632 Cleveland StElyria, OH 44035

Property Details for 632 Cleveland St

Year built

1835

Lot size

0.37 AC

Property size (Sq ft)

3,588 SF

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

06-25-021-106-056

APU

625021106056

Description

This prime Elyria, Ohio commercial property at 632 Cleveland Street presents a unique investment opportunity. The 0.37-acre lot houses a beautifully designed, historic-style brick building ideal for various uses, including office space, retail, or a mix of both. Previously utilized as a chiropractic/doctor's office, the building retains exam rooms and features two entrances, excellent street visibility, and ample parking for over 20 vehicles. The main building offers a large space potentially divisible into two units, along with a private laundry room and separate utilities. Three additional rental units are included, two currently occupied by long-term tenants, generating potential rental income exceeding $4000. A large basement, previously used as a residential rental, boasts two kitchens, two bathrooms, and spacious rooms. Recent upgrades include central air conditioning and vinyl windows. The building's high-traffic location, easy highway access, and significant parking make it an attractive proposition for owner-occupiers or investors seeking a strong return. The property is situated in Lorain County, Ohio, with a 44035 zip code.

• CAP approach

  CAP return

  Valuation

  6%

  $645,481

  6.5%

  $595,829

  7%

  $553,269

• Comparable approach

  Method

  Valuation

  Relative Method

  $335,622

  Geo Method

  $335,622

• Alternative Use

  Use

  Valuation

  Residential

  $738,827

  Hospitality

  $676,762

  Educational

  $563,058

  Medical

  $582,422

  Retail

  $875,868

Location Insight

City

Elyria

County

Lorain

State

Ohio

Latitude

41.3776

Longitude

-82.0778

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].