Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    7333 Lk Ave Elyria, OH 44035-2567
    Back to Search
    Property profile & analytics

    7333 Lk Ave, Elyria, OH 44035-2567

    View on Map
    • Investment properties
    • 3,657 SF
    • 0.15 lot acres
    Off-Market
    Last Sale Jul 26, 2023
    Property ID
    US66-2265076
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Empirical Computers / Computer & Electronic Repair

    Property Details for 7333 Lk Ave

    Year built
    1953
    Construction
    FRAME
    Lot size
    0.15 lot acres
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    06-24-036-106-012
    APU
    624036106012

    Description

    This exceptional Elyria, OH property offers a lucrative investment opportunity with a blend of commercial and residential spaces. The 3,657 square foot building sits on a 0.15-acre lot and includes two storefronts, currently rented on month-to-month leases at $400 and $250 respectively, ideal for retail or office use. Four residential units, comprising two 2-bedroom and two 1-bedroom apartments, offer additional income streams

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Elyria
    County
    Lorain
    State
    Ohio
    Longitude
    -82.13
    Latitude
    41.3921
    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
    $4,791
    $4,575
    $54,156
    $58,731
    -
    $13,070
    $154,730
    $167,800

    Comparable in this City

    • Value Estimation
      $1,225,000
      17,168 SF

      633 Broad St

      OFFICE/RESIDENTIAL (MIXED USE)
      633 Broad St, Elyria, OH 44035-5301
      View Details
    • Value Estimation by Request
      4,160 SF

      1412 Ww Ave

      OFFICE/RESIDENTIAL (MIXED USE)
      1412 Ww Ave, Elyria, OH 44035-7638
      View Details
    • Value Estimation by Request
      2,250 SF

      809 Riv N Rd

      OFFICE/RESIDENTIAL (MIXED USE)
      809 Riv N Rd, Elyria, OH 44035-3549
      View Details
    • Value Estimation by Request
      1,625 SF

      711 Riv St

      OFFICE/RESIDENTIAL (MIXED USE)
      711 Riv St, Elyria, OH 44035-5917
      View Details
    • Value Estimation by Request
      2,436 SF

      536 Cleveland St

      OFFICE/RESIDENTIAL (MIXED USE)
      536 Cleveland St, Elyria, OH 44035-4055
      View Details
    • Value Estimation by Request
      2,264 SF

      422 Broad St

      OFFICE/RESIDENTIAL (MIXED USE)
      422 Broad St, Elyria, OH 44035-6467
      View Details

    Similar Nearby for Sale

    • $950,000
      20,000 SF

      Elyria Warehouse: Prime Location

      Spacious warehouse, ideal for various businesses.
      405 Abbe Rd, Elyria, OH 44035
      View Details
    • Contact for pricing
      3,552 SF

      Elyria Mixed-Use Investment Opportunity

      Mixed-use property with commercial space, residential units, and warehouse.
      154 Woodbury St, Elyria, OH 44035
      View Details
    • $185,000
      2,207 SF

      Mixed-Use Property in Downtown Elyria

      Versatile mixed-use property with residential and commercial potential.
      229 5Th St, Elyria, OH 44035
      View Details
    • $450,000
      0.65 Acres

      Elyria Mixed-Use Investment Opportunity

      Prime Elyria location: Carwash, two homes.
      318-322-330 Prospect, Elyria, OH 44035
      View Details
    • $229,000
      6,256 SF

      Elyria Warehouse: Investment Opportunity

      Spacious warehouse, flexible layout, great location.
      160 Eady Ct, Elyria, OH 44035
      View Details
    • Contact for pricing
      2,992 SF

      Mixed-Use Property with Apartment

      Mixed-use property featuring retail/office space and a residential apartment.
      436 Cleveland St, Elyria, OH 44035
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,500 SF

      Retail Space Near Midway Mall

      Retail space across from Midway Mall, near major retailers.
      249 Midway Blvd, Elyria, OH 44035
      View Details
    • Contact for pricing
      30,000 SF

      New Medical Space For Lease

      30,000 SF medical space available Summer 2026 in Elyria, OH.
      5464 Detroit Rd, Elyria, OH 44035
      View Details
    • Contact for pricing
      17 SF

      Shovel-Ready Industrial Sites for Lease

      Two shovel-ready industrial sites available for lease.
      905 Leona St, Elyria, OH 44035
      View Details
    • $1,700 /Mo
      23,958 SF

      Commercial Rental in High Traffic Area

      Commercial rental in Elyria, OH, near major routes and college.
      511 N Abbe Rd, Elyria, OH 44035
      View Details
    • Contact for pricing
      5,200 SF

      Elyria Office Space Available

      Partitioned office space with ample parking and convenient location.
      1131 E Broad St, Elyria, OH 44035
      View Details
    • Contact for pricing
      1,465 SF

      Retail Space in Elyria Plaza

      Retail space available within a 45,743 sq ft plaza.
      342 Chestnut Commons Dr, Elyria, OH 44035
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    7333 Lk Ave
    Elyria, OH 44035-2567
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    7333 Lk Ave, Elyria, OH, 44035
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!