517 Griswold RdElyria, OH 44035

Property Details for 517 Griswold Rd

Lot size

0.81 AC

Property size (Sq ft)

3,704 SF

Property type

Retail properties

Property subtype

Turn key restaurants

APN

06-23-016-102-040

APU

623016102040

Description

This 0.8-acre commercial property at 517 Griswold Road in Elyria, Ohio (44035) is a former restaurant building available for $445,000. Located near Midway Mall and major highways, providing convenient access to a high volume of traffic and other national retailers. The property is zoned for commercial use and offers ample parking. The building itself requires significant renovation. However, it boasts a newer roof, representing a cost saving for a potential buyer. The property's strategic location within a well-established retail area presents a unique opportunity for an investor or entrepreneur seeking a restaurant space or other commercial venture. The substantial lot size provides flexibility for future development or expansion. This is a prime opportunity to acquire a property in a high-traffic area at a price designed to sell quickly. Serious inquiries are encouraged.

• CAP approach

  CAP return

  Valuation

  6%

  $979,534

  6.5%

  $904,185

  7%

  $839,600

• Comparable approach

  Method

  Valuation

  Relative Method

  $873,110

  Geo Method

  $873,110

• Alternative Use

  Use

  Valuation

  Residential

  $762,714

  Hospitality

  $698,642

  Educational

  $581,262

  Medical

  $601,252

  Retail

  $904,185

Location Insight

City

Elyria

County

Lorain

State

Ohio

Latitude

41.401

Longitude

-82.1139

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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