Individually Owned 
For Lease
1 / 13
$2,000/Mo
506 Broadway,Unit 1, Lorain, OH 44052
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Property summary
AI-generated overview
This exceptional 4,000 square foot mixed-use property at 506 Broadway Unit 1, Lorain, OH, presents a remarkable opportunity for a discerning investor or business owner. Situated on a 0.01-acre lot in the heart of Lorain's revitalized Broadway Streetscape, this first-floor space offers unparalleled visibility and accessibility. Its versatile layout is perfectly suited for a wide range of commercial ventures, including retail establishments, restaurants, or professional offices. The prime downtown location ensures high foot traffic and exposure to a thriving community. The property's substantial size provides ample space for creative business development and expansion. This is an exceptional chance to establish a presence in a dynamic and rapidly growing area. The asking price of $255,000 reflects the significant value and potential of this unique property. Don't miss this opportunity to secure a prominent location in the heart of Lorain's revitalized downtown. Serious inquiries only.
Property profile
Verified
Property type
Office Spaces
Use group
CONDOMINIUM OFFICES
Year built
1925
Total area
3,978 SF
Lot
0.07 ac (3,049 SF)
APN
02-01-004-700-001
UPID
US66-1501187
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
(Bike/Boat/Book/etc) Store Cosmetic Store
-
College Educational Institution
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$245k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$245k
Owner & transaction history
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
Full NOI build-up · 6 steps
All 7 comparables with addresses
Sensitivity value band
Source audit · 6 inputs
PDF export
Professional Plan · 30 reports
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Summary
1
Valuation conclusion
Included free
Estimated market value
$245k
Value range
$221k – $270k
±10% around blend
Estimated value / SF
$62 / SF
Confidence
High
7 county-verified comps
Property data
88
Market benchmarks
67
Comparable evidence
70
Income certainty
100
$221k
blend $245k
$270k
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
3,978 SF
Lot area
0.07 ac
Year built
1925
Stories
1
APN
02-01-004-700-001
Assessed value
$19,632
Annual tax
$1,604
3
Income approach: direct capitalization
Partial preview
Estimated Stabilized NOI, derived from market rent, vacancy and expense benchmarks. Actual property income not reported.
Estimated market rent / SF
Potential gross income
Vacancy allowance
Effective gross income
Benchmark operating expenses
Stabilized NOI
Property tax
$1,604
Selected cap rate
4
Sales comparison
Partial preview
Sales approach indication
$528k
Weighted, 7 comps · high confidence
Evidence
7 found · 6 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
17.6 mi away · 3,050 SF
20.0 mi away · 2,809 SF
23.3 mi away · 4,995 SF
23.9 mi away · 3,015 SF
24.5 mi away · 4,704 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$245k
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
Submarket 35 sales
$86
-29%
County 128 sales
$97
-36%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $62/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
Not available
Operating expenses
Modeled
Market rent
Market benchmark
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: income and sales evidence cover the value conclusion.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 7 sales
NOI build-up · 9 steps
Market rates by use type
PDF export
Professional Plan · 30 reports
from $99/month
from $99/month
Overview
No cap rate is computable for this property yet: no recorded sale, income signal or market-rate row for its use type.
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$572k
Move the market yield to see immediate price impact.
Value / SF
$144
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
5.00%7.00%9.00%
$36k
$720k
$514k
$400k
$40k
$800k
$572k
$445k
$44k
$880k
$629k
$489k
NOI sensitivity ±10% across the 5 / 7 / 9% anchors — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
7 found
High confidence · county-verified
Closest comparable
$699k
13.6 mi · Jan 2026 · $182/SF
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$1,604
Tax year 2023
Assessed value
$19,632
Assessed 2023
Previous assessed
$19,640
0.0% YoY
Effective rate
8.17%
On assessed value
Assessed land
$3,696
Assessed improvement
$15,936
Land market value
$10,560
Improvement market value
$45,530
Total market value
$56,090
Applied tax rate
42.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office Spaces
Use group
CONDOMINIUM OFFICES
Status
For Lease
Year built
1925
Heating
NONE
Stories
1
Units
1
Total area
3,978 SF
Lot
0.07 ac (3,049 SF)
APN
02-01-004-700-001
UPID
US66-1501187
Jurisdiction
LORAIN
Zoning & alternative use
Zoning · permitted uses
No zoning code is on file for this parcel. Zoning coverage grows with every catalog release.
Building & site characteristics
From public records
Year built
1925
Heating
NONE
Stories
1
Units
1
Lot
0.07 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
No zoning code is on file for this parcel. Zoning coverage grows with every catalog release — check back, or open Location Intelligence for use analysis of this corner.
Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
One complete report on every paid plan · 30 · 300 reports per month.
Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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