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    1641 Root Rd Lorain, OH 44052

    Sponsored
    For Sale
    $1,300,000

    16.1 Acres, Mixed-Use Potential

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This 16.1-acre property in Lorain, Ohio, presents a unique redevelopment opportunity. Currently zoned commercial, it includes three parcels with frontage on Root Rd and offers significant potential for hotels, restaurants, and boutique shops. The land itself holds the primary value, featuring existing gas and water wells, and all mineral rights are included in the sale. The property's strategic location near Lake Erie, a new race car facility, and a planned 300-acre Metro Sports Entertainment Complex, coupled with proximity to I-90, ensures high visibility and accessibility. Further enhancing its appeal, the site benefits from the positive economic impact of a proposed Bartlett Maritime Corporation submarine component repair facility, actively supported by Senator Sherrod Brown and federal officials. This project, along with the sports complex, promises substantial growth and increased demand in the Lorain/Sheffield area, making this a prime location for ground-floor development. The asking price is $1,300,000. Additional land may be available. The property is classified as Class C and consists of one building. The property is currently used as a residential home and apartment.

    Property Features for 1641 Root Rd

    General Information

    Property type
    Lifestyle centers
    Class
    C
    Lot Size
    701,316 SF

    Building Details

    Buildings
    1
    Property Profile Location Intelligence

    Current Use by Public Records

    Lifestyle centers

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Wholesale Shop Auto Repair Shop Hair Salon Hotel & Motel Gym & Fitness Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Lorain
    County
    Lorain
    State
    Ohio
    Longitude
    -82.132326556665
    Latitude
    41.465752634422

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    FAQs

    What type of property is this?
    Lifestyle center - 16.1 Acres, Mixed-Use Potential
    Where is this lifestyle center located?
    The property is located at 1641 Root Rd Lorain, OH.
    What is the asking price?
    The asking price for this property is $1,300,000.
    Request Owner's contact information
    1641 Root Rd Lorain, OH 44052
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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
    1641 Root Rd Lorain, OH 44052
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