14647 State Route 511Oberlin, OH 44074

Property Details for 14647 State Route 511

Year built

1926

Lot size

54.00 AC

Property size (Sq ft)

288 SF

Property type

Mining land

APN

13-11-006-000-014

APU

1311006000014

Description

This exceptional 56-acre industrial property in Oberlin, Ohio, presents a significant investment opportunity. Located on State Route 511, the property boasts a substantial Berea Formation sandstone quarry with an estimated 400 million tons of premium sandstone reserves. Current operations encompass sandstone extraction across 10 acres, producing a diverse range of products including custom-cut sandstone slabs for landscaping and architectural applications, various types of sandstone blocks for erosion control, aggregate stone for various construction uses, and petroleum cores for global oil and gas industry testing. The property also includes a unique spring water asset, with associated water and mineral rights, offering significant additional potential for development and revenue generation. Existing infrastructure includes three buildings: a large 8,400 square-foot building, a smaller 900 square-foot building, and a 412 square-foot office building, providing ample space for operations and administration. The total property size is 9,700 square feet. This turnkey operation offers immediate revenue streams and significant long-term growth potential within both the sandstone and bottled water industries, making it an attractive investment for discerning buyers. The strategic location and diverse product offerings create a compelling opportunity to capitalize on established markets and explore new avenues for expansion. The property's substantial reserves and established infrastructure provide a solid foundation for continued success and profitability. The sale price is $6,500,000.

• CAP approach

  CAP return

  Valuation

  6%

  $124,116

  6.5%

  $114,569

  7%

  $106,386

• Comparable approach

  Method

  Valuation

  Relative Method

  $43,103.20

  Geo Method

  $43,103.20

• Alternative Use

  Use

  Valuation

  Retail / Commercial

  $58,245.50

  Mixed-Use / Specialty

  $57,640

  Hospitality / Lodging

  $41,770.70

  Office

  $56,883.20

  Institutional / Educational

  $59,780.20

  Residential Income

  $69,942.90

  Multifamily

  $86,091.30

  Automotive / Energy

  $51,240.20

  Parking / Income-Based Land

  $18,075.40

  Restaurant / Food Service

  $29,129.90

  Healthcare / Senior Housing

  $59,516.80

Location Insight

City

Oberlin

County

Lorain

State

Ohio

Latitude

41.2728

Longitude

-82.2961

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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