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    621 Midway Blvd Elyria, OH 44035-2443
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    Property profile & analytics

    621 Midway Blvd, Elyria, OH 44035-2443

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    • Motels
    • 51,964 SF
    • 1.41 lot acres
    Off-Market
    Property ID
    US66-2278526
    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
    $1,100,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Red Roof Inn & Suites Cleveland - Elyria / Hotel & Motel

    Property Details for 621 Midway Blvd

    Year built
    1982
    Lot size
    1.41 lot acres
    Property type
    Motels
    APN
    06-24-032-104-043
    APU
    624032104043

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Oct 31, 2023 — Ujjam LLC — Deed · related $1.9M · First National Bank Of Bellevue
    Aug 21, 2014 $2,500,000 Ujjam LLC Sandusky Vending LP Grant Deed $2.4M · First Wstrn Sblc
    Jan 31, 2011 — Vending LP Sandusky — Deed Of Trust · related $1.3M · Firstmerit Bank NA

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $785,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,417,000
      Market price range: $1.16M - $5.87M

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

    Location Insight

    • Map
    • Local Demand
    City
    Elyria
    County
    Lorain
    State
    Ohio
    Longitude
    -82.1178
    Latitude
    41.3989
    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
    $59,104
    $86,100
    $726,866
    $812,966
    -
    $246,000
    $2,076,760
    $2,322,760

    Comparable in this City

    • Value Estimation
      $590,000
      9,596 SF

      910 Lorain Blvd

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      910 Lorain Blvd, Elyria, OH 44035-2820
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    • Value Estimation
      $650,000
      10,045 SF

      523 Griswold Rd

      MOTEL
      523 Griswold Rd, Elyria, OH 44035-2306
      View Details
    • Value Estimation by Request
      4,300 SF

      550 Griswold Rd

      MOTEL
      550 Griswold Rd, Elyria, OH 44035-2305
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    • Value Estimation
      $965,000
      30,739 SF

      1755 Travelers Ln

      MOTEL
      1755 Travelers Ln, Elyria, OH 44035-2894
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    • Value Estimation
      $585,000
      19,011 SF

      1825 Lorain Blvd

      MOTEL
      1825 Lorain Blvd, Elyria, OH 44035-2406
      View Details
    • Value Estimation
      $1,520,000
      28,710 SF

      645 Griswold Rd

      MOTEL
      645 Griswold Rd, Elyria, OH 44035-2394
      View Details

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      Versatile Church, School, and Parsonage

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    Similar Nearby for Lease

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      2,500 SF

      Retail Space Near Midway Mall

      Retail space across from Midway Mall, near major retailers.
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      New Medical Space For Lease

      30,000 SF medical space available Summer 2026 in Elyria, OH.
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      17 SF

      Shovel-Ready Industrial Sites for Lease

      Two shovel-ready industrial sites available for lease.
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      23,958 SF

      Commercial Rental in High Traffic Area

      Commercial rental in Elyria, OH, near major routes and college.
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      5,200 SF

      Elyria Office Space Available

      Partitioned office space with ample parking and convenient location.
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    • Contact for pricing
      1,465 SF

      Retail Space in Elyria Plaza

      Retail space available within a 45,743 sq ft plaza.
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      View Details

    Property Visit Statistics

    • Visits by month
      1.4k
    • Visitors by month
      562
    • Avg Time on site
      492 min
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    Elyria, OH 44035-2443
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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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