2507 Erie AveLorain, OH 44053

Property Details for 2507 Erie Ave

Year built

1976

Lot size

0.46 AC

Property size (Sq ft)

2,998 SF

Property type

Office properties

Property subtype

Office buildings

APN

02-02-023-105-001

APU

202023105001

Description

This exceptional retail property, located at 2507 W Erie Ave in Lorain, Ohio, presents a compelling investment opportunity. The 3,500 square foot building sits on a sizable 0.82-acre corner lot, offering excellent visibility and accessibility. Its strategic location on US-6, a major thoroughfare boasting an impressive 8,302 vehicles per day (VPD), ensures high traffic volume and significant exposure to potential customers. The property is zoned for retail use, providing flexibility for a variety of commercial ventures. Ample parking is available, enhancing convenience for both employees and patrons. The building's proximity to Lake Erie adds to its desirability and potential for attracting a diverse clientele. Offered at $350,000, this property represents a strong value proposition for investors seeking a well-situated retail space in a thriving Ohio market. The 44053 zip code offers a strong local demographic. This is a rare opportunity to acquire a prime retail location in Lorain County. Don't miss out on this chance to own a piece of Lorain's vibrant commercial landscape.

• CAP approach

  CAP return

  Valuation

  6%

  $539,340

  6.5%

  $497,852

  7%

  $462,291

• Comparable approach

  Method

  Valuation

  Relative Method

  $280,433

  Geo Method

  $280,433

• Alternative Use

  Use

  Valuation

  Residential

  $617,337

  Hospitality

  $565,477

  Educational

  $470,470

  Medical

  $486,651

  Retail

  $731,843

Location Insight

City

Lorain

County

Lorain

State

Ohio

Latitude

41.4576

Longitude

-82.204

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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