5201-5207 Lorain Ave Cleveland, OH
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Value-add property with income potential in a growing neighborhood.
Type:MULTIFAMILY
Property size:
4,917 SFLot size:
0.08 AcresPrice / SF:
$122/SF- Added:
- Sep 19, 2024
- Days on Market:
- 589
- Last Refresh:
- Apr 5 at 11:20 pm
Property Features for 5201-5207 Lorain Ave
General Information
- Standard status
- Active
- Size
- 4,917 SF
- Lot size
- 0.08 Acres
- Property subtype
- MULTIFAMILY
Listing agent Kathleen A. Bassett (440) 503-8867
Listing office Shoreway Realty Group (440) 503-8867
Listing date Sep 19, 2024
Source Moodyscre
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All listing content including descriptions, pricing, images are the copyrighted material of Shoreway Realty Group
Overview
Mixed-Use Building in Ohio City
The property features a building with a first-floor store, including a bathroom, office space, and a full basement. The first-floor space can be converted back into two storefronts, each with a dedicated entrance. There are four units upstairs, two of which have been renovated and are ready to lease. These units are income producers with market rents expected to reach $1200-$1300 each. The first floor has the potential to earn approximately $2500-$4000 per month, depending on usage and layouts. Located in the Ohio City/Gordon Square Development Corporation area, this is a value-add property where significant capital expenditure items have been addressed. The building offers many potential uses as the neighborhood continues to grow. The property size is 4917 square feet.
Location Intelligence
Current Use by Public Records
Storefront properties
Location Insight
- Map
- Local Demand
- City
- Cleveland
- County
- Cuyahoga
- State
- Ohio
- Longitude
- -81.7223
- Latitude
- 41.4771
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Value-add property with income potential in a growing neighborhood.
Where is this apartment building located?
The property is located at 5201-5207 Lorain Ave Cleveland, OH.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Income‑producing property with potential for significant rental income.; Two renovated, ready‑to‑lease units already generating income.; First floor adaptable for commercial use with potential monthly income of $2500-$4000.
