15
See all 15 photos
$2,350,000
Est. payment /mo
0.83 Acres Lot
New
401-427 Cleveland ST Elyria, OH 44035
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Key Details
Property Type Commercial
Sub Type Retail
Listing Status Active
Purchase Type For Sale
MLS Listing ID 5143982
HOA Y/N No
Year Built 1950
Annual Tax Amount $35,234
Tax Year 2024
Lot Size 0.830 Acres
Acres 0.83
Property Sub-Type Retail
Property Description
100% Occupied!! Current cap rate 9.87%. Prime commercial retail strip mall in Elyria, OH! Located in a high-traffic area near route 57 and the Ohio turnpike (80) on a heavily traveled street within a thriving business district. This 24,871 SQ FT building sits on 0.83 acres of valuable land. There are 9 total units by which eight of them are in the main retail strip and the additional freestanding building (9th unit) is located directly behind the main retail strip.Tenants have a long solid history at this plaza! With future increases in rents the Pro Forma Cap rate will be well over 10%. Owner is relocating to retire and prefers a quick sale. Possible short term Owner financing may be available at a 6%-7% interest rate and only considered with a strong down payment.
Location
State OH
County Lorain
Interior
Heating Forced Air, Gas
Cooling Central Air
Fireplace No
Exterior
Parking Features On Site, Paved
Water Access Desc Public
Roof Type Asphalt,Fiberglass
Total Parking Spaces 100
Building
Sewer Public Sewer
Water Public
Schools
School District Elyria Csd - 4706
Others
Tax ID 06-25-015-101-028
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Listed by Andrew G Pal • RE/MAX Real Estate Group • AndrewpaL9@gmail.com, 216-903-9755