5333 Lorain AveCleveland, OH 44102

Property Details for 5333 Lorain Ave

Year built

1978

Construction

TYPE NOT SPECIFIED

Lot size

0.09 AC

Property size (Sq ft)

1,120 SF

Zone code

LR

Property type

Auto shops

APN

006-18-020

APU

618020

Description

This exceptional 1.02-acre mixed-use property presents a compelling investment opportunity in Cleveland's vibrant Detroit Shoreway neighborhood. Strategically located on Lorain Avenue between West 53rd and West 55th Streets, this property boasts high visibility and accessibility. The existing structure comprises a commercial service garage, a separate retail storefront, and two residential apartments, offering diverse income streams and redevelopment potential. The substantial lot size allows for significant expansion or repurposing, catering to a wide range of commercial and residential uses. The property's prime location offers easy access to downtown Cleveland, major transportation routes, and a thriving local community. This is an ideal acquisition for investors seeking a versatile asset with strong growth prospects in a rapidly developing area. The existing buildings provide immediate cash flow while the substantial land area offers significant future development potential. The combination of established businesses and residential units creates a unique opportunity to capitalize on the current market while planning for future expansion or redevelopment. This property is priced at $1,500,000 and presents a rare chance to acquire a significant piece of Cleveland real estate with substantial upside. The property's size and location make it an attractive investment for both short-term and long-term growth. Serious inquiries are encouraged.

• CAP approach

  CAP return

  Valuation

  6%

  $296,187

  6.5%

  $273,404

  7%

  $253,875

• Comparable approach

  Method

  Valuation

  Relative Method

  $264,007

  Geo Method

  $264,007

• Alternative Use

  Use

  Valuation

  Residential

  $230,626

  Hospitality

  $211,252

  Educational

  $175,759

  Medical

  $181,804

  Retail

  $273,404

Location Insight

City

Cleveland

County

Cuyahoga

State

Ohio

Latitude

41.4765

Longitude

-81.7235

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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