Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    248 Broad St, Unit 2 Elyria, OH 44035-5532

    • Investment properties
    • 3,120 SF
    • 0.15 lot acres
    OFF-MARKET
    Value Estimations
    $255,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-0363644
    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

    • Investment properties

    Property Details for 248 Broad St

    Year built
    1950
    Lot size
    0.15 lot acres
    Property size
    3,120 SF
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    06-26-062-000-025
    APU
    626062000025

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $255,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $277,000
      Market price range: $77.5k - $277k

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

    Location Insight

    • Map
    • Local Demand
    City
    Elyria
    County
    Lorain
    State
    Ohio
    Longitude
    -82.1033
    Latitude
    41.3673
    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
    $4,409
    $17,154
    $43,498
    $60,652
    -
    $49,010
    $124,280
    $173,290

    Comparable in this City

    • Value Estimation
      $125,000
      434 SF

      609 Cleveland St

      OFFICE/RESIDENTIAL (MIXED USE) • 434 SF
      609 Cleveland St, Elyria, OH 44035-4103
      View Details
    • Value Estimation
      $265,000
      3,450 SF

      270 Abbe N Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 3,450 SF
      270 Abbe N Rd, Elyria, OH 44035-3700
      View Details
    • Value Estimation
      $170,000
      3,280 SF

      410 Middle Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 3,280 SF
      410 Middle Ave, Elyria, OH 44035-5728
      View Details
    • Value Estimation
      $260,000
      1,710 SF

      562 3rd St

      OFFICE/RESIDENTIAL (MIXED USE) • 1,710 SF
      562 3rd St, Elyria, OH 44035-5417
      View Details
    • Value Estimation
      $250,000
      2,236 SF

      128 Broad St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,236 SF
      128 Broad St, Elyria, OH 44035-6430
      View Details
    • Value Estimation
      $240,000
      1,152 SF

      580 Cleveland St

      OFFICE/RESIDENTIAL (MIXED USE) • 1,152 SF
      580 Cleveland St, Elyria, OH 44035-4145
      View Details

    Similar Nearby for Sale

    • $950,000
      20,000 SF

      Elyria Warehouse: Prime Location

      Spacious warehouse, ideal for various businesses.
      405 Abbe Rd, Elyria, OH 44035
      View Details
    • $144,900
      0.39 Acres

      Elyria Mixed-Use Commercial Building

      High-traffic location, investment opportunity.
      206 Bridge St, Elyria, OH 44035
      View Details
    • $39,900
      10,978 SF

      Elyria Mixed-Use Business Opportunity

      Turnkey Nail Salon, High Traffic Location
      911 River St, Elyria, OH 44035
      View Details
    • $435,000
      2,652 SF

      plus new landscaping. The owner has purchased and updated much of the equipment in the kitchen

      including freezers
      8741 Ridge St, Elyria, OH 44035
      View Details
    • $229,000
      6,256 SF

      Elyria Warehouse: Investment Opportunity

      Spacious warehouse, flexible layout, great location.
      160 Eady Ct, Elyria, OH 44035
      View Details
    • $375,000
      4,601 SF

      Profitable Single-Family Portfolio in Lorain

      Fully occupied portfolio with strong cash flow and potential equity.
      509 Lake Ave, Elyria, OH 44035
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      31,080 SF

      Retail Space Near I-90

      Retail space with high visibility and multiple anchor tenants.
      5244 Cobblestone Rd, Sheffield Village, OH 44035
      View Details
    • Contact for pricing
      10,500 SF

      Retail Space on Detroit Road

      Retail property for lease with high traffic count.
      5255 Detroit Rd, Sheffield Village, OH 44035
      View Details
    • Contact for pricing
      4,500 SF

      Elyria Flex Space with Storage

      4,500 SF flex space with outdoor storage and parking.
      1166 Taylor St, Elyria, OH 44035
      View Details
    • Contact for pricing
      2,270 SF

      Retail Space Midway Mall

      Retail space available in Midway Mall, Elyria, OH.
      6355 Midway Mall, Elyria, OH 44035
      View Details
    • Contact for pricing
      31,902 SF

      Elyria Retail Space Available

      Retail space with high visibility near major retailers.
      2650 Midway Mall, Elyria, OH 44035
      View Details
    • Contact for pricing
      25,954 SF

      Elyria Retail Space For Lease

      25,594 SF retail space in dominant shopping center.
      360 Market Dr, Elyria, OH 44035
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    248 Broad St, Unit 2
    Elyria, OH 44035-5532
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.