Neighborhood Grocery Store with
For Sale
$600,000
2957 Pearl Avenue, Lorain, OH 44055
The sale includes the operating business, real estate, store equipment, and on-site parking.
Property Size1,624 SF
Price / SF$369.46
Days on Market9
Property Features for 2957 Pearl Avenue
General Information
Standard status
Active
Size
1,624 SF
Site & Location
Corner Location
Yes
Utilities to Site
Yes
Additional Details
Business Included
Yes
Liquor License
Yes
Currently Operating
Yes
Taxes and HOA fees
Annual Taxes
$1,726
Amenities
on-site parking
central air conditioning
natural gas forced-air heating
true
false
Chain Link
Public
0.33
Assessor
On Site
Building Details
Year Built
1963
Buildings
1
Listing Agency:
(304) 501-5212
Listed By:
Karen Ullom
Source:
Karenullomrealty
Added: Oct 21
Changed: Oct 28
Last Checked: Oct 28 at 2:59PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Karen Ullom
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Investment Insights
Based on property information with market context.
This neighborhood grocery property combines the operating business with its building and land. The 1,624-square-foot retail space was built in 1963 and has central air conditioning and natural gas forced-air heat. Public utilities and on-site parking serve the property. The store offers groceries, beer, wine, cigarettes, and Ohio Lottery sales; associated licenses may transfer in accordance with state regulations.
The property occupies a corner along Pearl Avenue in Lorain. The business has served the community for more than 30 years, and the current owners are willing to provide training and consultation for an agreed-upon period.
The property occupies a corner along Pearl Avenue in Lorain. The business has served the community for more than 30 years, and the current owners are willing to provide training and consultation for an agreed-upon period.
Key Highlights
- Operating grocery business, building, land, and equipment are included
- 1,624‑square‑foot retail building, constructed in 1963
- Corner location on Pearl Avenue in Lorain
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,503
Cap Rate
2.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$350,060
$350.1K
Cap Rate 7%
$250,043
$250.0K
Cap Rate 9%
$194,478
$194.5K
Market Conditions
NOI Build-Up for 1,624 SF
Gross rent
$24.4K $15.00/SF
− Vacancy
−$1.0K −$0.63/SF
EGI
$23.3K $14.37/SF
− OpEx
−$5.8K −$3.59/SF
NOI
$17.5K $10.78/SF
Area
Lorain County, OH
Vacancy
4.20%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$350,060
Cap Rate 7%
$250,043
Cap Rate 9%
$194,478
Alternative Uses
Best Use
Specialty Retail
$250.0K
$218.8K – $291.7K
NOI $17,503 @ 7.0% cap · market cap 2.92%
Second Best
Retail
$233.4K
$204.2K – $272.3K
NOI $16,336 @ 7.0% cap · market cap 2.72%
Theoretical Best
Office A
$409.2K
$358.1K – $477.5K
NOI $28,647 @ 7.0% cap · market cap 4.77%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Utilities to site
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
208
Businesses Nearby
6k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Dollar General
Shops & Services
5,941 visits/mo
0.4 miles
Demographics for 44055, OH
19,331
Population
9,258
Households
2.1
Avg Household Size
36
Median Age
10%
College-Educated
82%
High-School Grad
6.3 sq mi
ZIP Area
3,068
Density / Sq Mi
$36,603
Median Household Income
$30,631
Median Earnings
$848
Median Rent
$95,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Similar Off Market Nearby
- Key Food Supermarket — 1602 E 28th St, Lorain, OH 44055
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - The sale includes the operating business, real estate, store equipment, and on-site parking.
Where is this grocery and convenience store located?
The property is located at 2957 Pearl Avenue Lorain, OH.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Operating grocery business, building, land, and equipment are included; 1,624‑square‑foot retail building, constructed in 1963; Corner location on Pearl Avenue in Lorain
