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Mixed-Use Building in Ohio City

5201-5207 Lorain Ave, Cleveland, OH

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For Sale

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

Type:MULTIFAMILY

Property size:

4,917 SF

Lot size:

0.08 Acres

Price / SF:

$122/SF

HighLights

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.
Potential to convert first floor into two separate storefronts with dedicated entrances.
Value‑add property with major capital expenditures already addressed.
Located in a growing neighborhood within the Ohio City/Gordon Square Development Corporation area.

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Listing Contact

Kathleen A. Bassett

Learn more

For Sale

Contact for pricing

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

Type:MULTIFAMILY

Property size:

4,917 SF

Lot size:

0.08 Acres

Price / SF:

$122/SF

Added:: Sep 19, 2024
Days on Market:: 634
Last Refresh:: May 20 at 8:45 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

We can help!

Listing Contact

Kathleen A. Bassett

Listing agent Kathleen A. Bassett

Listing office Shoreway Realty Group

Listing date Sep 19, 2024

Source Moodyscre

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 Shoreway Realty Group

HighLights

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.
Potential to convert first floor into two separate storefronts with dedicated entrances.
Value‑add property with major capital expenditures already addressed.
Located in a growing neighborhood within the Ohio City/Gordon Square Development Corporation area.

Overview

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

Location Insight

Map
Local Demand

City: Cleveland
County: Cuyahoga
State: Ohio
Longitude: -81.7223
Latitude: 41.4771

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For sale
Apartment buildings
OH
Cleveland
5201-5207 Lorain Ave

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.

5201-5207 Lorain Ave, Cleveland, OH

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

Property Features for 5201-5207 Lorain Ave

General Information

We can help!

HighLights

Overview

Current Use by Public Records

Suggested Use

Location Insight

Nearby Similar for Sale

Freestanding Office Building

Turnkey Retail Building in Cleveland

Asian Town Mixed-Use Assemblage

Renovated Three-Unit Multifamily

Remodeled Six-Plex on Dead-End Street

Daycare Facility in Cleveland, OH

Mixed-Use Office and Residential Property

Turnkey Bar and Restaurant with Banquet Hall

Retail Store with Brick Front

Turnkey Triplex in South Collinwood

Turnkey Entertainment Venue Opportunity

Spacious Cleveland Duplex Investment Opportunity

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