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Property profile & analytics
FOR LEASE
Community centers
5500 Milan Rd Sandusky, OH 44870
Entity Owned
3-yr Hold
Free & Clear
Property ID
US66-1685017
For Lease
1 / 2
$965,000
5500 Milan Rd, Sandusky, OH 44870
View Listing →
Property profile
Verified
Property type
Community centers
Use group
MINI-MALL
Year built
1995
Total area
29,555 SF
Lot
39.31 ac (1,712,531 SF)
APN
32-03494-001
UPID
US66-1685017
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
-
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$965k
Owner & transaction history
Amerco Real Estate Company · 3 yrs held
Amerco Real Estate Company
since 2022
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Warehouse, storage
$1.4M
+43.4%
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 Sandusky submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Sandusky 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$995,000
Current use
WAREHOUSE, STORAGE
$1,425,000
Change: +43% · Conversion: Difficult
Blend value · Realmo final
$965k
Range $869k – $1.06M · ±10%
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
$33 / 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
$272,915
Tax year 2023
Assessed value
$3,647,405
Assessed 2023
Previous assessed
$3,647,409
0.0% YoY
Effective rate
7.48%
On assessed value
Assessed land
$984,245
Assessed improvement
$2,663,160
Land market value
$2,812,130
Improvement market value
$7,609,030
Total market value
$10,421,160
Applied tax rate
32.0000
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
Community centers
Use group
MINI-MALL
Status
For Lease
Year built
1995
Heating
YES
Cooling
YES
Buildings
5
Stories
1
Total area
29,555 SF
Lot
39.31 ac (1,712,531 SF)
APN
32-03494-001
UPID
US66-1685017
Jurisdiction
ERIE
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
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$995,000
WAREHOUSE, STORAGE
Est. value
$1.4M
NEIGHBORHOOD: SHOPPING CENTER Current
WAREHOUSE, STORAGE
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
Year built
1995
Heating
YES
Cooling
Yes
Stories
1
Buildings
5
Lot
39.31 ac
Current owner
From public records · entity-resolved
Amerco Real Estate Company
Entity
Free & Clear · 3 yrs held
Mailing address
4065 HEDGEWOOD DR, MEDINA, OH 44256-6503
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
11 recorded events · public records
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
$2,550,000 · 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
$7,875,000 · 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
$900,000 · 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
$512,000,000 · Bank Of America
Jun 2, 2014
$18,000
Mp Park Place LLC
Park Place Enterprises Ltd
Grant Deed
—
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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