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    5500 Milan Rd Sandusky, OH 44870
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    Property profile & analytics

    5500 Milan Rd, Sandusky, OH 44870

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    • Community centers
    • 29,555 SF
    • 39.31 lot acres
    For Lease
    $965,000
    View Listing →
    Retail Space in Sandusky, OH For Lease
    $965,000
    8,300 SF

    Retail Space in Sandusky, OH

    Retail space available in high-traffic Sandusky shopping center.

    5500 Milan Rd, Sandusky, OH
    View Listing
    Property ID
    US66-1685017
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Indoor Lumber Yard / Big Box & Wholesale Store / Building Supply
    • Pelz Lettering Inc - Sandusky, OH / (Bike/Boat/Book/etc) Store / Printing Service
    • American Driving School LLC / Training Center / Vocational School
    • Installation Services / General Contractor
    • ATM Wal-mart / Bank / Loan Service

    Property Details for 5500 Milan Rd

    Year built
    1995
    Lot size
    39.31 lot acres
    Property type
    Community centers
    Property subtype
    Shopping centers
    APN
    32-03494-001
    APU
    3203494001

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Dec 15, 2022 $1,125,000 Amerco Real Estate Company Gilbert Sunset Investors LLC Warranty Deed —
    May 10, 2022 $2,496,080 Store Master Funding Xxvi LLC Mef Properties LLC Deed $2.6M · Citibank NA
    Jul 13, 2021 — Ohio Edison Company Park Place Shopping Center LLC Deed —
    Jan 27, 2021 $150,000 Gilbert Sunset Investors LLC Mp Park Place Property LLC Deed —
    May 17, 2019 $10,500,000 Park Place Shopping Center LLC Park Place Shopping Member LLC Limited Warranty Deed $7.9M · The Farmers National Bank Of Canfie
    May 15, 2019 $720,000 Milan Road Holdings LLC Tru Trust 2016 LLC Grant Deed —
    May 15, 2019 $1,000,000 Mef Properties LLC Milan Road Holdings LLC Deed $900k · Jpmorgan Chase Bank NA
    Sep 7, 2018 — Tru Trust 2016 LLC Oys R Us Property Co II LLC Grant Deed —
    Dec 23, 2016 — Park Place Shopping Member LLC Mp Park Place LLC Quit Claim Deed —
    Nov 8, 2016 — Toys R Us Property Co II LLC — Deed · related $512M · Bank Of America
    Jun 2, 2014 $18,000 Mp Park Place LLC Park Place Enterprises Ltd Grant Deed —

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $995,000
      Current use
      WAREHOUSE, STORAGE
      $1,425,000
      Change: +43% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Sandusky
    County
    Erie
    State
    Ohio
    Longitude
    -82.6584
    Latitude
    41.4067
    CBSA code
    41780
    CBSA name
    SANDUSKY, 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
    $272,915
    $984,245
    $2,663,160
    $3,647,405
    -
    $2,812,130
    $7,609,030
    $10,421,160

    Comparable in this City

    • Value Estimation
      $10,175,000
      99,604 SF

      712 Crossings Rd

      MINI-MALL
      712 Crossings Rd, Sandusky, OH 44870
      View Details
    • Value Estimation by Request
      38,000 SF

      200 Perkins Ave

      Lifestyle centers
      200 Perkins Ave, Sandusky, OH 44870
      View Details
    • Value Estimation by Request
      8,328 SF

      6207 Milan Rd

      MINI-MALL
      6207 Milan Rd, Sandusky, OH 44870-9000
      View Details
    • Value Estimation
      $665,000
      18,240 SF

      3708 Columbus Ave

      SHOPPING CENTER, STRIP CENTER
      3708 Columbus Ave, Sandusky, OH 44870-5776
      View Details
    • Value Estimation by Request
      8,100 SF

      3104 Milan Rd

      SHOPPING CENTER, STRIP CENTER
      3104 Milan Rd, Sandusky, OH 44870-1100
      View Details
    • Value Estimation by Request
      7,092 SF

      1522 Perkins Ave

      SHOPPING CENTER, STRIP CENTER
      1522 Perkins Ave, Sandusky, OH 44870
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Commercial Property on Main Intersection

      Commercial property with two buildings and additional land parcels.
      513 E Perkins Ave, Sandusky, OH 44870
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      4,228 SF

      Sandusky Retail Opportunity

      Retail space available in Sandusky, Ohio.
      3321 Milan Rd, Sandusky, OH 44870
      View Details
    • Contact for pricing

      Corner Lot Car Repair Shop

      Car repair shop for sale, tenant interested in staying.
      1507 Cleveland Rd, Sandusky, OH 44870
      View Details
    • Contact for pricing
      2,100 SF

      Retail Building Near Sandusky Mall

      2,100 sq ft building in high-traffic retail area.
      4104 Milan Rd, Sandusky, OH 44870
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      21,593 SF

      Retail Space in Sandusky, OH

      Retail space available in well-maintained shopping center.
      709 W Perkins Ave, Sandusky, OH 44870
      View Details
    • Contact for pricing
      2,238 SF

      Retail Space in High-Traffic Center

      Inline retail space in Sandusky, OH, near major retailers.
      901-921 Crossings Rd, Sandusky, OH 44870
      View Details
    • Contact for pricing
      16,000 SF

      Sandusky Retail Space For Lease

      Retail space available in Sandusky's regional retail corridor.
      712-784 Crossings Rd, Sandusky, OH 44870
      View Details
    • Contact for pricing
      957 SF

      Retail Space in Sandusky, OH

      Retail space available in high-traffic Sandusky shopping center.
      5500 Milan Rd, Sandusky, OH 44870
      View Details
    • Contact for pricing

      Downtown Sandusky Indoor Retail Space

      Indoor retail space in downtown Sandusky with shops and entertainment.
      133 E Market St, Sandusky, OH 44870
      View Details
    • Contact for pricing

      Retail Space on US 250

      Affordable, highly visible shopping center space for lease.
      3104 Milan Rd, Sandusky, OH 44870
      View Details
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    Sandusky, OH 44870
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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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