Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    3rd St Elyria, OH 44035
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3rd St Elyria, OH 44035

    View on Map
    • Parking lots & garages
    • 35,656 SF
    • 0.20 lot acres
    Off-Market
    Property ID
    US66-3788523
    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.
    Value Estimations
    $3,610,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Parking lots & garages

    Property Details for 3rd St

    Year built
    1973
    Lot size
    0.20 lot acres
    Property size
    35,656 SF
    Property type
    Parking lots & garages
    APN
    06-26-054-000-008
    APU
    626054000008

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,592,000
      Market price range: $1.30M - $5.86M
      AI Estimate
      $3,623,000
      Market price range: $1.70M - $5.86M

    • Alternative Use

      Use
      Estimation
      PARKING LOT
      $3,820,000
      Current use
      RESTAURANT
      $3,900,000
      Change: +2% Conversion: Difficult
      MEDICAL BUILDING
      $3,320,000
      Change: -13% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Elyria
    County
    Lorain
    State
    Ohio
    Longitude
    -82.1059
    Latitude
    41.3657
    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
    $11,435
    $332,007
    $343,442
    -
    $32,670
    $948,590
    $981,260

    Comparable in this City

    • Value Estimation by Request
      0.12 Acres

      Clark St

      PARKING GARAGE, PARKING STRUCTURE • 0.12 Acres
      Clark St, Elyria, OH 44035
      View Details
    • Value Estimation by Request
      0.11 Acres

      436 Cleveland St

      PARKING GARAGE, PARKING STRUCTURE • 0.11 Acres
      436 Cleveland St, Elyria, OH 44035-4060
      View Details
    • Value Estimation by Request
      0.06 Acres

      6642 Lk Ave

      PARKING GARAGE, PARKING STRUCTURE • 0.06 Acres
      6642 Lk Ave, Elyria, OH 44035-2146
      View Details
    • Value Estimation by Request
      0.11 Acres

      15th St

      PARKING GARAGE, PARKING STRUCTURE • 0.11 Acres
      15th St, Elyria, OH 44035
      View Details
    • Value Estimation by Request
      0.28 Acres

      2nd St

      PARKING GARAGE, PARKING STRUCTURE • 0.28 Acres
      2nd St, Elyria, OH 44035
      View Details
    • Value Estimation by Request
      0.11 Acres

      162 Irondale St

      PARKING GARAGE, PARKING STRUCTURE • 0.11 Acres
      162 Irondale St, Elyria, OH 44035-5426
      View Details

    Similar Nearby for Sale

    • $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
      View Details
    • Contact for pricing
      2,881 SF

      Freestanding Auto Service Center For Sale

      2,881 SF auto service center on a corner lot.
      42483 N Ridge Rd, Elyria, OH 44035
      View Details
    • Contact for pricing

      Updated Retail Property For Sale

      High-traffic retail property with updates and proven commercial use.
      433 Oberlin Rd, Elyria, OH 44035
      View Details
    • Contact for pricing
      4,608 SF

      Versatile Commercial Space For Rent

      2,000 SF commercial space in high-traffic area.
      614-616 Prospect St, Elyria, OH 44035
      View Details
    • $550,000
      5,115 SF

      Retail Property in Midway Mall

      Retail property for sale in Elyria, Ohio, totaling 5,115 SF.
      2000 Midway Mall, 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

    Similar Nearby for Lease

    • Contact for pricing

      Retail Space Near Rural King

      Retail opportunity near Rural King and State Route 20.
      430 Oberlin Rd, Elyria, OH 44035
      View Details
    • Contact for pricing

      824 E Broad St, Elyria, OH 44035

      Medical Office Space
      824 E Broad St, Elyria, OH 44035
      View Details
    • Contact for pricing
      11,080 SF

      Retail Property in Elyria, Ohio

      Retail property available for lease in Elyria, Ohio.
      142 Broad St, Elyria, OH 44035
      View Details
    • 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
      60,732 SF

      Elyria Warehouse with Office Space

      60,732 SF warehouse with 5,000 SF office space.
      823 Leona St, Elyria, OH 44035
      View Details
    • Contact for pricing
      1,423 SF

      Retail Space Near Major Anchors

      Retail space with high visibility and major anchor tenants.
      5202 Cobblestone Rd, Sheffield Village, 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.
    3rd St
    Elyria, OH 44035
    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.
    Sign Up Successful!
    You now have access to more from Realmo!