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    1150 Milan Ave Amherst, OH 44001

    For Sale
    Contact for pricing

    56 Acres, Prime Residential Potential

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    This exceptional 56.96-acre parcel in Amherst, Ohio, presents a unique opportunity for residential development. Located at 1150 Milan Ave, Amherst, OH 44001, this property boasts flexible zoning, allowing for a mix of single-family homes and multi-family apartments. The land is free and clear, with APN numbers 0500004103018, 0500004102006, 0500004102004, 0500004102005, 0500004101009, 0500004101006, and 0500004101005. While not currently serviced by city water and sewer, these utilities are readily accessible along Milan Avenue to the north and in nearby subdivisions to the east, with the city confirming sufficient capacity for residential development. The property benefits from excellent access to Ohio Route 2 and Interstate 80, and its development aligns with both the city's and seller's objectives, ensuring a cooperative and streamlined process. The Amherst school district is highly rated, adding significant appeal to potential residents. This is a rare opportunity to create a first-rate residential community in a desirable location with minimal infrastructure costs due to the proximity of utilities. The property is situated in Lorain County.

    Property Features for 1150 Milan Ave

    General Information

    Property type
    Multifamily properties
    Lot Size
    2,481,178 SF

    HighLights

    • Excellent access to OH‑2 and I‑80.
    • Highest and best use designation, consistent with city and seller objectives.
    • Supportive city government.
    • Minimal infrastructure costs due to readily available utilities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Amherst
    County
    Lorain
    State
    Ohio
    Longitude
    -82.245016011894
    Latitude
    41.398583299513

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    FAQs

    What type of property is this?
    Multifamily property - 56 Acres, Prime Residential Potential
    Where is this multifamily property located?
    The property is located at 1150 Milan Ave Amherst, OH.
    What are key features of this property?
    This property features: Excellent access to OH-2 and I-80.; Highest and best use designation, consistent with city and seller objectives.; Supportive city government.
    (330) 396-6292
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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
    1150 Milan Ave Amherst, OH 44001
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