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    Property profile & analytics

    356 2nd St Elyria, OH 44035-5527

    • Office buildings
    • 2,402 SF
    • 0.13 lot acres
    OFF-MARKET
    Value Estimations
    $285,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-0366515
    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

    • Midwest R Corporation / Association / Organization

    Property Details for 356 2nd St

    Year built
    1955
    Lot size
    0.13 lot acres
    Property size
    2,402 SF
    Property type
    Office buildings
    APN
    06-26-059-000-003
    APU
    626059000003

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $285,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $218,000
      Market price range: $87.9k - $284k
      AI Estimate
      $324,000
      Market price range: $119k - $459k

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

    Location Insight

    • Map
    • Local Demand
    City
    Elyria
    County
    Lorain
    State
    Ohio
    Longitude
    -82.1098
    Latitude
    41.3664
    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
    $6,356
    $13,283
    $74,141
    $87,424
    -
    $37,950
    $211,830
    $249,780

    Comparable in this City

    • Value Estimation
      $595,000
      112,888 SF

      42101 Griswold Rd

      PROFESSIONAL BUILDING • 112,888 SF
      42101 Griswold Rd, Elyria, OH 44035-2117
      View Details
    • Value Estimation
      $1,095,000
      30,000 SF

      1320 Taylor St

      OFFICE BUILDING • 30,000 SF
      1320 Taylor St, Elyria, OH 44035-6250
      View Details
    • Value Estimation
      $370,000
      3,120 SF

      503 Abbe S Rd

      OFFICE BUILDING • 3,120 SF
      503 Abbe S Rd, Elyria, OH 44035-6301
      View Details
    • Value Estimation
      $520,000
      27,320 SF

      364 Griswold Rd, Unit B

      OFFICE BUILDING • 27,320 SF
      364 Griswold Rd, Elyria, OH 44035-2301
      View Details
    • Value Estimation
      $725,000
      21,648 SF

      363 3rd St

      OFFICE BUILDING • 21,648 SF
      363 3rd St, Elyria, OH 44035-5632
      View Details
    • Value Estimation
      $280,000
      1,590 SF

      1000 Abbe N Rd

      OFFICE BUILDING • 1,590 SF
      1000 Abbe N Rd, Elyria, OH 44035-1614
      View Details

    Similar Nearby for Sale

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      3,120 SF

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      View Details
    • $170,000
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      Two-Story Office Building For Sale

      Two-story office building with high occupancy in a growing area.
      5445 Detroit Rd, Sheffield Village, OH 44035
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    • $314,900
      3,080 SF

      Downtown Elyria Professional Office Building

      Fully leased office building in downtown Elyria, ideal for investors.
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    • $4,495,000
      79,851 SF

      Elyria Warehouse and Office Space

      79,851 SF warehouse and office building for sale.
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    • $450,000
      3,760 SF

      Freestanding Medical Office Building

      Turn-key medical office near University Hospital with ample parking.
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      Elyria Office Building For Sale

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      620 E River St, Elyria, OH 44035
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    Similar Nearby for Lease

    • $1,895 /Mo
      8,712 SF

      Retail/Office Space in High-Traffic Area

      Versatile commercial space with showroom, offices, and convenient location.
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      View Details
    • Contact for pricing
      3,000 SF

      Elyria Office Space Available

      Partitioned office space with ample parking and convenient location.
      1131 E Broad St, Elyria, OH 44035
      View Details
    • Contact for pricing
      30,000 SF

      New Medical Space For Lease

      30,000 SF medical space available Summer 2026 in Elyria, OH.
      5464 Detroit Rd, Elyria, OH 44035
      View Details
    • $1,700 /Mo
      23,958 SF

      Elyria Commercial Rental Opportunity

      Commercial rental in high-traffic area near Route 57/113 and LCCC.
      511 N Abbe Rd, Elyria, OH 44035
      View Details
    • Contact for pricing
      3,736 SF

      Stand Alone Bank Building

      Well-kept building suitable for office or medical use.
      361 Midway Blvd, Elyria, OH 44035
      View Details
    • $2,500 /Mo
      Pending

      Elyria Commercial Space For Lease

      Commercial space in Elyria featuring offices, kitchen, and storage.
      418 E Broad St, Elyria, OH 44035
      View Details

    Property Visit Statistics

    • Visits by month
      20.2k
    • Visitors by month
      13.6k
    • Avg Time on site
      15 min
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    356 2nd St
    Elyria, OH 44035-5527
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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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