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

    550 Sommer Way Elyria, OH 44035-5406

    • Apartment buildings
    • 3,280 SF
    • 9.82 lot acres
    OFF-MARKET
    Value Estimations
    $440,000
    Show details
    Cap Rate Potential
    6.6%
    Apartment buildings
    Location Intelligence
    Property ID
    US66-5252834
    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

    • The Cottages at Riverview / Apartment Complex / Senior Citizen Center

    Property Details for 550 Sommer Way

    Lot size
    9.82 lot acres
    Property size
    3,280 SF
    Property type
    Apartment buildings
    APN
    06-24-114-000-025
    APU
    624114000025

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $425,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $470,000
      6.5%
      $430,000
      7%
      $400,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $477,000
      Market price range: $192k - $478k

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

    Location Insight

    • Map
    • Local Demand
    City
    Elyria
    County
    Lorain
    State
    Ohio
    Longitude
    -82.1146
    Latitude
    41.3626
    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
    $48,781
    $85,925
    $585,043
    $670,968
    -
    $245,500
    $1,671,550
    $1,917,050

    Comparable in this City

    • Value Estimation
      $525,000
      3,976 SF

      1864 Middle Ave, Unit A1

      APARTMENT HOUSE (5+ UNITS) • 3,976 SF
      1864 Middle Ave, Elyria, OH 44035-7862
      View Details
    • Value Estimation
      $355,000
      5,790 SF

      212 Washington Ave

      APARTMENT HOUSE (5+ UNITS) • 5,790 SF
      212 Washington Ave, Elyria, OH 44035-5123
      View Details
    • Value Estimation
      $170,000
      5,319 SF

      328 4th St, Unit 2

      APARTMENT HOUSE (5+ UNITS) • 5,319 SF
      328 4th St, Elyria, OH 44035-5772
      View Details
    • Value Estimation
      $1,240,000
      7,488 SF

      501 Delaware Ave, Unit 1

      APARTMENT HOUSE (5+ UNITS) • 7,488 SF
      501 Delaware Ave, Elyria, OH 44035-6675
      View Details
    • Value Estimation
      $480,000
      3,696 SF

      421 Foster Ave, Unit 102A

      APARTMENT HOUSE (5+ UNITS) • 3,696 SF
      421 Foster Ave, Elyria, OH 44035-3571
      View Details
    • Value Estimation
      $1,245,000
      918 SF

      601 Abbe N Rd, Unit A1

      APARTMENT HOUSE (5+ UNITS) • 918 SF
      601 Abbe N Rd, Elyria, OH 44035-3052
      View Details

    Similar Nearby for Sale

    • $408,000
      0.37 Acres

      Elyria Six-Unit Apartment Building

      Well-maintained, six-unit apartment complex.
      136 Brunswick Dr, Elyria, OH 44035
      View Details
    • $650,000
      0.38 Acres

      Elyria Multifamily Investment Opportunity

      16-Unit Apartment Building, High Demand
      332 4Th St, Elyria, OH 44035
      View Details
    • $135,000
      Pending

      Updated Duplex Near Medical Center

      Turnkey duplex in Elyria, near hospitals and commuter routes.
      338 17Th St, Elyria, OH 44035
      View Details
    • $157,500
      1,922 SF

      Elyria Duplex with Income Potential

      Turnkey duplex in Elyria, tenants pay all utilities.
      227 6Th St, Elyria, OH 44035
      View Details
    • New
      $99,999
      Pending

      Elyria Duplex: Investment Opportunity

      Duplex in Elyria, Ohio, offering income potential.
      526 East Ave, Elyria, OH 44035
      View Details
    • New
      $100,000
      Pending

      Elyria Multifamily Property For Sale

      Multifamily property in Elyria, Ohio, tenant occupied, sold as-is.
      241 7Th St, Elyria, OH 44035
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      21,780 SF

      Elyria Retail Outlot & Building

      High-traffic location, co-tenancy with Rural King
      430 Oberlin Rd, Elyria, OH 44035
      View Details
    • Contact for pricing
      157,580 SF

      Retail Space Midway Mall, Elyria

      Retail space available in Midway Mall, Elyria, Ohio.
      4000 Midway Mall, Elyria, OH 44035
      View Details
    • Contact for pricing
      201,019 SF

      Prime Retail Location in Elyria

      High-visibility retail space near major retailers and highways.
      4900 Midway Mall, Elyria, OH 44035
      View Details
    • Contact for pricing
      7,000 SF

      Retail Space Near Midway Mall

      Retail space across from Midway Mall, near I-80 and I-90.
      201-285 Midway Blvd, Elyria, OH 44035
      View Details
    • Contact for pricing
      3,736 SF

      Stand Alone Bank Building

      Well-kept building suitable for office or medical use.
      361 Midway Blvd, Elyria, OH 44035
      View Details
    • Contact for pricing
      6,629 SF

      Retail Space Midway Mall

      Retail space available in Midway Mall, Elyria, OH.
      2040 Midway Mall, Elyria, OH 44035
      View Details
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    550 Sommer Way
    Elyria, OH 44035-5406
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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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