541 Cleveland StElyria, OH 44035
- Retail properties
- 400 SF
Property Details for 541 Cleveland St
- Year built
- 1951
- Construction
- WOOD FRAME
- Lot size
- 0.29 AC
- Property size (Sq ft)
- 400 SF
- Property type
- Retail properties
- Property subtype
- Retail space
- APN
- 06-25-013-102-001
- APU
- 625013102001
Description
This Elyria, OH property presents a unique investment opportunity encompassing two buildings on a 0.29-acre lot at 541 Cleveland Street. The main structure is a retail space, perfectly situated for a storefront business or office, benefiting from significant foot and vehicle traffic. Its prime location ensures excellent street visibility, maximizing exposure for any commercial venture. The second building is a residential house, offering potential for rental income or owner-occupied use. While requiring some renovations to reach its optimal condition, this residential component adds considerable versatility to the property. The combined potential of a thriving retail space and a rentable residential unit makes this an attractive proposition for investors seeking diverse income streams. The property's size and location in Elyria provide a solid foundation for a successful business and/or rental operation. The asking price is $129,000. Serious inquiries are encouraged to explore this promising investment opportunity further. The property's address is 541 Cleveland Street, Elyria, OH.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $105,781
- 6.5%
- $97,644
- 7%
- $90,670
-
Comparable approach
- Method
- Valuation
- Relative Method
- $94,288
- Geo Method
- $94,288
-
Alternative Use
- Use
- Valuation
- Residential
- $82,366
- Hospitality
- $75,447
- Educational
- $62,771
- Medical
- $64,930
- Retail
- $97,644
Location Insight
- City
- Elyria
- County
- Lorain
- State
- Ohio
- Latitude
- 41.3759
- Longitude
- -82.0813
- CBSA code
- 17460
- CBSA name
- CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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