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    551 N Main St Grafton, OH 44044

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    551 N Main St Grafton, OH 44044

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    • Commercial land
    For Sale
    $99,900
    View Listing →
    High-Visibility Commercial Lot Opportunity For Sale
    $99,900

    High-Visibility Commercial Lot Opportunity

    Expansive commercial lot in high-traffic area, ideal for development.

    551 N Main Street, Grafton, OH 44044
    View Listing
    Property ID
    US66-2992513
    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

    • Commercial land

    Property Details for 551 N Main St

    Year built
    1940
    Property type
    Commercial land
    Property subtype
    Commercial real estate

    Description

    Zoning currently being changed to residential. Prime Development Opportunity – High-Traffic, High-Visibility Commercial Lot! Rarely does a property like this become available! This expansive 1+ acre lot is situated in a prime location with unmatched exposure, making it ideal for your next commercial ... project. Surrounded by thriving businesses and located adjacent to a newer Dollar General (on land purchased from this seller), this property offers incredible potential for development. While the lot currently features a 3-bedroom, 2-bath home in need of extensive repairs, the true value lies in the land. Whether you choose to rehab the existing structure or start fresh with a new commercial build, the possibilities are endless. Utilities, including gas, water, and electric, are conveniently located at the street (buyer to verify all connections). This high-demand area is bustling with new commercial construction, making it a hot spot for retail, office, or mixed-use development. With its prime location and proximity to established businesses, this is your chance to capitalize on a rapidly growing market. Please note: The home is not available for showings (only for serious inquiries) and is being sold as-is. The land, however, is easily viewable for serious inquiries. Don’t miss this opportunity—call today for more details!

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Grafton
    County
    Lorain
    State
    Ohio
    Longitude
    -82.063156
    Latitude
    41.279392

    Comparable in this City

    • Contact for pricing

      Commercial Land on Signalized Corner

      Prime commercial land suitable for various development projects.
      35980 Royalton Rd, Grafton, OH 44044
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      1.02 Acres

      Prime Commercial Lot in Grafton

      High-traffic, high-visibility 1+ acre commercial lot for development.
      551 N Main St, Grafton, OH 44044
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    • $99,900
      1.02 Acres

      Prime Commercial Lot Opportunity

      Expansive 1+ acre commercial lot in high-traffic, high-visibility location.
      551 N Main St, Grafton, OH 44044
      View Details
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      Prime Development Site on Route 57

      Ideal commercial land with frontage on N Main St (Route 57).
      387 Main St, Grafton, OH 44044
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      5,470 SF

      Commercial Land on Corner Lot

      Prime commercial land for development on signalized corner.
      35960 Royalton Rd, Grafton, OH 44044
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      Prime Commercial Land on Route 57

      High-traffic 6-acre site ideal for various commercial uses.
      697 Main St, Grafton, OH 44044
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    Similar Nearby for Sale

    • Contact for pricing

      Commercial Land on Signalized Corner

      Prime commercial land suitable for various development projects.
      35980 Royalton Rd, Grafton, OH 44044
      View Details
    • $99,900
      1.02 Acres

      Prime Commercial Lot in Grafton

      High-traffic, high-visibility 1+ acre commercial lot for development.
      551 N Main St, Grafton, OH 44044
      View Details
    • $99,900
      1.02 Acres

      Prime Commercial Lot Opportunity

      Expansive 1+ acre commercial lot in high-traffic, high-visibility location.
      551 N Main St, Grafton, OH 44044
      View Details
    • Contact for pricing

      Prime Development Site on Route 57

      Ideal commercial land with frontage on N Main St (Route 57).
      387 Main St, Grafton, OH 44044
      View Details
    • Contact for pricing
      5,470 SF

      Commercial Land on Corner Lot

      Prime commercial land for development on signalized corner.
      35960 Royalton Rd, Grafton, OH 44044
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    • $589,900
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      Prime Commercial Land on Route 57

      High-traffic 6-acre site ideal for various commercial uses.
      697 Main St, Grafton, OH 44044
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Prime Commercial Land for Lease

      1.4 acres of retail-zoned land with high visibility.
      36018 Avon Belden Rd, Grafton, OH 44044
      View Details
    • Contact for pricing

      Retail Space Available for Lease

      Former Family Dollar retail space in excellent condition.
      480 Main St, Grafton, OH 44044
      View Details
    View Listing
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    Grafton, OH 44044
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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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