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    Property profile & analytics

    6061 Broadway Lorain, OH 44053-3818

    • Office buildings
    • 6,824 SF
    • 0.68 lot acres
    OFF-MARKET
    Value Estimations
    $1,005,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1692824
    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

    • Michael D. Tully Co., L.P.A. / Law Firm
    • David P. Miraldi / Law Firm
    • Miraldi & Barrett Co., LPA / Law Firm

    Property Details for 6061 Broadway

    Year built
    1985
    Lot size
    0.68 lot acres
    Property size
    6,824 SF
    Property type
    Office buildings
    APN
    06-21-001-101-051
    APU
    621001101051

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $673,000
      Market price range: $319k - $718k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $1,455,000
      MEDICAL BUILDING
      $635,000
      RESTAURANT
      $610,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Lorain
    County
    Lorain
    State
    Ohio
    Longitude
    -82.1625
    Latitude
    41.4173
    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
    $12,809
    $41,468
    $129,234
    $170,702
    -
    $118,480
    $369,240
    $487,720

    Comparable in this City

    • Value Estimation
      $955,000
      5,700 SF

      6301 Erie Ave

      OFFICE BUILDING • 5,700 SF
      6301 Erie Ave, Lorain, OH 44053-2036
      View Details
    • Value Estimation
      $780,000
      4,641 SF

      4751 Oberlin Ave, Unit 7

      OFFICE BUILDING • 4,641 SF
      4751 Oberlin Ave, Lorain, OH 44053-3401
      View Details
    • Value Estimation by Request
      960 SF

      4365 Oberlin Ave

      OFFICE BUILDING • 960 SF
      4365 Oberlin Ave, Lorain, OH 44053-2926
      View Details
    • Value Estimation by Request
      2,560 SF

      5315 Oberlin Ave

      OFFICE BUILDING • 2,560 SF
      5315 Oberlin Ave, Lorain, OH 44053-3477
      View Details
    • Value Estimation
      $1,515,000
      13,198 SF

      6150 Park Sq Dr Ste A

      OFFICE BUILDING • 13,198 SF
      6150 Park Sq Dr Ste A, Lorain, OH 44053-4153
      View Details
    • Value Estimation
      $1,140,000
      10,748 SF

      3315 21st St

      OFFICE BUILDING • 10,748 SF
      3315 21st St, Lorain, OH 44053-1118
      View Details

    Similar Nearby for Sale

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      0.48 Acres

      Lorain Office Building For Sale

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    • $475,000

      Lorain Office Building For Sale

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      Office Space Near Emerging Interchange

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    • $500,000
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      Lorain Office Building - Great Potential

      Four-unit office building, prime location, $500,000
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    • $108,900
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      Lorain Office Building: Prime Location

      Traditional Office, 12 Parking Spaces, Great Curb Appeal
      5363 Oberlin Ave, Lorain, OH 44053
      View Details
    • $84,900
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      Freestanding Building in Growing Area

      Two office spaces, open floor plan, parking, close to highways.
      5363 Oberlin Ave, Lorain, OH 44053
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    Similar Nearby for Lease

    • Contact for pricing
      7,907 SF

      Oak Point Medical Condos For Sale/Lease

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      View Details
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      13,103 SF

      Lorain Retail Spaces Available

      Prime Lorain location, multiple retail spaces.
      4805 Leavitt Rd, Lorain, OH 44053
      View Details
    • Contact for pricing
      3,200 SF

      Retail Space Near I-90

      Retail space available near I-90 with flexible layout.
      1980-2000 Cooper Foster Park Rd, Lorain, OH 44053
      View Details
    • Contact for pricing
      4,588 SF

      Retail Space in Grocery Anchored Center

      Retail spaces available in high-traffic, grocery-anchored shopping center.
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      View Details
    • Contact for pricing
      81,640 SF

      Lorain Industrial Redevelopment Opportunity

      81,640 SF industrial building on 38.3 acres for lease.
      7451 Terminal Dr, Lorain, OH 44053
      View Details
    • Contact for pricing

      Retail Anchor Space Available

      Anchor and junior anchor spaces available in Lorain, Ohio.
      2418-2630 West 21St St, Lorain, OH 44053
      View Details
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    6061 Broadway
    Lorain, OH 44053-3818
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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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