665 Lafayette RdMedina, OH 44256

Property Details for 665 Lafayette Rd

Year built

1900

Construction

WOOD

Lot size

0.51 AC

Property size (Sq ft)

1,998 SF

Property type

Retail properties

Property subtype

Turn key restaurants

APN

028-19C-09-015

APU

02819C09015

Description

This exceptional mixed-use property at 665 Lafayette Rd, Medina, OH 44256, presents a unique investment opportunity. The 2,934 square foot building, constructed in 1900 and renovated in 1999, sits on a 0.51-acre lot and boasts a C-1 zoning designation. The property includes a thriving restaurant/bar (Diner 42 Tavern & Grill, home of the Medina Salsa Company) occupying 1,062 square feet on the first floor. Upstairs, a charming 936 square foot, two-unit apartment offers additional income potential. The apartment features three bedrooms and one bathroom. The property also features an attractive outdoor space, including an enclosed porch, open porch, large wood deck, volleyball court, and an artificial turf area for games. All restaurant furniture, fixtures, and equipment are included in the sale. The property enjoys high visibility on State Route 42 near the main circle, benefiting from an average daily traffic count of 10,420 vehicles. This location provides excellent exposure and proximity to the local industrial park and fairgrounds. The asking price is $348,000, representing a price per square foot of $118.61 based on the 1,998 square feet of net rentable space. This turnkey operation offers immediate income and significant upside potential in Medina's vibrant commercial landscape. The property's versatile amenities and established customer base make it an ideal investment for both seasoned and aspiring entrepreneurs. The APN is 028-19C-09-015.

• CAP approach

  CAP return

  Valuation

  6%

  $558,562

  6.5%

  $515,595

  7%

  $478,767

• Comparable approach

  Method

  Valuation

  Relative Method

  $470,970

  Geo Method

  $470,970

• Alternative Use

  Use

  Valuation

  Residential

  $434,924

  Hospitality

  $398,388

  Educational

  $331,454

  Medical

  $342,853

  Retail

  $515,595

Location Insight

City

Medina

County

Medina

State

Ohio

Latitude

41.1304

Longitude

-81.8769

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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