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

    257 Washington Ave Elyria, OH 44035-5122

    • Commercial land
    • 4,440 SF
    • 0.68 lot acres
    OFF-MARKET
    Last Sale
    May 10, 2022
    $80,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1704835
    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

    • Commercial land

    Property Details for 257 Washington Ave

    Year built
    1874
    Construction
    WOOD FRAME
    Lot size
    0.68 lot acres
    Property size
    4,440 SF
    Property type
    Commercial land
    APN
    06-25-119-000-001
    APU
    625119000001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Elyria
    County
    Lorain
    State
    Ohio
    Longitude
    -82.1055
    Latitude
    41.3705
    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
    $754
    $10,367
    $0.00
    $10,367
    -
    $29,620
    $0.00
    $29,620

    Comparable in this City

    • Value Estimation by Request
      0.26 Acres

      Midway Mall

      VACANT COMMERCIAL LAND • 0.26 Acres
      Midway Mall, Elyria, OH 44035
      View Details
    • Value Estimation by Request
      0.14 Acres

      Morgan Ave

      VACANT COMMERCIAL LAND • 0.14 Acres
      Morgan Ave, Elyria, OH 44035
      View Details
    • Value Estimation by Request
      0.15 Acres

      Morgan Ave

      VACANT COMMERCIAL LAND • 0.15 Acres
      Morgan Ave, Elyria, OH 44035
      View Details
    • Value Estimation by Request
      6.14 Acres

      Murray Rdg Rd

      VACANT COMMERCIAL LAND • 6.14 Acres
      Murray Rdg Rd, Elyria, OH 44035
      View Details
    • Value Estimation by Request
      0.14 Acres

      Oberlin Rd

      VACANT COMMERCIAL LAND • 0.14 Acres
      Oberlin Rd, Elyria, OH 44035
      View Details
    • Value Estimation by Request
      0.19 Acres

      Oberlin Rd

      VACANT COMMERCIAL LAND • 0.19 Acres
      Oberlin Rd, Elyria, OH 44035
      View Details

    Similar Nearby for Sale

    • $408,330

      Elyria Land For Sale

      Land available in Elyria, with redevelopment incentives.
      8055 Murray Ridge Rd, Elyria, OH 44035
      View Details
    • Contact for pricing

      Land with Prime Roadside Visibility

      Development opportunity with access to major highways and established retail.
      714 Middle Ave, Elyria, OH 44035
      View Details
    • Contact for pricing

      Development Opportunity Near Highways

      Land with excellent highway access and development potential.
      Leona St, Elyria, OH 44035
      View Details
    • Contact for pricing

      Prime Land Near Mall Redevelopment

      Land with highway access and proximity to retail and hotels.
      1845 Lorain Blvd, Elyria, OH 44035
      View Details
    • Contact for pricing

      Vacant Land Former Landfill

      95.26 acres of vacant land with utilities available.
      1418 Lowell St, Elyria, OH 44035
      View Details
    • $195,000

      Elyria Commercial Land For Sale

      1+ acre commercial land with B-G zoning in Elyria, OH.
      661 Griswold Rd, Elyria, OH 44035
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Commercial Land on Midway Blvd

      0.50 acre commercial land with high traffic exposure.
      325 Midway Blvd, Elyria, OH 44035
      View Details
    • Contact for pricing

      Retail Site Near Midway Mall

      Large retail site located across from Midway Mall.
      529 Midway Blvd, Elyria, OH 44035
      View Details
    • Contact for pricing

      Shovel-Ready Sites for Lease

      Two shovel-ready sites available for lease with freeway visibility.
      905 Leona St, Elyria, OH 44035
      View Details
    • Contact for pricing
      5,344 SF

      Elyria Retail Space For Lease

      Prime Elyria location, 5,344 sq ft available.
      542 Griswold Rd, Elyria, OH 44035
      View Details
    • 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
    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.
    257 Washington Ave
    Elyria, OH 44035-5122
    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.