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    29150 Lorain Rd North Olmsted, OH 44070-3901
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    Property profile & analytics

    29150 Lorain Rd North Olmsted, OH 44070-3901

    View on Map
    • Specialty properties
    • 17,073 SF
    • 5.34 lot acres
    Off-Market
    Property ID
    US66-0191591
    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.
    Value Estimations
    $885,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Chambers Funeral Homes / Social Service Agency

    Property Details for 29150 Lorain Rd

    Year built
    1979
    Construction
    TYPE NOT SPECIFIED
    Lot size
    5.34 lot acres
    Property size
    17,073 SF
    Property type
    Specialty properties
    APN
    233-25-005
    APU
    23325005

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      CEMETERY, FUNERAL HOME, MORTUARY (COMMERCIAL)
      $1,075,000
      Current use
      MEDICAL BUILDING
      $1,320,000
      Change: +23% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    North Olmsted
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.9439
    Latitude
    41.4087
    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
    $76,076
    $213,820
    $457,700
    $671,520
    -
    $610,900
    $1,307,700
    $1,918,600

    Comparable in this City

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      23733 Curtis Dr

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      0.29 Acres

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      CHARITABLE ORGANIZATION • 0.29 Acres
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      7,620 SF

      29257 Lorain Rd

      CHARITABLE ORGANIZATION • 7,620 SF
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      11.28 Acres

      Lorain Rd

      CHARITABLE ORGANIZATION • 11.28 Acres
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      0.23 Acres

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    Similar Nearby for Sale

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      2,494 SF

      Freestanding Restaurant Building on Lorain

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      5.5 Acres Near Great Northern

      5.5 acres near Great Northern Mall, all utilities available.
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    • $1,900,000
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      North Olmsted Retail Opportunity

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      28,860 SF

      North Olmsted Office Space Available

      Office space for lease in North Olmsted, Ohio.
      24950 Country Club Blvd, North Olmsted, OH 44070
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      Established Car Wash on Lorain

      Operating car wash on 0.44 acres near Great Northern.
      25056 Lorain Rd, North Olmsted, OH 44070
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    • $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
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    Similar Nearby for Lease

    • Contact for pricing

      North Olmsted Commercial Property

      Commercial property available for rent in North Olmsted, Ohio.
      31382-31400 N Lorain Rd, North Olmsted, OH 44070
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    • $17 SF/Yr
      91,590 SF

      North Olmsted Office Space Available

      Office property in North Olmsted with flexible design options.
      25111-25209 Country Club Blvd, North Olmsted, OH 44070
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    • 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
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      Pending

      Former Restaurant in Retail Corridor

      5,620 SF former restaurant in high-traffic retail area.
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      North Olmsted Office Space Available

      Two office buildings for rent in North Olmsted, Ohio.
      25111 Country Club Blvd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      2 SF

      2.25 AC Outparcel on Lorain

      2.25 AC outparcel for sale on high-traffic Lorain Road.
      23460 Lorain Rd, North Olmsted, OH 44070
      View Details
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    29150 Lorain Rd
    North Olmsted, OH 44070-3901
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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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