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

    38505 Chestnut Rdg Rd Elyria, OH 44035-8252

    • Strip malls
    • 1,530 SF
    • 0.87 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2623264
    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

    • Subway / Take-out & Catering / Catering Service
    • Illustrator Tattoos / Tattoo & Piercing Shop

    Property Details for 38505 Chestnut Rdg Rd

    Year built
    1985
    Lot size
    0.87 lot acres
    Property size
    1,530 SF
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    10-00-005-107-150
    APU
    1000005107150

    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
    Elyria
    County
    Lorain
    State
    Ohio
    Longitude
    -82.0696
    Latitude
    41.3428
    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
    $21,784
    $66,322
    $335,003
    $401,325
    -
    $189,490
    $957,150
    $1,146,640

    Comparable in this City

    • Value Estimation
      $600,000
      5,458 SF

      905 Riv St

      SHOPPING CENTER, STRIP CENTER • 5,458 SF
      905 Riv St, Elyria, OH 44035-6023
      View Details
    • Value Estimation
      $3,235,000
      111,470 SF

      435 Midway Blvd

      SHOPPING CENTER, STRIP CENTER • 111,470 SF
      435 Midway Blvd, Elyria, OH 44035-2440
      View Details
    • Value Estimation
      $3,315,000
      35,164 SF

      5224 Detroit Rd

      SHOPPING CENTER, STRIP CENTER • 35,164 SF
      5224 Detroit Rd, Sheffield Village, OH 44035-1439
      View Details
    • Value Estimation
      $1,110,000
      25,640 SF

      1005 Broad St

      SHOPPING CENTER, STRIP CENTER • 25,640 SF
      1005 Broad St, Elyria, OH 44035-6303
      View Details
    • Value Estimation
      $1,140,000
      27,438 SF

      5186 Detroit Rd

      SHOPPING CENTER, STRIP CENTER • 27,438 SF
      5186 Detroit Rd, Sheffield Village, OH 44035-1467
      View Details
    • Value Estimation by Request
      7,070 SF

      249 Midway Blvd Ste A

      SHOPPING CENTER, STRIP CENTER • 7,070 SF
      249 Midway Blvd Ste A, Elyria, OH 44035-2794
      View Details

    Similar Nearby for Sale

    • $2,300,000
      24,871 SF

      Cleveland Street

      Lifestyle centers • 24,871 SF
      401 Cleveland St, Elyria, OH 44035
      View Details
    • Contact for pricing
      50,000 SF

      Retail Space Near Major Retailers

      High-visibility retail space near I-80 and I-90.
      3343 Midway Mall, Elyria, OH 44035
      View Details
    • $199,900
      2,992 SF

      Elyria Retail Building - High Traffic!

      Prime Retail Space w/ Apartment & Garage
      436 Cleveland St, Elyria, OH 44035
      View Details
    • $198,900
      0.46 Acres

      Elyria Commercial Corner Lot

      High-visibility corner lot in downtown Elyria with redevelopment potential.
      827 Middle Ave, Elyria, OH 44035
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    • Contact for pricing
      15,659 SF

      Retail Opportunity Near Rural King

      Retail space available near Rural King and major roadways.
      426 Oberlin Rd, Elyria, OH 44035
      View Details
    • $199,900

      Mixed-Use Property with Apartment

      Retail/office space with a two-bedroom apartment and parking.
      436 Cleveland St, Elyria, OH 44035
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,900 SF

      Elyria Retail Space For Lease

      Retail spaces available in neighborhood shopping center anchored by major tenants.
      464-500 N Abbe Rd, Elyria, OH 44035
      View Details
    • Contact for pricing
      1,600 SF

      Elyria Retail Space For Lease

      Retail spaces available in neighborhood shopping center anchored by major tenants.
      500 N Abbe Rd, Elyria, OH 44035
      View Details
    • Contact for pricing
      5,450 SF

      Retail Space Near West River

      Retail space available in a plaza near West River Road.
      150-166 Midway Blvd, Elyria, OH 44035
      View Details
    • Contact for pricing
      267,000 SF

      River Street Square Retail Center

      Elyria, Ohio Shopping Center - 16 Spaces Available
      205 Midway Blvd, Elyria, OH 44035
      View Details
    • Contact for pricing
      6,400 SF

      Elyria Shoppes: Retail Space Available

      Prime Elyria retail space, high visibility, flexible sizes.
      510 Chestnut Commons Dr, Elyria, OH 44035
      View Details
    • Contact for pricing
      45,488 SF

      Retail Spaces in Midway Crossing

      Retail units available in a 179,646 SF shopping mall.
      1599 W River Rd N, Elyria, OH 44035
      View Details
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    Elyria, OH 44035-8252
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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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