31040 Lorain RdNorth Olmsted, OH 44070

  • Office properties
  • 2,358 SF
For Sale
$399,900 View listing

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
31040 Lorain Rd, North Olmsted, Ohio

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$9,457
$57,300
$26,180
$83,480
-
$163,700
$74,800
$238,500

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