO REPAIR, GARAGE
      $2,230,000
      Change: -14% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    North Olmsted
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.8933
    Latitude
    41.4262
    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
    $120,243
    $420,390
    $640,990
    $1,061,380
    -
    $1,201,100
    $1,831,400
    $3,032,500

    Comparable in this City

    • Value Estimation
      $1,335,000
      12,192 SF

      26614 Lorain Rd

      SHOPPING CENTER, STRIP CENTER • 12,192 SF
      26614 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Value Estimation
      $2,070,000
      29,331 SF

      25151 Lorain Rd, Unit 25195

      SHOPPING CENTER, STRIP CENTER • 29,331 SF
      25151 Lorain Rd, North Olmsted, OH 44070-2056
      View Details
    • Value Estimation
      $840,000
      11,160 SF

      25140 Lorain Rd, Unit 26190

      SHOPPING CENTER, STRIP CENTER • 11,160 SF
      25140 Lorain Rd, North Olmsted, OH 44070-2055
      View Details
    • Value Estimation
      $590,000
      7,857 SF

      28649 Lorain Rd, Unit 28669

      SHOPPING CENTER, STRIP CENTER • 7,857 SF
      28649 Lorain Rd, North Olmsted, OH 44070-4009
      View Details
    • Value Estimation
      $1,060,000
      12,600 SF

      26901-2718 Brookpark Rd

      SHOPPING CENTER, STRIP CENTER • 12,600 SF
      26901-2718 Brookpark Rd, North Olmsted, OH 44070
      View Details
    • Value Estimation
      $2,425,000
      24,000 SF

      4701 Great Northern Blvd

      SHOPPING CENTER, STRIP CENTER • 24,000 SF
      4701 Great Northern Blvd, North Olmsted, OH 44070-3428
      View Details

    Similar Nearby for Sale

    • 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
    • $3,600,000
      12,232 SF

      Retail Property with Diverse Tenants

      Fully occupied retail property with staggered lease expirations.
      26614 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
    • $1,950,000
      2,307 SF

      Established Touchless Carwash on Lorain

      Well-maintained, two-bay touchless carwash near Great Northern Mall.
      25056 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
    • $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

    Similar Nearby for Lease

    • Contact for pricing
      1,200 SF

      Retail Spaces at Cornerstone Plaza

      Retail spaces for lease at a busy intersection.
      23420 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
      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
      1,820 SF

      Olmsted Plaza Retail Space

      Regional power center with national and local retailers.
      4692-4706 Great Northern Blvd, North Olmsted, OH 44070
      View Details
    • 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
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    North Olmsted, OH 44070-2168
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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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