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5201-5207 Lorain Ave Cleveland, OH 44102

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For Sale
$599,900

Value-add property with income potential in a growing neighborhood.

Property size:
4,917 SF
Lot size:
0.08 Acres

Property Features for 5201-5207 Lorain Ave

General Information

Size
4,917 SF
Lot size
0.08 Acres

Source: Shoreway Realty Group Agent Kathleen A. Bassett

Displayed information is deemed reliable but is not guaranteed and should be independently verified.


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

Suggested Use

Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

  • Map
  • Local Demand
City
Cleveland
County
Cuyahoga
State
Ohio
Longitude
-81.7223242
Latitude
41.4770586

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.
More about this property
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