7488 Mentor AveMentor, OH 44060

Property Details for 7488 Mentor Ave

Year built

1977

Lot size

0.58 AC

Property size (Sq ft)

10,736 SF

Zone code

B-2

Property type

Retail space

APN

16-A-001-D-00-005-0

APU

16A001D000050

Description

This exceptional 1.437-acre retail development opportunity is located at 7488 Mentor Avenue in Mentor, Ohio, 44060. The property features a single, one-story Class B building constructed in 1977 and renovated in 1990. Currently, there is 1,764 square feet of retail space immediately available for lease, with the potential for expansion up to 4,000 square feet. The site boasts excellent visibility from Mentor Avenue. The property is zoned B-2, allowing for a variety of retail uses. The parcel includes two APNs: 16A001D000040 and 16A001D000050. While the existing building offers significant potential, the large lot size presents a unique opportunity for new construction or redevelopment. The property's location in Mentor, Ohio provides access to a strong consumer base and convenient access to major transportation routes. The site currently has no designated parking spaces, however, ample parking solutions can be explored as part of any development plan. This is an ideal location for businesses seeking high visibility and convenient access for customers. The property is ready for an investor or developer to capitalize on its potential.

• CAP approach

  CAP return

  Valuation

  6%

  $2,839,166

  6.5%

  $2,620,769

  7%

  $2,433,571

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,530,698

  Geo Method

  $2,530,698

• Alternative Use

  Use

  Valuation

  Residential

  $2,210,716

  Hospitality

  $2,025,004

  Educational

  $1,684,780

  Medical

  $1,742,722

  Retail

  $2,620,769

Location Insight

City

Mentor

County

Lake

State

Ohio

Latitude

41.6545

Longitude

-81.3737

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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