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    31084 Lorain Rd North Olmsted, OH 44070
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    Property profile & analytics

    31084 Lorain Rd, North Olmsted, OH 44070

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    • Commercial real estate
    • 15.65 lot acres
    Off-Market
    Property ID
    US66-6012190
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 31084 Lorain Rd

    Lot size
    15.65 lot acres
    Property type
    Commercial real estate
    APN
    23403011|1, 23403013|1

    Description

    This exceptional 15.65-acre parcel of land, located at 31084 Lorain Rd in North Olmsted, Ohio (zip code 44070), presents a unique opportunity for commercial development. The property boasts a highly desirable B-2 zoning designation, allowing for a wide range of commercial uses. Situated along Lorain Road, this site benefits from exceptional visibility and accessibility, with a daily traffic count exceeding 20,000 vehicles. All seven essential utilities are readily available on-site, simplifying the development process. The location offers convenient access to I-480 via Lorain Road, and is within 10 minutes of both the Ohio Turnpike and Crocker Park, providing excellent connectivity and proximity to a thriving retail and residential area. The property's APN is 23403011|1, 23403013|1. This is an ideal location for businesses seeking high visibility and convenient access to major transportation arteries. The asking price for this remarkable development opportunity is $324,350. Don't miss this chance to acquire a prime commercial land parcel in a rapidly growing area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    North Olmsted
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.963914
    Latitude
    41.394623

    Comparable in this City

    • $69,900
      0.21 Acres

      Prime Commercial Corner Lot Available

      High-visibility commercial lot suitable for various development projects.
      27693 Butternut Ridge Rd, North Olmsted, OH 44070
      View Details
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      Land Available for Sale

      Land available for sale in North Olmsted, Ohio.
      27048 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing

      North Olmsted Land For Sale

      9.12 acres of land zoned Residential/Commercial in North Olmsted.
      30898 Bradley Rd, North Olmsted, OH 44070
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      Prime Retail Land Available

      0.66 acres of general retail land for sale.
      23459 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing

      High-Traffic Corner Lot Available

      Drive-thru lot on high-traffic corner of Lorain and Bailey.
      25675 Lorain Rd, North Olmsted, OH 44070
      View Details
    • $69,900

      High-Traffic Corner Commercial Lot

      0.21-acre commercial lot at a signalized 5-way intersection.
      27693 Butternut Ridge Rd, North Olmsted, OH 44070
      View Details

    Similar Nearby for Sale

    • $69,900
      0.21 Acres

      Prime Commercial Corner Lot Available

      High-visibility commercial lot suitable for various development projects.
      27693 Butternut Ridge Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing

      Land Available for Sale

      Land available for sale in North Olmsted, Ohio.
      27048 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing

      North Olmsted Land For Sale

      9.12 acres of land zoned Residential/Commercial in North Olmsted.
      30898 Bradley Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing

      Prime Retail Land Available

      0.66 acres of general retail land for sale.
      23459 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing

      High-Traffic Corner Lot Available

      Drive-thru lot on high-traffic corner of Lorain and Bailey.
      25675 Lorain Rd, North Olmsted, OH 44070
      View Details
    • $69,900

      High-Traffic Corner Commercial Lot

      0.21-acre commercial lot at a signalized 5-way intersection.
      27693 Butternut Ridge Rd, North Olmsted, OH 44070
      View Details

    Similar Nearby for Lease

    • 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
    • Contact for pricing

      Land Available on Lorain Road

      Land for rent with high traffic intersection visibility.
      23460 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing

      Prime Out-Lot Opportunity

      Located on Lorain Road with high visibility and traffic.
      27048 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing

      Retail Space For Lease

      Retail space available for lease.
      23250 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      8,615 SF

      Retail Space Near Great Northern

      Retail space available in North Olmsted near Great Northern.
      26508-26518 Lorain Rd, North Olmsted, OH 44070
      View Details
    • Contact for pricing
      1,700 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
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    North Olmsted, OH 44070
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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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