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    318-322-330 Prospect Elyria, OH 44035

    For Sale
    $450,000

    Prime Elyria location: Carwash, two homes.

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    315
    This exceptional Elyria investment property presents a unique blend of income-generating assets and redevelopment potential. Situated on a 0.65-acre parcel encompassing five contiguous lots, the property boasts a thriving four-bay self-service carwash, providing a consistent revenue stream. In addition to the carwash, the property includes two single-family homes. One is a well-maintained 1,300 square foot residence complete with a two-car garage, offering immediate rental income potential. The second home requires a complete renovation or rebuild, presenting a significant value-add opportunity for a discerning investor. The property's Business Neighborhood zoning allows for the continuation of the homes as residential properties or offers the flexibility for conversion to commercial use, expanding the investment possibilities. Conveniently located in Elyria with easy access to the downtown area and bordering both residential and industrial zones, this property benefits from a strategic location. This multi-use property offers a versatile investment opportunity with multiple income streams, making it an attractive prospect for a creative buyer seeking a blend of established income and future development potential. Note that an adjacent 0.22-acre single-family lot is available separately.

    Property Features for 318-322-330 Prospect

    General Information

    Property type
    Mixed-use properties
    Lot Size
    28,314 SF

    Building Details

    Year Built
    1900
    Property Profile Location Intelligence

    Current Use by Public Records

    Mixed-use properties

    Map

    City
    Elyria
    County
    Lorain
    State
    Ohio
    Longitude
    -82.1065
    Latitude
    41.3766

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    FAQs

    What type of property is this?
    Mixed-use property - Prime Elyria location: Carwash, two homes.
    Where is this mixed-use property located?
    The property is located at 318-322-330 Prospect Elyria, OH.
    What is the asking price?
    The asking price for this property is $450,000.
    (440) 327-6511
    Request Owner's contact information
    318-322-330 Prospect Elyria, OH 44035
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    318-322-330 Prospect Elyria, OH 44035
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