Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    313 Gillett St Painesville, OH 44077-2918

    • Manufacturing properties
    • 94,049 SF
    • 14.97 lot acres
    OFF-MARKET
    Value Estimations
    $4,730,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-3168296
    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

    • Manufacturing properties

    Property Details for 313 Gillett St

    Year built
    1956
    Lot size
    14.97 lot acres
    Property size
    94,049 SF
    Property type
    Manufacturing properties
    APN
    15-C-033-A-01-016-0
    APU
    15C033A010160

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $6,035,000
      6.5%
      $5,570,000
      7%
      $5,170,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,875,000
      Market price range: $2.82M - $6.00M
      AI Estimate
      $3,750,000
      Market price range: $1.23M - $6.00M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $4,105,000
      Current use
      MEDICAL BUILDING
      $6,615,000
      Change: +61% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $5,705,000
      Change: +39% Conversion: Difficult
      WAREHOUSE, STORAGE
      $5,320,000
      Change: +30% Conversion: Easy
      RETAIL STORES
      $3,635,000
      Change: -11% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Painesville
    County
    Lake
    State
    Ohio
    Longitude
    -81.2501
    Latitude
    41.7126
    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
    $141,532
    $58,500
    $885,590
    $944,090
    -
    $167,130
    $2,530,260
    $2,697,390

    Comparable in this City

    • Value Estimation
      $565,000
      11,929 SF

      320 Prospect St

      MANUFACTURING (LIGHT) • 11,929 SF
      320 Prospect St, Painesville, OH 44077
      View Details
    • Value Estimation
      $835,000
      23,191 SF

      380 Fountain Ave

      MANUFACTURING (LIGHT) • 23,191 SF
      380 Fountain Ave, Painesville, OH 44077-1207
      View Details
    • Value Estimation
      $1,155,000
      40,096 SF

      590 Bank St

      MANUFACTURING (LIGHT) • 40,096 SF
      590 Bank St, Painesville, OH 44077-3766
      View Details
    • Value Estimation
      $610,000
      9,768 SF

      155 Freedom Rd

      MANUFACTURING (LIGHT) • 9,768 SF
      155 Freedom Rd, Painesville, OH 44077-1234
      View Details
    • Value Estimation by Request
      19,622 SF

      289 Ee St

      FOUNDRY, INDUSTRIAL PLANT • 19,622 SF
      289 Ee St, Painesville, OH 44077
      View Details
    • Value Estimation
      $740,000
      12,688 SF

      55 Florence Ave

      MANUFACTURING (LIGHT) • 12,688 SF
      55 Florence Ave, Painesville, OH 44077-1103
      View Details

    Similar Nearby for Sale

    • $575,000
      4.45 Acres

      Painesville Warehouse - $575K

      Industrial building, 21,046 sq ft, 4.45 acres
      466 Jackson St, Painesville, OH 44077
      View Details
    • $1,330,000
      38.00 Acres

      Painesville Industrial Land - $1.33M

      38 Acres, Heavy Industrial Zoning, Ohio
      0 Bacon Rd, Painesville, OH 44077
      View Details
    • $243,600
      5.84 Acres

      Painesville Industrial Land Sale

      5.84-acre industrial lot, prime location.
      0 Renaissance Pkwy, Painesville, OH 44077
      View Details
    • Contact for pricing
      8,199 SF

      Freestanding Industrial Building For Sale

      8,199 SF industrial building on 1 AC, built in 1980.
      444 Newell St, Painesville, OH 44077
      View Details
    • $1,330,000
      2.00 Acres

      Bacon Rd Industrial Land

      Prime Ohio industrial land, flexible acreage.
      0 Bacon Rd, Painesville, OH 44077
      View Details
    • Contact for pricing

      Retail Building with Warehouse Space

      Retail building with warehouse, showroom, and fenced yard.
      1650 Mentor Ave, Painesville, OH 44077
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      12,205 SF

      Painesville Retail Warehouse Space

      Lake County retail warehouse, 2 suites available.
      8023 Crile Rd, Painesville, OH 44077
      View Details
    • $13 SF/Yr

      Downtown Painesville Redevelopment Opportunity

      Restaurant and office suites available in revitalized downtown Painesville.
      8 N State St, Painesville, OH 44077
      View Details
    • Contact for pricing
      3,505 SF

      Retail Space Near Interstate 90

      Retail spaces available in new development near Interstate 90.
      7861 Crile Rd, Painesville, OH 44077
      View Details
    • $2,000 /Mo
      1,751 SF

      Downtown Painesville Commercial Storefront Opportunity

      1675 SF commercial space in revitalizing downtown Painesville.
      154 Main St, Painesville, OH 44077
      View Details
    • Contact for pricing
      1,500 SF

      Shell Office/Medical Space Available

      1,500 SF shell space with in-suite restrooms for lease.
      7965 Auburn Rd, Concord Township, OH 44077
      View Details
    • Contact for pricing
      1,600 SF

      Move-In Ready Office Space

      1,600 sq ft Class B office space for lease.
      368 Blackbrook Rd, Painesville, OH 44077
      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.
    313 Gillett St
    Painesville, OH 44077-2918
    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.
    Sign Up Successful!
    You now have access to more from Realmo!