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

    38475 Chestnut Rdg Rd Elyria, OH 44035-8670

    • Specialty properties
    • 9,166 SF
    • 3.65 lot acres
    OFF-MARKET
    Value Estimations
    $550,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-5195127
    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

    • Laubenthal-Mercado Funeral Home, Inc. / Funeral Home / Casket Service

    Property Details for 38475 Chestnut Rdg Rd

    Lot size
    3.65 lot acres
    Property size
    9,166 SF
    Property type
    Specialty properties
    APN
    11-00-092-000-093
    APU
    1100092000093

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $360,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $732,000
      Market price range: $336k - $849k

    • Alternative Use

      Use
      Estimation
      CEMETERY, FUNERAL HOME, MORTUARY (COMMERCIAL)
      $515,000
      Current use
      RESTAURANT
      $875,000
      Change: +70% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $805,000
      Change: +57% Conversion: Difficult
      RETAIL STORES
      $690,000
      Change: +34% Conversion: Difficult
      MEDICAL BUILDING
      $685,000
      Change: +33% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Elyria
    County
    Lorain
    State
    Ohio
    Longitude
    -82.0686
    Latitude
    41.3418
    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
    $18,451
    $40,558
    $279,675
    $320,233
    -
    $115,880
    $799,070
    $914,950

    Comparable in this City

    • Value Estimation by Request
      1,800 SF

      907 Eastern Heights Blvd

      Churches & religious facilities • 1,800 SF
      907 Eastern Heights Blvd, Elyria, OH 44035
      View Details
    • Value Estimation
      $6,730,000
      45,704 SF

      1215 Middle Ave

      COMMERCIAL MISC • 45,704 SF
      1215 Middle Ave, Elyria, OH 44035-7064
      View Details
    • Value Estimation by Request
      13,492 SF

      500 Abbe N Rd

      CHARITABLE ORGANIZATION • 13,492 SF
      500 Abbe N Rd, Elyria, OH 44035-3743
      View Details
    • Value Estimation by Request
      4,900 SF

      11087 Middle Ave

      CHARITABLE ORGANIZATION • 4,900 SF
      11087 Middle Ave, Elyria, OH 44035-7825
      View Details
    • Value Estimation by Request
      11,165 SF

      323 Middle Ave

      FUNERAL HOME • 11,165 SF
      323 Middle Ave, Elyria, OH 44035-5734
      View Details
    • Value Estimation by Request
      2,416 SF

      2900 Rdg Rd

      FUNERAL HOME • 2,416 SF
      2900 Rdg Rd, Elyria, OH 44035-1328
      View Details

    Similar Nearby for Sale

    • $549,000
      4.45 Acres

      Elyria Industrial Land - 4.45 Acres

      Prime Elyria industrial land, excellent highway access.
      1205 Sugar Ln, Elyria, OH 44035
      View Details
    • $200,000
      0.39 Acres

      Elyria Commercial Building & Land

      High-traffic location, investment opportunity.
      206 Bridge St, Elyria, OH 44035
      View Details
    • $90,000
      0.01 Acres

      Downtown Elyria Office Suite

      Upscale Office Space, Prime Location
      124 Middle Ave, Elyria, OH 44035
      View Details
    • $195,000
      5,584 SF

      Former Church and Retail Buildings

      Two buildings in high-visibility area, priced to sell.
      1611-1621 Middle Ave, Elyria, OH 44035
      View Details
    • $950,000
      20,000 SF

      Elyria Warehouse: Prime Location

      Spacious warehouse, ideal for various businesses.
      405 Abbe Rd, Elyria, OH 44035
      View Details
    • $195,000
      1.00 Acre

      Elyria Commercial Land: Prime Location

      One-acre commercial lot, ideal for diverse uses.
      661 Griswold Rd, Elyria, OH 44035
      View Details

    Similar Nearby for Lease

    • $1,863,125

      Freestanding Family Dollar Store Investment

      Family Dollar store in Elyria, OH with NN lease.
      401 Lake Ave, Elyria, OH 44035
      View Details
    • Contact for pricing
      31,080 SF

      Retail Space Near I-90

      Retail space with high visibility and multiple anchor tenants.
      5244 Cobblestone Rd, Sheffield Village, OH 44035
      View Details
    • Contact for pricing
      10,500 SF

      Retail Space on Detroit Road

      Retail property for lease with high traffic count.
      5255 Detroit Rd, Sheffield Village, OH 44035
      View Details
    • Contact for pricing
      4,500 SF

      Elyria Flex Space with Storage

      4,500 SF flex space with outdoor storage and parking.
      1166 Taylor St, Elyria, OH 44035
      View Details
    • Contact for pricing
      2,270 SF

      Retail Space Midway Mall

      Retail space available in Midway Mall, Elyria, OH.
      6355 Midway Mall, Elyria, OH 44035
      View Details
    • Contact for pricing
      31,902 SF

      Elyria Retail Space Available

      Retail space with high visibility near major retailers.
      2650 Midway Mall, Elyria, OH 44035
      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.
    38475 Chestnut Rdg Rd
    Elyria, OH 44035-8670
    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.