8434 Mentor AveMentor, OH 44060

Property Details for 8434 Mentor Ave

Year built

1880

Construction

WOOD

Lot size

0.90 AC

Property size (Sq ft)

38,921 SF

Zone code

B-2

Property type

Hospitality properties

Property subtype

Hotels

APN

16-A-012-A-00-005-0

APU

16A012A000050

Description

This exceptional 2,200 square foot special purpose property, located in Lake County, presents a unique investment opportunity. The building, constructed in 1880 and renovated in 2001, boasts a rich history and sits on a sizable 0.93-acre lot. Currently operating as a single-tenant establishment, the three-story building offers significant potential for various uses, subject to the B-2 zoning classification. The property's historical character is complemented by modern updates, creating a blend of old-world charm and contemporary functionality. While parking is not provided on-site, the convenient location offers ample street parking options. The absence of building suites allows for a flexible and adaptable layout, perfect for a variety of businesses. The property's unique character, combined with its prime location and substantial lot size, makes it an attractive proposition for discerning investors seeking a distinctive commercial property in Lake County. The Assessor's Parcel Number (APN) is 16A012A000050. This is a Class B building with a single tenant occupancy. The property's historical significance and potential for future development make it a truly remarkable opportunity.

• CAP approach

  CAP return

  Valuation

  6%

  $7,952,974

  6.5%

  $7,341,207

  7%

  $6,816,835

• Comparable approach

  Method

  Valuation

  Relative Method

  $8,555,575

  Geo Method

  $8,555,575

• Alternative Use

  Use

  Valuation

  Residential

  $8,014,465

  Hospitality

  $7,341,207

  Educational

  $6,107,798

  Medical

  $6,317,854

  Retail

  $9,501,019

Location Insight

City

Mentor

County

Lake

State

Ohio

Latitude

41.6662

Longitude

-81.3387

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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