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    Property profile & analytics

    616 Cleveland St Elyria, OH 44035-4104

    • Retail space
    • 6,398 SF
    • 0.60 lot acres
    OFF-MARKET
    Value Estimations
    $795,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1916996
    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

    • Young Security Services / Locksmith
    • Yohar Supply / Hardware & Home Improvement / Production Facility

    Property Details for 616 Cleveland St

    Year built
    1956
    Lot size
    0.60 lot acres
    Property size
    6,398 SF
    Property type
    Retail space
    APN
    06-25-021-106-050
    APU
    625021106050

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,075,000
      6.5%
      $990,000
      7%
      $920,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $626,000
      Market price range: $240k - $633k
      AI Estimate
      $765,000
      Market price range: $225k - $871k

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $700,000
      MEDICAL BUILDING
      $595,000
      AUTO REPAIR, GARAGE
      $525,000
      OFFICE BUILDING
      $520,000
      NEIGHBORHOOD: SHOPPING CENTER
      $495,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Elyria
    County
    Lorain
    State
    Ohio
    Longitude
    -82.0783
    Latitude
    41.3776
    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
    $14,069
    $36,589
    $156,933
    $193,522
    -
    $104,540
    $448,380
    $552,920

    Comparable in this City

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      12,711 SF

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    • Value Estimation by Request
      360 SF

      Telegraph Rd

      RETAIL STORES (PERSONAL SERVICES) • 360 SF
      Telegraph Rd, Elyria, OH 44035
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    • Value Estimation by Request
      2,862 SF

      6355 Midway Mall

      RETAIL STORES (PERSONAL SERVICES) • 2,862 SF
      6355 Midway Mall, Elyria, OH 44035-2481
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      10,758 SF

      230 Broad St

      RETAIL STORES (PERSONAL SERVICES) • 10,758 SF
      230 Broad St, Elyria, OH 44035-5502
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      1,107 SF

      528 Cleveland St

      RETAIL STORES (PERSONAL SERVICES) • 1,107 SF
      528 Cleveland St, Elyria, OH 44035-4055
      View Details
    • Value Estimation by Request
      528 SF

      608 Cleveland St

      RETAIL STORES (PERSONAL SERVICES) • 528 SF
      608 Cleveland St, Elyria, OH 44035
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      15,659 SF

      Retail Opportunity Near Rural King

      Retail space available near Rural King and major roadways.
      426 Oberlin Rd, Elyria, OH 44035
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    • $199,900
      0.26 Acres

      Mixed-Use Property in High-Traffic Location

      Mixed-use property with retail/office space and residential apartment.
      436 Cleveland St, Elyria, OH 44035
      View Details
    • $1,697,000
      6,600 SF

      Elyria Retail Investment Opportunity

      NNN leased retail property with attractive rental escalations for sale.
      914 Cleveland St, Elyria, OH 44035
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    • $184,000
      0.10 Acres

      Elyria Retail Building For Sale

      Former bakery/catering service building, potential for two storefronts.
      501 Lake Ave, Elyria, OH 44035
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    • $195,000
      5,584 SF

      Former Church and Retail Buildings

      Two buildings in high-visibility area, priced to sell.
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    • $199,900

      Mixed-Use Property with Apartment

      Retail/office space with a two-bedroom apartment and parking.
      436 Cleveland St, Elyria, OH 44035
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    Similar Nearby for Lease

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      267,000 SF

      River Street Square Retail Center

      Elyria, Ohio Shopping Center - 16 Spaces Available
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    • $10,000 /Mo
      53,143 SF

      Former Bank Building with Drive-Thru

      Versatile commercial space near LCCC, I-90, and major thoroughfares.
      5380 N Abbe Rd, Elyria, OH 44035
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    • Contact for pricing
      6,425 SF

      Retail Space Near Lorain Blvd

      Retail space with high visibility near major retailers and highways.
      1524 W River Rd N, Elyria, OH 44035
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    • Contact for pricing
      41,479 SF

      Retail Space Midway Mall, Elyria

      Retail space available in Midway Mall, Elyria, Ohio.
      3343-4377 Midway Mall, Elyria, OH 44035
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      6,629 SF

      Retail Space Midway Mall

      Retail space available in Midway Mall, Elyria, OH.
      2040 Midway Mall, Elyria, OH 44035
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    • Contact for pricing
      21,780 SF

      Elyria Retail Outlot & Building

      High-traffic location, co-tenancy with Rural King
      430 Oberlin Rd, Elyria, OH 44035
      View Details
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    616 Cleveland St
    Elyria, OH 44035-4104
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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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