Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    450 Chester St Painesville, OH 44077-4167

    Property Lookup

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

    450 Chester St Painesville, OH 44077-4167

    View on Map
    • Turn key restaurants
    • 1,760 SF
    • 0.22 lot acres
    Off-Market
    Last Sale Jun 28, 2021
    $90,000
    Property ID
    US66-0633702
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Turn key restaurants

    Property Details for 450 Chester St

    Year built
    1955
    Lot size
    0.22 lot acres
    Property size
    1,760 SF
    Zone code
    B-4
    Property type
    Turn key restaurants
    APN
    15-A-017-0-00-011-0
    APU
    15A0170000110

    Description

    This exceptional investment property, located at 450 Chester Street in Painesville, Ohio, presents a unique opportunity for a savvy buyer. Situated on a 0.22-acre lot, this building offers significant potential for redevelopment. Its prime location places it just minutes from the bustling city center, ensuring high visibility and convenient access for potential customers. The existing structure is ideally suited for a restaurant or bar and grill, boasting a layout that's ready for immediate use. All necessary equipment, tables, and chairs are included in the sale, representing a significant cost savings for the new owner. While the building requires some cosmetic updates and renovations, the inherent value and prime location make this a compelling investment. The asking price of $150,000 reflects the need for improvements, offering a substantial return on investment for the right buyer with a vision. The property's versatility allows for a range of potential uses beyond food service, making it an attractive option for entrepreneurs seeking a high-traffic location. Don't miss this chance to acquire a property with immense potential in a thriving Ohio city. Serious inquiries are encouraged.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Painesville
    County
    Lake
    State
    Ohio
    Longitude
    -81.2463
    Latitude
    41.733
    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
    $2,596
    $11,570
    $13,920
    $25,490
    -
    $33,050
    $39,760
    $72,810

    Comparable in this City

    • Value Estimation by Request
      0.13 Acres

      Mentor Ave

      RESTAURANT • 0.13 Acres
      Mentor Ave, Painesville, OH 44077
      View Details
    • Value Estimation by Request
      3,340 SF

      320 High St

      RESTAURANT • 3,340 SF
      320 High St, Fairport Harbor, OH 44077-5829
      View Details
    • Value Estimation by Request
      1,588 SF

      266-268 Richmond St

      RESTAURANT • 1,588 SF
      266-268 Richmond St, Painesville, OH 44077
      View Details
    • Value Estimation by Request
      3,947 SF

      203 High St

      RESTAURANT • 3,947 SF
      203 High St, Fairport Harbor, OH 44077-5826
      View Details
    • Value Estimation by Request
      3,550 SF

      25 Saint Clair St

      RESTAURANT • 3,550 SF
      25 Saint Clair St, Painesville, OH 44077-3418
      View Details
    • Value Estimation by Request
      8,352 SF

      12830 Painesville Warren Rd

      RESTAURANT • 8,352 SF
      12830 Painesville Warren Rd, Painesville, OH 44077-9217
      View Details

    Similar Nearby for Sale

    • $149,000
      0.10 Acres

      Painesville Historic Building For Sale

      Historic 2-story building, formerly a bar/restaurant, on 0.10 acres.
      367 N State St, Painesville, OH 44077
      View Details
    • $149,000
      4,308 SF

      Historic Mixed-Use Building in Painesville

      Historic mixed-use building in downtown Painesville, Ohio, ready for renovation.
      367 North State St, Painesville, OH 44077
      View Details
    • $149,000

      Historic Building in Painesville, Ohio

      Two-story historic building, previously a bar/restaurant with apartment.
      367 North State St, Painesville, OH 44077
      View Details
    • Contact for pricing
      5,815 SF

      Painesville Land For Sale

      4.81 acres of land available in Painesville, Ohio.
      1025/1083 Mentor Ave, Painesville, OH 44077
      View Details
    • Contact for pricing

      Retail Building with Warehouse Space

      Retail building with warehouse, showroom, and fenced yard.
      1650 Mentor Ave, Painesville, OH 44077
      View Details
    • Contact for pricing
      21,694 SF

      Remodeled Auto Dealership Near Retail

      Recently remodeled 21,694 SF auto dealership near major retailers.
      2115 Mentor Ave, Painesville, OH 44077
      View Details

    Similar Nearby for Lease

    • $13 SF/Yr

      Downtown Painesville Redevelopment Opportunity

      Restaurant and office suites available in revitalized downtown Painesville.
      8 N State St, Painesville, OH 44077
      View Details
    • $2,000 /Mo
      1,751 SF

      Downtown Painesville Commercial Storefront Opportunity

      1675 SF commercial space in revitalizing downtown Painesville.
      154 Main St, Painesville, OH 44077
      View Details
    • Contact for pricing

      Retail Space with Drive-Thru

      Retail space available with drive-thru in Painesville, OH.
      1623 Mentor Ave, Painesville, OH 44077
      View Details
    • Contact for pricing
      3,200 SF

      Restaurant Space in Retail Node

      Former restaurant build-out in a master-planned retail location.
      7641-7657 Crile Rd, Painesville, OH 44077
      View Details
    • Contact for pricing
      3,505 SF

      Retail Space Near Interstate 90

      Retail spaces available in new development near Interstate 90.
      7861 Crile Rd, Painesville, OH 44077
      View Details
    • New
      $14 SF/Yr
      82,328 SF

      Historic Painesville Tower Retail Space

      Newly renovated retail space in historic downtown Painesville.
      30 S Park Pl, Painesville, OH 44077
      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.
    450 Chester St
    Painesville, OH 44077-4167
    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!