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
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    32489 Center Ridge Rd North Ridgeville, OH 44039

    • Commercial land
    • 3,993 SF
    • 1.03 lot acres
    For Sale
    View listing
    $599,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-0705424
    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 32489 Center Ridge Rd

    Year built
    1920
    Lot size
    1.03 lot acres
    Property size
    3,993 SF
    Property type
    Commercial land
    APN
    07-00-006-106-035
    APU
    700006106035

    Description

    This exceptional 2.75-acre commercial property in North Ridgeville, Ohio, is offered at $860,000. Located at 32489 Center Ridge Rd (APN: 07-00-006-106-035; 0700006106036; 0700006106037; 0700006106038; 0700006106039), this prime corner lot boasts B3 commercial zoning. Previously occupied by a restaurant, the site presents a unique opportunity for redevelopment. The seller is open to selling the entire 2.75-acre parcel as a single package or a smaller 1.93-acre package (excluding APNs 07-00-006-106-037 and 07-00-006-106-039). The seller will not sell the smaller parcels individually. The property is easily viewable from the road. Significant infrastructure improvements have recently been made, with sewer lines installed along Center Ridge Rd in 2023. This property is ideally suited for a variety of commercial ventures, capitalizing on its high-visibility location within a growing community. The property was built in 1954. Detailed zoning information is available upon request. This is a rare opportunity to acquire a substantial commercial parcel in a desirable location.

    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
    North Ridgeville
    County
    Lorain
    State
    Ohio
    Longitude
    -81.9762
    Latitude
    41.4097
    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
    $3,890
    $56,410
    $0.00
    $56,410
    -
    $161,170
    $0.00
    $161,170

    Comparable in this City

    • Value Estimation by Request
      1.18 Acres

      Lear Nagle Rd

      VACANT COMMERCIAL LAND • 1.18 Acres
      Lear Nagle Rd, North Ridgeville, OH 44039
      View Details
    • Value Estimation by Request
      29.65 Acres

      Case Rd

      VACANT COMMERCIAL LAND • 29.65 Acres
      Case Rd, North Ridgeville, OH 44039
      View Details
    • Value Estimation by Request
      0.48 Acres

      Ctr Rdg Rd

      VACANT COMMERCIAL LAND • 0.48 Acres
      Ctr Rdg Rd, North Ridgeville, OH 44039
      View Details
    • Value Estimation by Request
      2.23 Acres

      Ctr Rdg Rd

      VACANT COMMERCIAL LAND • 2.23 Acres
      Ctr Rdg Rd, North Ridgeville, OH 44039
      View Details
    • Value Estimation by Request
      0.23 Acres

      Creekside Ln

      VACANT COMMERCIAL LAND • 0.23 Acres
      Creekside Ln, North Ridgeville, OH 44039
      View Details
    • Value Estimation by Request
      2.37 Acres

      Victory Ln

      VACANT COMMERCIAL LAND • 2.37 Acres
      Victory Ln, North Ridgeville, OH 44039
      View Details

    Similar Nearby for Sale

    • $975,000

      9.65 Acre Commercial Land Parcel

      9.65 acres of commercial land with highway access.
      37097 Center Ridge Rd, North Ridgeville, OH 44039
      View Details
    • Contact for pricing

      70 Acre Mixed-Use Development Land

      70 acre mixed-use development land in North Ridgeville, Ohio.
      Lear Nagle Rd, North Ridgeville, OH 44039
      View Details
    • Contact for pricing

      9.71 AC Commercial Land

      9.71 AC commercial land for sale in Elyria, OH.
      38550 Chestnut Ridge Rd, Elyria, OH 44039
      View Details
    • $750,000

      Commercial Land with Freeway Visibility

      Commercial land for sale with excellent freeway visibility.
      36721 Chestnut Ridge Rd, North Ridgeville, OH 44039
      View Details
    • $895,000

      Prime Commercial Land For Sale

      One acre of land in a bustling retail corridor.
      32499 Lorain Rd, North Ridgeville, OH 44039
      View Details
    • $575,000

      Development Ready Land Opportunity

      Prime land parcel in a rapidly growing Ohio community.
      39019 Center Ridge Rd, North Ridgeville, OH 44039
      View Details

    Similar Nearby for Lease

    • $45 SF/Yr

      North Ridgeville Development Opportunity

      Prime commercial land for retail, office, or medical development.
      34941 Center Ridge Rd, North Ridgeville, OH 44039
      View Details
    • Contact for pricing
      1 SF

      North Ridgeville Commercial Land

      1.37 Acres, Development Ready
      33633 Bagley Rd, North Ridgeville, OH 44039
      View Details
    • Contact for pricing
      21,560 SF

      Emerald Ridge Center Retail Space

      Prime Retail Storefront, High Traffic Area
      34282 Center Ridge Rd, North Ridgeville, OH 44039
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space Near Giant Eagle

      Retail space available in neighborhood shopping center near highways.
      34259 Center Ridge Rd, North Ridgeville, OH 44039
      View Details
    • Contact for pricing
      43,000 SF

      Retail Space in North Ridgeville

      Retail property for lease in a high-traffic area.
      35075 Center Ridge Rd, North Ridgeville, OH 44039
      View Details
    • Contact for pricing
      4,800 SF

      Retail Development Site on Center Ridge

      Prime retail development site in North Ridgeville, Ohio.
      34540 Center Ridge Rd, North Ridgeville, OH 44039
      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.
    32489 Center Ridge Rd
    North Ridgeville, OH 44039
    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.