38230 Glenn AveWilloughby, OH 44094

Property Details for 38230 Glenn Ave

Year built

1953

Lot size

0.17 AC

Property size (Sq ft)

2,800 SF

Zone code

G-B

Property type

Office properties

Property subtype

Office buildings

APN

27-A-030-A-00-009-0

APU

27A030A000090

Description

This exceptional commercial property, located at 38230 Glenn Ave in Willoughby, Ohio, presents a unique investment opportunity. The single-story building, constructed in 1953 and meticulously maintained, offers a total of 2,800 square feet on a 0.165-acre lot. The space is ideally suited for a variety of uses, encompassing approximately 2,000 square feet of retail or office space and an additional 800 square feet of warehouse area. The existing floor plan includes a lobby, reception area, six offices, a conference room, two restrooms, and a back hallway. All interior structures are non-load-bearing, allowing for flexible and adaptable floor plan revisions to suit your specific business needs. The property boasts four on-site parking spaces, complemented by convenient street parking in the area. Situated in the heart of downtown Willoughby, this location benefits from high foot traffic and excellent visibility. Zoned as Downtown Business District - Sub-District E, with potential for new development, the property offers a diverse range of permitted uses, including retail, restaurants, professional offices, financial services, pet shops, and personal services, among many other conditional uses. Easy access to major roadways, including Vine Street (SR 640), Mentor Avenue (SR 20), and SR 2, further enhances its appeal. The asking price for this well-maintained and versatile property is $360,000. The APN is 27A030A000090.

• CAP approach

  CAP return

  Valuation

  6%

  $503,720

  6.5%

  $464,972

  7%

  $431,760

• Comparable approach

  Method

  Valuation

  Relative Method

  $261,912

  Geo Method

  $261,912

• Alternative Use

  Use

  Valuation

  Residential

  $576,565

  Hospitality

  $528,131

  Educational

  $439,399

  Medical

  $454,510

  Retail

  $683,509

Location Insight

City

Willoughby

County

Lake

State

Ohio

Latitude

41.6403

Longitude

-81.406

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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