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Property profile & analytics
OFF-MARKET
Estimated value
$650,000
Motels
523 Griswold Rd Elyria, OH 44035-2306
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US66-4331767
Property profile
Verified
Property type
Motels
Use group
MOTEL
Total area
10,045 SF
Lot
6.56 ac (285,754 SF)
APN
06-23-016-102-045
UPID
US66-4331767
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Arlington Extended Stay Hotel Eylria, Ohio Hotel & Motel
-
Howard Hoppers Sr Apartment Building
-
Knights Inn Elyria Hotel & Motel
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$615k
CAP Approach
CAP
$850k
Comparable Approach
Comparable
$488k
Blend (final)
Blend
$650k
Owner & transaction history
523 Griswald LLC · 4 yrs held
523 Griswald LLC
since 2022
Last sale
$700,000
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$1.0M
+83.7%
Restaurant
$960,000
+71.5%
Apartment house (5+ units)
$885,000
+57.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Elyria submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Elyria submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$550,000
ML approach
$615,000
CAP Approach
CAP Return
Estimation
6%
$920,000
6.5%
$850,000
7%
$785,000
Alternative Use
Use
Estimation
HOTEL/MOTEL
$560,000
Current use
AUTO REPAIR, GARAGE
$1,030,000
Change: +84% · Conversion: Difficult
RESTAURANT
$960,000
Change: +71% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$885,000
Change: +58% · Conversion: Difficult
RETAIL STORES
$755,000
Change: +35% · Conversion: Difficult
MEDICAL BUILDING
$750,000
Change: +34% · Conversion: Difficult
Blend value · Realmo final
$650k
Range $585k – $715k · ±10% · vs last sale $700k (Jan 11 2022)
Last sale anchor
$700k
Jan 11 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$65 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$20,738
Tax year 2023
Assessed value
$280,000
Assessed 2023
Previous assessed
$280,000
+0.0% YoY
Effective rate
7.41%
On assessed value
Assessed land
$140,000
Assessed improvement
$140,000
Land market value
$400,000
Improvement market value
$400,000
Total market value
$800,000
Applied tax rate
33.0000
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
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Motels
Use group
MOTEL
Status
Off-Market
Heating
NONE
Buildings
6
Stories
1
Units
1
Total area
10,045 SF
Lot
6.56 ac (285,754 SF)
APN
06-23-016-102-045
UPID
US66-4331767
Jurisdiction
LORAIN
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
HOTEL/MOTEL Current
Est. value
$560,000
AUTO REPAIR, GARAGE
Est. value
$1.0M
RESTAURANT
Est. value
$960,000
APARTMENT HOUSE (5+ UNITS)
Est. value
$885,000
RETAIL STORES
Est. value
$755,000
MEDICAL BUILDING
Est. value
$750,000
HOTEL/MOTEL Current
AUTO REPAIR, GARAGE
RESTAURANT
APARTMENT HOUSE (5+ UNITS)
RETAIL STORES
MEDICAL BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Heating
NONE
Stories
1
Buildings
6
Units
1
Lot
6.56 ac
Current owner
From public records · entity-resolved
523 Griswald LLC
Entity
Mailing address
523 GRISWOLD RD, ELYRIA, OH 44035-2306
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 11, 2022
$700,000
523 Griswald LLC
Ashok Patel
Limited Warranty Deed
$300,000 · Ashok Patel Etux
Apr 4, 2016
$800,000
Ashok Patel
Lodgind Industry INC
Warranty Deed
$526,530 · Private Individual
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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