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

    3500 Kolbe Rd Lorain, OH 44053-1632

    • Medical offices
    • 27,974 SF
    • 3.25 lot acres
    OFF-MARKET
    Last Sale
    Oct 05, 2021
    Value Estimations
    $2,555,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2923651
    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

    • Mercy New Life Hospice / Hospice / Hospital Department
    • Mercy Health - Home Care, Lorain / Home Health Care Service / Nursing Agency
    • Dr. Muawia Abushukur / Family Practice Physician
    • Kimberly Bundridge / Nurse Practitioner
    • Daniel C Zaworski Inc / Medical Clinic

    Property Details for 3500 Kolbe Rd

    Lot size
    3.25 lot acres
    Property size
    27,974 SF
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    02-03-002-106-049
    APU
    203002106049

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,831,000
      Market price range: $1.38M - $4.16M
      AI Estimate
      $1,662,000
      Market price range: $820k - $2.23M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $2,605,000
      Current use
      RESTAURANT
      $2,500,000
      Change: -4% Conversion: Difficult
      OFFICE BUILDING
      $2,415,000
      Change: -7% Conversion: Easy
      AUTO REPAIR, GARAGE
      $2,305,000
      Change: -12% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $2,155,000
      Change: -17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Lorain
    County
    Lorain
    State
    Ohio
    Longitude
    -82.2402
    Latitude
    41.4382
    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
    $0.00
    $37,538
    $1,051,645
    $1,089,183
    -
    $107,250
    $3,004,700
    $3,111,950

    Comparable in this City

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      $4,070,000
      30,744 SF

      5940 Oak Pt Rd

      MEDICAL BUILDING • 30,744 SF
      5940 Oak Pt Rd, Lorain, OH 44053-4100
      View Details
    • Value Estimation by Request
      3,690 SF

      690 Cooper Foster Park W Rd

      MEDICAL BUILDING • 3,690 SF
      690 Cooper Foster Park W Rd, Lorain, OH 44053-3731
      View Details
    • Value Estimation
      $1,425,000
      14,431 SF

      4804 Leavitt Rd

      MEDICAL BUILDING • 14,431 SF
      4804 Leavitt Rd, Lorain, OH 44053-2382
      View Details
    • Value Estimation by Request
      2,495 SF

      5075 Oberlin Ave

      MEDICAL BUILDING • 2,495 SF
      5075 Oberlin Ave, Lorain, OH 44053-3431
      View Details
    • Value Estimation by Request
      3,280 SF

      5373 Oberlin Ave

      MEDICAL BUILDING • 3,280 SF
      5373 Oberlin Ave, Lorain, OH 44053-3437
      View Details
    • Value Estimation
      $515,000
      1,903 SF

      1550 Cooper Foster Park W Rd

      MEDICAL BUILDING • 1,903 SF
      1550 Cooper Foster Park W Rd, Lorain, OH 44053-3616
      View Details

    Similar Nearby for Sale

    • $475,000
      0.48 Acres

      Lorain Office Building For Sale

      Office building in Lorain, previously used as a doctor's office.
      1670 Cooper Foster Park Rd W, Lorain, OH 44053
      View Details
    • $375,000
      1.21 Acres

      Turnkey Medical Office, Lorain, OH

      5,400 sq ft commercial building on 1.2-acre lot in Lorain.
      4520 Oberlin Ave, Lorain, OH 44053
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    • $475,000

      Lorain Office Building For Sale

      Office building in Lorain, previously used as a doctor's office.
      1670 Cooper Foster Park Rd W, Lorain, OH 44053
      View Details
    • Contact for pricing
      7,466 SF

      Lorain Mixed-Use Investment Opportunity

      High-yield multifamily, office, & warehouse.
      4645 Oberlin Ave, Lorain, OH 44053
      View Details
    • Contact for pricing
      2,150 SF

      Office Space For Sale

      Office space for sale in Lorain, Ohio.
      6155 Park Square Dr, Lorain, OH 44053
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    • $98,900
      0.20 Acres

      Freestanding Building with Office Spaces

      Freestanding building with two office spaces and parking lot.
      5363 Oberlin Ave, Lorain, OH 44053
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    Similar Nearby for Lease

    • Contact for pricing
      7,907 SF

      Oak Point Medical Condos For Sale/Lease

      Medical Office Suites, Lorain County, OH
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      View Details
    • Contact for pricing
      13,103 SF

      Lorain Retail Spaces Available

      Prime Lorain location, multiple retail spaces.
      4805 Leavitt Rd, Lorain, OH 44053
      View Details
    • $1,200 /Mo
      8,712 SF

      Commercial Building in Lorain, OH

      Freestanding building with high visibility and flexible interior layout.
      5363 Oberlin Ave, Lorain, OH 44053
      View Details
    • Contact for pricing
      4,588 SF

      Retail Space in Grocery Anchored Center

      Retail spaces available in high-traffic, grocery-anchored shopping center.
      3221-3311 Oberlin Ave, Lorain, OH 44053
      View Details
    • Contact for pricing
      3,200 SF

      Retail Space Near I-90

      Retail space available near I-90 with flexible layout.
      1980-2000 Cooper Foster Park Rd, Lorain, OH 44053
      View Details
    • $3,750,000
      81,640 SF

      Lorain Industrial Redevelopment Opportunity

      81,640 SF industrial building on 38.3 acres for lease.
      7451 Terminal Dr, Lorain, OH 44053
      View Details
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    3500 Kolbe Rd
    Lorain, OH 44053-1632
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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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