31040 Lorain RdNorth Olmsted, OH 44070

Property Details for 31040 Lorain Rd

Year built

1951

Construction

WOOD

Lot size

1.22 AC

Property size (Sq ft)

2,358 SF

Property type

Office buildings

APN

234-04-003

APU

23404003

Description

This exceptional commercial property, located at 31040 Lorain Rd in North Olmsted, Ohio, presents a unique investment opportunity. The property encompasses a 2,358 square foot building, ideally suited for a variety of businesses. The main structure, built in 1951 and remodeled in 2008, features two stories and boasts Pella windows and high-end fixtures. Recent upgrades include a new furnace, water heater, and electrical system (2008). The property sits on a generous 1.22-acre lot, providing ample space for expansion, landscaping, or additional parking. A significant advantage is the inclusion of a 484 square foot, two-car garage, perfect for storage or additional workspace. The property's zoning allows for diverse uses, including professional offices, medical practices, retail establishments, and trades businesses. Its strategic location offers easy access to major highways, including I-480, I-90, and the Ohio Turnpike, ensuring excellent visibility and convenient commuting for employees and clients. The property is currently configured for single tenancy but could easily accommodate multiple tenants. The current owner is retiring and is willing to negotiate the sale of select furniture. This is a rare opportunity to acquire a well-maintained, versatile commercial property in a highly desirable location. The property's size, location, and recent upgrades make it an attractive investment for both established businesses and new ventures.

• CAP approach

  CAP return

  Valuation

  6%

  $424,204

  6.5%

  $391,573

  7%

  $363,603

• Comparable approach

  Method

  Valuation

  Relative Method

  $220,567

  Geo Method

  $220,567

• Alternative Use

  Use

  Valuation

  Residential

  $485,550

  Hospitality

  $444,762

  Educational

  $370,036

  Medical

  $382,763

  Retail

  $575,612

Location Insight

City

North Olmsted

County

Cuyahoga

State

Ohio

Latitude

41.3957

Longitude

-81.964

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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