12663 Chillicothe RdChesterland, OH 44026

Property Details for 12663 Chillicothe Rd

Year built

1930

Construction

FRAME

Lot size

0.33 AC

Property size (Sq ft)

1,000 SF

Property type

Retail space

APN

11-292320

APU

11292320

Description

This exceptional Chesterland investment opportunity encompasses two parcels totaling 0.83 acres, strategically located adjacent to a township park. The property features a total of 3,572 square feet of space distributed across five income-generating rental units. One building houses a commercial tenant on the ground floor and a residential unit above. A second building includes a commercial tenant occupying the majority of the space, and a smaller one-bedroom residential unit. A third building, a former house, also accommodates a commercial tenant. The property is zoned for general commercial use, with two apartments grandfathered in under the current zoning. The property's convenient location and diverse income streams make it an attractive investment prospect. Note that the property shares a well and has two separate sewer charges, one for each address. This presents a unique opportunity for an investor seeking a diversified portfolio with immediate cash flow and potential for future development or expansion given the general commercial zoning. The existing tenants provide a stable income base, while the location near the park offers significant appeal. The property's size and configuration offer flexibility for a variety of uses and future development plans. This is a rare opportunity to acquire a well-established mixed-use property in a desirable location.

• CAP approach

  CAP return

  Valuation

  6%

  $264,453

  6.5%

  $244,110

  7%

  $226,674

• Comparable approach

  Method

  Valuation

  Relative Method

  $235,721

  Geo Method

  $235,721

• Alternative Use

  Use

  Valuation

  Residential

  $205,916

  Hospitality

  $188,618

  Educational

  $156,928

  Medical

  $162,325

  Retail

  $244,110

Location Insight

City

Chesterland

County

Geauga

State

Ohio

Latitude

41.5242

Longitude

-81.3374

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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