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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    7101 Erie Ave Lorain, OH 44053-2044

    • Industrial properties
    • 174.62 lot acres
    OFF-MARKET
    Value Estimations
    $375,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2536980
    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

    • Industrial properties

    Property Details for 7101 Erie Ave

    Lot size
    174.62 lot acres
    Property type
    Industrial properties
    APN
    02-03-003-000-010
    APU
    203003000010

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $375,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Lorain
    County
    Lorain
    State
    Ohio
    Longitude
    -82.2574
    Latitude
    41.4295
    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
    $208,983
    $442,278
    $2,317,417
    $2,759,695
    -
    $1,263,650
    $6,621,190
    $7,884,840

    Comparable in this City

    • Value Estimation by Request
      19.40 Acres

      6401 Ridge Rd

      Land • 19.40 Acres
      6401 Ridge Rd, Lorain, OH 44053
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    • Value Estimation
      $655,000
      325,595 SF

      7951 Erie Ave

      HEAVY INDUSTRIAL • 325,595 SF
      7951 Erie Ave, Lorain, OH 44053-2093
      View Details
    • Value Estimation
      $410,000
      14,454 SF

      7400 Industrial Pkwy Dr

      INDUSTRIAL (GENERAL) • 14,454 SF
      7400 Industrial Pkwy Dr, Lorain, OH 44053-2064
      View Details
    • Value Estimation
      $300,000
      8,200 SF

      7475 Industrial Pkwy Dr

      INDUSTRIAL (GENERAL) • 8,200 SF
      7475 Industrial Pkwy Dr, Lorain, OH 44053-2064
      View Details
    • Value Estimation
      $315,000
      9,504 SF

      7465 Industrial Pkwy Dr

      INDUSTRIAL (GENERAL) • 9,504 SF
      7465 Industrial Pkwy Dr, Lorain, OH 44053-2064
      View Details
    • Value Estimation
      $510,000
      15,000 SF

      2201 Park Dr

      INDUSTRIAL (GENERAL) • 15,000 SF
      2201 Park Dr, Lorain, OH 44053-1158
      View Details

    Similar Nearby for Sale

    • $1,360,000
      19.40 Acres

      Prime Lorain County Land

      19.4 Acres, $1.36M, High Visibility
      6401 Ridge Rd, Lorain, OH 44053
      View Details
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      Lorain Mixed-Use Investment Opportunity

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    • $4,875,000
      73,360 SF

      Industrial Buildings with Fenced Yard

      Two industrial buildings with fenced yard and highway access.
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    • $2,340,000
      36,000 SF

      Industrial Warehouse with Office Space

      36,000 SF warehouse with 2,000 SF office space.
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    • $3,150,000
      25.51 Acres

      Amherst Retail Corridor Land

      25.51 Acres, Prime Development Site
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    • $475,000
      0.48 Acres

      Lorain Office Building For Sale

      Office building in Lorain, previously used as a doctor's office.
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    Similar Nearby for Lease

    • $3,750,000
      81,640 SF

      Lorain Industrial Redevelopment Opportunity

      81,640 SF industrial building on 38.3 acres for lease.
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    • $2 SF/Yr
      75,576 SF

      Lorain Warehouse Space Available

      75,576 SF warehouse space near State Route 2.
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      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
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      2,400 SF

      Retail End-Cap on Oak Point

      2,400 SF end-cap in Lorain, OH near Route 2.
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      943 SF

      Meijer In-Store Retail Space

      943 SF Retail Space in Lorain County
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      View Details
    • Contact for pricing
      6,000 SF

      Lorain Retail Outlots Near Meijer

      High-visibility retail space near major retailers.
      5310 Leavitt Rd, Lorain, OH 44053
      View Details
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    7101 Erie Ave
    Lorain, OH 44053-2044
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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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