201 Reed StSpencer, OH 44275

Property Details for 201 Reed St

Year built

1985

Lot size

1.54 AC

Property size (Sq ft)

1,536 SF

Property type

Warehouses

Property subtype

Self storage facilities

APN

037-27A-05-079

APU

03727A05079

Description

This exceptional investment opportunity presents a fully occupied multi-unit building situated on a substantial 3.43-acre lot in Spencer, Ohio. The property boasts a generous 10,032 square feet of existing rentable space, currently generating over $4,500 per month in rental income. All units are presently leased, demonstrating strong tenant demand and immediate cash flow. The significant acreage offers substantial potential for future development. The expansive land allows for the addition of numerous mini-storage units, flexible commercial spaces, or a variety of other commercial uses, significantly increasing the property's value and rental income. This presents a unique chance to capitalize on existing income while simultaneously expanding the property's revenue streams through strategic development. The property's location in Spencer, OH, offers convenient access to local amenities and transportation routes. This is an ideal investment for those seeking a high-yield, multi-faceted commercial property with significant upside potential. The asking price is $699,000. This represents a compelling opportunity to acquire a profitable, established business with considerable room for growth and expansion. The existing tenant base provides immediate return on investment, while the undeveloped land offers a pathway to long-term appreciation and increased profitability.

• Alternative Use

  Use

  Valuation

  Residential

  $333,295

  Hospitality

  $305,296

  Educational

  $254,003

  Medical

  $262,738

  Retail

  $395,116

Location Insight

City

Spencer

County

Medina

State

Ohio

Latitude

41.0935

Longitude

-82.1258

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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