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    Property profile & analytics

    4580 Liberty Ave Vermilion, OH 44089

    • Individual retail properties
    • 11,724 SF
    • 1.20 lot acres
    For Lease
    View listing
    $1,300,000
    Last Sale
    Jul 19, 2022
    $1,854,194
    Value Estimations
    $1,470,000
    Cap Rate Potential
    8.1%
    Individual retail properties
    Location Intelligence
    Property ID
    US66-1142991
    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

    • Rite Aid / Pharmacy
    • Rite Aid Pharmacy / Pharmacy
    • Frank S. Bodnar, RPh / Pharmacy
    • Coinhub Bitcoin ATM Teller / Atm
    • Western Union / Bank / Credit Union

    Property Details for 4580 Liberty Ave

    Year built
    1997
    Lot size
    1.20 lot acres
    Property size
    11,724 SF
    Property type
    Individual retail properties
    APN
    01-20-027-101-007
    APU
    120027101007

    Description

    This exceptional 11,724-square-foot freestanding retail building, formerly a Rite Aid, presents a unique investment opportunity in Vermilion, OH. Situated on a 1.64-acre lot at a signalized intersection on Liberty Avenue, this property boasts high visibility and significant traffic volume (14,612 vehicles per day). The building offers excellent frontage along both Salem Drive (290 feet) and Liberty Avenue (236 feet), ensuring maximum exposure to potential customers. The property includes a convenient double-lane drive-thru, ideal for businesses requiring quick customer service, and ample parking with over 75 spaces. The location benefits from strong demographics, with average household incomes exceeding $101,334 within a 5-mile radius. Nearby established businesses include Giant Eagle, Dollar General, Dollar Tree, Goodwill, McDonald's, Wendy's, Huntington Bank, Verizon Wireless, Discount Drug Mart, Pizza Hut, and Liberty Ford Vermilion, creating a vibrant and thriving commercial environment. The entire 11,724 square feet is currently vacant and available for sale or lease. This property is perfect for a variety of retail uses. The address is 4580 Liberty Ave, Vermilion, OH 44089.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,455,000
      ML approach
      $1,495,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,965,000
      6.5%
      $1,815,000
      7%
      $1,685,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,464,000
      Market price range: $544k - $1.46M
      AI Estimate
      $1,464,000
      Market price range: $559k - $1.46M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,065,000
      Current use
      RESTAURANT
      $1,840,000
      Change: +73% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $1,635,000
      Change: +54% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,210,000
      Change: +14% Conversion: Easy
      MEDICAL BUILDING
      $1,090,000
      Change: +3% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $965,000
      Change: -9% Conversion: Difficult
      WAREHOUSE, STORAGE
      $955,000
      Change: -10% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Vermilion
    County
    Lorain
    State
    Ohio
    Longitude
    -82.3477
    Latitude
    41.4256
    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
    $42,412
    $82,215
    $433,234
    $515,449
    -
    $234,900
    $1,237,810
    $1,472,710

    Comparable in this City

    • Value Estimation by Request
      1,847 SF

      654 Grand St

      BARBER, HAIR SALON • 1,847 SF
      654 Grand St, Vermilion, OH 44089-1306
      View Details
    • Value Estimation by Request
      1,250 SF

      5571 Liberty Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,250 SF
      5571 Liberty Ave, Vermilion, OH 44089-1309
      View Details
    • Value Estimation by Request
      3,040 SF

      2951 Liberty Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,040 SF
      2951 Liberty Ave, Vermilion, OH 44089-2534
      View Details
    • Value Estimation
      $570,000
      14,488 SF

      5359 Liberty Ave

      RETAIL STORES (PERSONAL SERVICES) • 14,488 SF
      5359 Liberty Ave, Vermilion, OH 44089-1331
      View Details
    • Value Estimation by Request
      4,002 SF

      4615 Liberty Ave

      RETAIL STORES (PERSONAL SERVICES) • 4,002 SF
      4615 Liberty Ave, Vermilion, OH 44089-3242
      View Details
    • Value Estimation by Request
      2,862 SF

      636 Sandusky St

      RETAIL STORES (PERSONAL SERVICES) • 2,862 SF
      636 Sandusky St, Vermilion, OH 44089-1341
      View Details

    Similar Nearby for Sale

    • $2,250,000
      25,000 SF

      Retail Property Near New Development

      NNN lease property adjacent to a 700-home development.
      2901 Liberty Ave, Vermilion, OH 44089
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    • $649,000
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      Vermilion Mixed-Use Investment Opportunity

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      Vermilion Automotive Buildings For Sale

      Two buildings totaling 26,360 SF available in Vermilion, OH.
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    • $450,000
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      Vermilion Freestanding Drive-Thru Restaurant

      3,788 SF freestanding building with drive-thru on 0.65 acres.
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      Vermilion Office Building - Great Location

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    Similar Nearby for Lease

    • Contact for pricing
      6,450 SF

      Vermilion Retail Space with Basement

      6,450 SF endcap retail space with ample parking.
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      Vermilion Executive Office Suites

      Prime Vermilion location, flexible office space.
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    • $1,300,000
      11,724 SF

      Vermilion Freestanding Building on Liberty

      Freestanding 11,724 SF building on 1.64 acres for sale/lease.
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    • $11 SF/Yr
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      Retail Space Available For Rent

      Inline retail space available in high-traffic area.
      4620-4686 Liberty Ave, Vermilion, OH 44089
      View Details
    • Contact for pricing
      5,600 SF

      Vermilion Retail/Office/Showroom Space Available

      High-traffic retail/office/showroom space with signage available in Vermilion, OH.
      4705-4809 Liberty Ave, Vermilion, OH 44089
      View Details
    • $16 SF/Yr
      1,261 SF

      Retail Suites in Portland Plaza

      Retail suites available in Portland Plaza with 11' ceilings.
      4486-4496 Liberty Ave, Vermilion, OH 44089
      View Details
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    4580 Liberty Ave
    Vermilion, OH 44089
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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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