2606 Riverside DrPainesville, OH 44077

Property Details for 2606 Riverside Dr

Year built

1970

Lot size

0.90 AC

Property size (Sq ft)

1,800 SF

Zone code

B

Property type

Retail properties

Property subtype

Gas stations

APN

03-A-002-B-00-006-0

APU

03A002B000060

Description

This versatile 1,800 square foot commercial property, situated on a 0.9-acre lot at 2606 Riverside Drive in Painesville, Ohio, presents a unique investment opportunity. Originally constructed as a Gulf gas station, the building has served for many years as a thriving automotive repair shop. The property boasts three well-equipped bays, featuring newer overhead doors and recently replaced windows, ensuring efficient operation and a modern aesthetic. Significant recent upgrades include a new gas furnace installed within the bays, enhancing both comfort and operational efficiency. The electrical box was also updated within the last three to four years, providing a reliable and up-to-date electrical system. The property benefits from convenient access to city water, sanitary sewers, gas, and electric utilities. Zoned for business use (B-zoning), this property offers a multitude of potential uses, making it an ideal investment for entrepreneurs and business owners seeking a well-maintained and strategically located space. The ample 0.9-acre lot provides ample space for expansion or additional development, further enhancing its appeal. This property is ready for immediate occupancy and offers a strong return on investment. Its prime location and recent upgrades make it a highly desirable commercial property in the Painesville area.

• CAP approach

  CAP return

  Valuation

  6%

  $476,015

  6.5%

  $439,399

  7%

  $408,013

• Comparable approach

  Method

  Valuation

  Relative Method

  $424,297

  Geo Method

  $424,297

• Alternative Use

  Use

  Valuation

  Residential

  $370,649

  Hospitality

  $339,513

  Educational

  $282,471

  Medical

  $292,185

  Retail

  $439,399

Location Insight

City

Painesville

County

Lake

State

Ohio

Latitude

41.7263

Longitude

-81.1877

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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