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    Property profile & analytics

    24581 Lorain Rd North Olmsted, OH 44070-2170

    • Turn key restaurants
    • 16,500 SF
    • 0.68 lot acres
    OFF-MARKET
    Last Sale
    Jul 01, 2021
    $2,150,000
    Value Estimations
    $1,950,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2717870
    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

    • Fat Heads Brewery & Saloon - North Olmsted, OH / Bar & Pub / Restaurant

    Property Details for 24581 Lorain Rd

    Year built
    1973
    Construction
    WOOD
    Lot size
    0.68 lot acres
    Property size
    16,500 SF
    Property type
    Turn key restaurants
    APN
    237-01-011
    APU
    23701011

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,975,000
      ML approach
      $1,850,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,837,000
      Market price range: $1.08M - $5.60M
      AI Estimate
      $1,743,000
      Market price range: $1.16M - $4.12M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $2,945,000
      Current use
      OFFICE BUILDING
      $2,690,000
      Change: -9% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    North Olmsted
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.8942
    Latitude
    41.4263
    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
    $85,250
    $62,020
    $690,480
    $752,500
    -
    $177,200
    $1,972,800
    $2,150,000

    Comparable in this City

    • Value Estimation
      $1,095,000
      6,445 SF

      4824 Great Northern Blvd

      RESTAURANT • 6,445 SF
      4824 Great Northern Blvd, North Olmsted, OH 44070-3340
      View Details
    • Value Estimation
      $1,855,000
      5,507 SF

      25912 Lorain Rd

      RESTAURANT • 5,507 SF
      25912 Lorain Rd, North Olmsted, OH 44070-2736
      View Details
    • Value Estimation
      $550,000
      0.23 Acres

      26368 Lorain Rd

      RESTAURANT • 0.23 Acres
      26368 Lorain Rd, North Olmsted, OH 44070-3201
      View Details
    • Value Estimation by Request
      2,520 SF

      23642 Lorain Rd

      RESTAURANT • 2,520 SF
      23642 Lorain Rd, North Olmsted, OH 44070-2221
      View Details
    • Value Estimation
      $12,930,000
      2,530 SF

      26035 Lorain Rd

      RESTAURANT • 2,530 SF
      26035 Lorain Rd, North Olmsted, OH 44070-2739
      View Details
    • Value Estimation
      $1,335,000
      7,216 SF

      25785 Brookpark Rd

      RESTAURANT • 7,216 SF
      25785 Brookpark Rd, North Olmsted, OH 44070
      View Details

    Similar Nearby for Sale

    • $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
      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
    • $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
    • Contact for pricing
      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
    • $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
    • 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

    Similar Nearby for Lease

    • Contact for pricing
      24,000 SF

      North Olmsted Retail Center

      Prime Retail Space Available Now
      4701 Great Northern Dr, 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
      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
      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
    • Contact for pricing
      19,115 SF

      Ashley Furniture Plaza Retail Space

      North Olmsted, OH: Prime Retail Opportunity
      26520 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
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    North Olmsted, OH 44070-2170
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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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