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

    5201 Erie Ave Lorain, OH 44053-1339

    • Warehouses
    • 15,555 SF
    • 15.82 lot acres
    OFF-MARKET
    Last Sale
    Oct 22, 2021
    $1,200,000
    Value Estimations
    $875,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1897975
    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

    • U-Haul Neighborhood Dealer / Truck Rental Agency / Trailer Rental Service
    • Hold It Self Storage / Truck Rental Agency / Self-Storage Facility
    • Christ Sorrow to Joy Church Inc. / Non-Profit Organization

    Property Details for 5201 Erie Ave

    Year built
    1984
    Lot size
    15.82 lot acres
    Property size
    15,555 SF
    Property type
    Warehouses
    Property subtype
    Self storage facilities
    APN
    02-03-001-108-027
    APU
    203001108027

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $890,000
      ML approach
      $815,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $826,000
      Market price range: $386k - $1.53M
      AI Estimate
      $700,000
      Market price range: $439k - $1.20M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $920,000
      Current use
      MEDICAL BUILDING
      $1,450,000
      Change: +57% Conversion: Difficult
      RESTAURANT
      $1,390,000
      Change: +51% Conversion: Difficult
      OFFICE BUILDING
      $1,340,000
      Change: +46% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $1,280,000
      Change: +39% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $1,200,000
      Change: +30% Conversion: Moderate
      RETAIL STORES
      $960,000
      Change: +4% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Lorain
    County
    Lorain
    State
    Ohio
    Longitude
    -82.2323
    Latitude
    41.4405
    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
    $30,794
    $86,916
    $305,004
    $391,920
    -
    $248,330
    $871,440
    $1,119,770

    Comparable in this City

    • Value Estimation
      $125,000
      1,600 SF

      5075 Oberlin Ave

      MINI-WAREHOUSE, STORAGE • 1,600 SF
      5075 Oberlin Ave, Lorain, OH 44053-3431
      View Details
    • Value Estimation
      $255,000
      440 SF

      3336 Meister Rd

      MINI-WAREHOUSE, STORAGE • 440 SF
      3336 Meister Rd, Lorain, OH 44053
      View Details
    • Value Estimation
      $1,230,000
      10,240 SF

      2230 Park Dr

      MINI-WAREHOUSE, STORAGE • 10,240 SF
      2230 Park Dr, Lorain, OH 44053-1140
      View Details
    • Value Estimation
      $260,000
      9,172 SF

      3215 21st St

      MINI-WAREHOUSE, STORAGE • 9,172 SF
      3215 21st St, Lorain, OH 44053-1117
      View Details
    • Value Estimation
      $455,000
      14,280 SF

      2220 Park Dr

      MINI-WAREHOUSE, STORAGE • 14,280 SF
      2220 Park Dr, Lorain, OH 44053-1140
      View Details
    • Value Estimation
      $270,000
      1.09 Acres

      365 Cooper Foster Park E Rd

      MINI-WAREHOUSE, STORAGE • 1.09 Acres
      365 Cooper Foster Park E Rd, Lorain, OH 44053
      View Details

    Similar Nearby for Sale

    • $2,340,000
      36,000 SF

      Industrial Warehouse with Office Space

      36,000 SF warehouse with 2,000 SF office space.
      7470 Industrial Parkway Dr, Lorain, OH 44053
      View Details
    • $4,875,000
      73,360 SF

      Industrial Buildings with Fenced Yard

      Two industrial buildings with fenced yard and highway access.
      7405-7425 Industrial Parkway Dr, Lorain, OH 44053
      View Details
    • $1,360,000
      19.40 Acres

      Prime Lorain County Land

      19.4 Acres, $1.36M, High Visibility
      6401 Ridge Rd, Lorain, OH 44053
      View Details
    • Contact for pricing
      7,466 SF

      Lorain Mixed-Use Investment Opportunity

      High-yield multifamily, office, & warehouse.
      4645 Oberlin Ave, Lorain, OH 44053
      View Details
    • $3,150,000
      25.51 Acres

      Amherst Retail Corridor Land

      25.51 Acres, Prime Development Site
      2200 Cooper Foster Park Rd, Lorain, OH 44053
      View Details
    • $475,000
      0.48 Acres

      Lorain Office Building For Sale

      Office building in Lorain, previously used as a doctor's office.
      1670 Cooper Foster Park Rd W, Lorain, OH 44053
      View Details

    Similar Nearby for Lease

    • $2 SF/Yr
      75,576 SF

      Lorain Warehouse Space Available

      75,576 SF warehouse space near State Route 2.
      5401 Baumhart Rd, Lorain, OH 44053
      View Details
    • $3,750,000
      81,640 SF

      Lorain Industrial Redevelopment Opportunity

      81,640 SF industrial building on 38.3 acres for lease.
      7451 Terminal Dr, Lorain, OH 44053
      View Details
    • Contact for pricing
      3,200 SF

      Retail Space Near I-90

      Retail space available near I-90 with flexible layout.
      1980-2000 Cooper Foster Park Rd, Lorain, OH 44053
      View Details
    • Contact for pricing
      943 SF

      Meijer In-Store Retail Space

      943 SF Retail Space in Lorain County
      5350 Leavitt Rd, Lorain, OH 44053
      View Details
    • Contact for pricing
      6,000 SF

      Lorain Retail Outlots Near Meijer

      High-visibility retail space near major retailers.
      5310 Leavitt Rd, Lorain, OH 44053
      View Details
    • Contact for pricing
      4,500 SF

      Retail Space Available For Rent

      Retail space available for rent, 4500 square feet.
      4501 North Leavitt Rd, Lorain, OH 44053
      View Details
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    Lorain, OH 44053-1339
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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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