31040 Lorain RdNorth Olmsted, OH 44070
- Office properties
- 2,358 SF
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 properties
- Property subtype
- 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.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
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
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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