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    601 Abbe N Rd, Unit A4 Elyria, OH 44035-3052
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    Property profile & analytics

    601 Abbe N Rd, Unit A4, Elyria, OH 44035-3052

    View on Map
    • Apartment buildings
    • 918 SF
    • 0.04 lot acres
    Off-Market
    Last Sale Aug 21, 2023
    $1,150,000
    Property ID
    US66-2705321
    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
    $1,195,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Apartment buildings

    Property Details for 601 Abbe N Rd

    Year built
    1980
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.04 lot acres
    Property type
    Apartment buildings
    APN
    06-25-026-700-004
    APU
    625026700004

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Aug 21, 2023 $1,150,000 601 Abbe Rd N LLC Kgjm Real Estate LLC Warranty Deed $862k · First National Bank Of Pennsylvania
    Aug 28, 2020 — Kgjm Real Estate LLC Lidor E Belkin Quit Claim Deed · related —
    Jan 31, 2020 $800,000 Lidor E Belkin Deborah J Akin Warranty Deed $640k · Silver Hill Fndg LLC
    Jun 13, 2018 $570,000 Deborah J Akin Pyramid R/e Mgmt LLC Warranty Deed —
    Apr 9, 2018 — Stevens Michael JR. — Deed · related $313k · Susan Stevens
    Jun 7, 2012 $382,500 Pyramid R/e Management LLC Geauga Svgs Bk Grant Deed · related $340k · Geauga Savings Bank
    May 9, 2011 $380,000 Geauga Svgs Bk Sheriff Of Lorain County Trustees Deed · related —
    Jul 15, 2005 $854,000 Bebber Trust 601 North Abbe Rd LLC Warranty Deed —
    Jan 21, 2005 $805,000 601 North Abbe Rd LLC Akin,deborah J Warranty Deed $660k · Lasalle National Bank
    Mar 28, 2003 $690,000 Deborah J Wohleber Stehman,lance C Grant Deed · related $310k · First Federal S & L Lorai
    — — Lance C Stehman — Deed Of Trust · related $95k · Firstmerit Bank NA
    — — Stevens Michael JR. — Deed Of Trust · related $313k · Susan Stevens

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,245,000
      ML approach
      $1,240,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Elyria
    County
    Lorain
    State
    Ohio
    Longitude
    -82.077
    Latitude
    41.3907
    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
    $1,018
    $1,750
    $12,250
    $14,000
    -
    $5,000
    $35,000
    $40,000

    Comparable in this City

    • Value Estimation
      $730,000
      5,458 SF

      Partial Exemption

      APARTMENT HOUSE (5+ UNITS)
      Partial Exemption, Elyria, OH 44035
      View Details
    • Value Estimation
      $1,075,000
      9,776 SF

      100 Hunters Xing Dr Ste, Unit 101

      APARTMENT HOUSE (5+ UNITS)
      100 Hunters Xing Dr Ste, Elyria, OH 44035-8689
      View Details
    • Value Estimation by Request
      3,272 SF

      1879 Turner Blvd, Unit 1

      APARTMENT HOUSE (5+ UNITS)
      1879 Turner Blvd, Elyria, OH 44035-4664
      View Details
    • Value Estimation
      $2,060,000
      5,112 SF

      1440 Prospect St, Unit 1

      APARTMENT HOUSE (5+ UNITS)
      1440 Prospect St, Elyria, OH 44035-7173
      View Details
    • Value Estimation by Request
      3,852 SF

      42150 Oberlin Elyria Rd, Unit 1

      APARTMENT HOUSE (5+ UNITS)
      42150 Oberlin Elyria Rd, Elyria, OH 44035-7416
      View Details
    • Value Estimation
      $595,000
      3,050 SF

      780 Oberlin Elyria Rd, Unit 9

      APARTMENT HOUSE (5+ UNITS)
      780 Oberlin Elyria Rd, Elyria, OH 44035-7748
      View Details

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    Similar Nearby for Lease

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      23,958 SF

      COMMERCIAL - Elyria, OH

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      Professional Office Condo For Lease

      2400 sq ft office condo in prime Lorain County.
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      824 E Broad St, Elyria, OH 44035

      Medical Office Space
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      Retail Space Near Major Anchors

      Retail space with high visibility and major anchor tenants.
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      Elyria Warehouse with Office Space

      60,732 SF warehouse with 5,000 SF office space.
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    • Contact for pricing
      2,900 SF

      Elyria Retail Space For Lease

      Retail spaces available in neighborhood shopping center anchored by major tenants.
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      View Details
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    Elyria, OH 44035-3052
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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.

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