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    Property profile & analytics

    5350 Leavitt Rd Lorain, OH 44053

    • Individual retail properties
    • 160,080 SF
    • 14.89 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-4361233
    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

    • Meijer Pharmacy / Pharmacy
    • Meijer Deli / Food Market / Restaurant
    • Meijer Bakery / Bakery / Specialty Food Shop
    • Jeffrey Shirkey / Pharmacy
    • Western Union / Bank / Credit Union

    Property Details for 5350 Leavitt Rd

    Lot size
    14.89 lot acres
    Property size
    160,080 SF
    Property type
    Individual retail properties
    APN
    02-02-002-000-246
    APU
    202002000246

    Description

    This exceptional retail opportunity presents 943 square feet of prime, in-store space within a high-traffic Meijer location in Lorain County. This "store-within-a-store" concept offers unparalleled visibility and access to thousands of weekly customers. The space benefits from a highly visible, front-of-store location, maximizing customer interaction. A fixed monthly fee covers real estate taxes, property insurance, common area maintenance, and utilities, simplifying operational costs. Branding opportunities include both interior and exterior signage, enhancing exposure. The property is situated in a thriving trade area with a desirable customer base. This all-inclusive lease is ideal for a variety of businesses, including but not limited to financial institutions, food and beverage establishments, service businesses, health and wellness providers, and insurance agencies. The space's strategic placement within a well-known Midwest retail destination provides a significant advantage for businesses seeking high foot traffic and brand recognition. This is a unique opportunity to establish a presence in a high-performing retail environment. The entire 943 square feet is currently vacant and ready for immediate occupancy.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $26,835,000
      6.5%
      $24,775,000
      7%
      $23,005,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $13,497,000
      Market price range: $3.80M - $15.9M
      AI Estimate
      $18,299,000
      Market price range: $7.78M - $20.0M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $14,910,000
      RESTAURANT
      $14,290,000
      OFFICE BUILDING
      $13,810,000
      AUTO REPAIR, GARAGE
      $13,175,000
      NEIGHBORHOOD: SHOPPING CENTER
      $12,345,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Lorain
    County
    Lorain
    State
    Ohio
    Longitude
    -82.212
    Latitude
    41.4204
    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
    $331,530
    $859,898
    $4,575,088
    $5,434,986
    -
    $2,456,850
    $13,071,680
    $15,528,530

    Comparable in this City

    • Value Estimation
      $7,290,000
      90,188 SF

      3080 Jaeger Rd

      APPLIANCE STORE • 90,188 SF
      3080 Jaeger Rd, Lorain, OH 44053-2102
      View Details
    • Value Estimation
      $10,165,000
      139,368 SF

      7500 Oak Pt Rd

      APPLIANCE STORE • 139,368 SF
      7500 Oak Pt Rd, Lorain, OH 44053-4149
      View Details
    • Value Estimation
      $1,165,000
      9,230 SF

      5301 Erie Ave

      APPLIANCE STORE • 9,230 SF
      5301 Erie Ave, Lorain, OH 44053-1341
      View Details
    • Value Estimation
      $7,265,000
      104,952 SF

      4330 Leavitt Rd

      APPLIANCE STORE • 104,952 SF
      4330 Leavitt Rd, Lorain, OH 44053-2370
      View Details
    • Value Estimation
      $15,215,000
      191,168 SF

      4380 Leavitt Rd

      APPLIANCE STORE • 191,168 SF
      4380 Leavitt Rd, Lorain, OH 44053-2370
      View Details
    • Value Estimation by Request
      5,840 SF

      5225 Oberlin Ave Ste, Unit 1

      DRY CLEANER • 5,840 SF
      5225 Oberlin Ave Ste, Lorain, OH 44053-3400
      View Details

    Similar Nearby for Sale

    • $799,900
      6.00 Acres

      Retail Building on Six Acres

      Well-maintained retail building with expansion potential on six acres.
      420 N Ridge Rd W, Lorain, OH 44053
      View Details
    • $84,900
      0.20 Acres

      Freestanding Building in Growing Area

      Two office spaces, open floor plan, parking, close to highways.
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    • Contact for pricing

      Lorain Retail Property For Sale

      Retail property available for purchase in Lorain, Ohio.
      4330 N Leavitt Rd, Lorain, OH 44053
      View Details
    • $125,000

      Prime Lorain Retail Opportunity

      Commercial retail building in a high-traffic Lorain location.
      3346 Oberlin Ave, Lorain, OH 44053
      View Details
    • $98,900

      Freestanding Building with Office Spaces

      Freestanding building with office spaces, parking, and storage.
      5363 Oberlin Ave, Lorain, OH 44053
      View Details
    • Contact for pricing
      3,920 SF

      Commercial Building Auction Opportunity

      Six-unit commercial building in Lorain, OH, for sale at auction.
      5360 Oberlin Ave, Lorain, OH 44053
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    Similar Nearby for Lease

    • 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
      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
    • Contact for pricing
      4,588 SF

      Retail Space in Grocery Anchored Center

      Retail spaces available in high-traffic, grocery-anchored shopping center.
      3221-3311 Oberlin Ave, Lorain, OH 44053
      View Details
    • Contact for pricing

      Retail Anchor Space Available

      Anchor and junior anchor spaces available in Lorain, Ohio.
      2418-2630 West 21St St, Lorain, OH 44053
      View Details
    • Contact for pricing
      6,000 SF

      Lorain Meijer Outparcel Land

      Prime retail land, build-to-suit options.
      3100 Cooper Foster Park Rd, Lorain, OH 44053
      View Details
    • Contact for pricing
      13,103 SF

      Lorain Retail Spaces Available

      Prime Lorain location, multiple retail spaces.
      4805 Leavitt Rd, Lorain, OH 44053
      View Details
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    Lorain, OH 44053
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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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