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    2928 Erie Ave Lorain, OH 44053

    Sponsored
    For Sale
    $337,000

    Prime Lake Erie lot, multifamily potential.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    Exceptional investment opportunity in Lorain, Ohio, featuring a substantial 1.30-acre lakefront parcel at 2928 W. Erie Ave. This property boasts stunning 180-degree views of Lake Erie and includes existing shoreline protection. The lot, approximately 60 feet wide by 700 feet deep, is zoned R3, offering a multitude of development possibilities. Additionally, a separate 0.48-acre parcel at 2912-2914 W. Erie Ave. is included. This parcel features a two-family house and barn, recently updated with a new roof, windows, and exterior paint. While the interior requires remodeling, this presents a significant value-add opportunity. The combined properties offer a unique blend of lakefront development potential and immediate income generation from the existing duplex. The asking price for this combined offering is $337,000. Note that a separate, adjacent parcel (02-02-022-101-025) has been sold separately. This is a rare chance to acquire a substantial lakefront property with existing structures in a desirable location. Serious inquiries only.

    Property Features for 2928 Erie Ave

    General Information

    Property type
    Multifamily properties
    Property Profile Location Intelligence

    Current Use by Public Records

    Small apartment buildings

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Wholesale Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Lorain
    County
    Lorain
    State
    Ohio
    Longitude
    -82.2070566
    Latitude
    41.4565618

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    FAQs

    What type of property is this?
    Multifamily property - Prime Lake Erie lot, multifamily potential.
    Where is this multifamily property located?
    The property is located at 2928 Erie Ave Lorain, OH.
    What is the asking price?
    The asking price for this property is $337,000.
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    2928 Erie Ave Lorain, OH 44053
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    Lorain, OH 44053
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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
    2928 Erie Ave Lorain, OH 44053
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