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    6402 Milan Rd Sandusky, OH 44870-8377

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    6402 Milan Rd Sandusky, OH 44870-8377

    View on Map
    • Retail space
    • 5,676 SF
    • 1.71 lot acres
    Off-Market
    Property ID
    US66-0704960
    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
    $835,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail space

    Property Details for 6402 Milan Rd

    Year built
    1985
    Lot size
    1.71 lot acres
    Property size
    5,676 SF
    Property type
    Retail space
    APN
    32-04002-000
    APU
    3204002000

    Description

    This exceptional 5,676 square foot retail building, situated on a 1.7-acre lot in Sandusky, Ohio, presents a compelling investment opportunity. Boasting 200 feet of prime frontage on US 250, this property benefits from high visibility and convenient access. The building, constructed in 1985, features a brand new roof installed in 2024, ensuring long-term structural integrity. Its strategic location offers unparalleled convenience, being just half a mile from SR 2 and less than a mile from the renowned Kalahari Waterpark Resort. The property's proximity to the Ohio Turnpike (within 5+ miles) further enhances its accessibility and appeal to a wide range of businesses. Adding to its desirability is its close proximity to the recently opened RVC Outdoor Resort, a 215-site RV park, creating a vibrant and growing local market. The asking price is $699,000, translating to $123.15 per square foot. This single-story building presents a versatile space ideal for a restaurant or storefront operation, offering significant potential for growth and return on investment. The property's ample lot size provides ample parking and potential for future expansion. This is a rare opportunity to acquire a well-located, updated commercial property in a thriving area. The Erie County location and its proximity to major roadways and tourist attractions make this a truly unique investment prospect.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $798,000
      Market price range: $268k - $798k
      AI Estimate
      $645,000
      Market price range: $230k - $645k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $575,000
      Current use
      RESTAURANT
      $865,000
      Change: +51% Conversion: Easy
      COMMERCIAL (GENERAL)
      $560,000
      Change: -3% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Sandusky
    County
    Erie
    State
    Ohio
    Longitude
    -82.6495
    Latitude
    41.3932
    CBSA code
    41780
    CBSA name
    SANDUSKY, 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
    $10,010
    $74,977
    $58,810
    $133,787
    -
    $214,220
    $168,030
    $382,250

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      534 Scott St

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      805 Hayes Ave

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      2,560 SF

      3005 Monroe St

      RETAIL STORES (PERSONAL SERVICES) • 2,560 SF
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      Sandusky Retail Opportunity

      Retail space available in Sandusky, Ohio.
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      2,100 SF

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      1,500 SF

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      1,500 SF retail unit with high visibility and parking.
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      1,247 SF

      Retail Space For Sale

      Retail space available, 1,247 SqFt.
      1033 Cleveland Rd W, Sandusky, OH 44870
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    Similar Nearby for Lease

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      Sandusky Retail Outparcel Opportunity

      High-traffic location, 1-acre lot.
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      Retail Space in High-Traffic Center

      Inline retail space in Sandusky, OH, near major retailers.
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      Sandusky Retail Space For Lease

      Retail space available in Sandusky's regional retail corridor.
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      Downtown Sandusky Retail Space Available

      Retail space in downtown Sandusky, next to Firelands Credit Union.
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      11,325 SF

      Retail Space Available For Lease

      Retail property available for lease in Sandusky, Ohio.
      334 West Perkins Ave, Sandusky, OH 44870
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      Sandusky Commercial Space For Lease

      Commercial space suitable for medical, professional, or neighborhood services.
      1304 Hayes Ave, Sandusky, OH 44870
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    Sandusky, OH 44870-8377
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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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