401-427 Cleveland St Elyria, OH 44035
- Retail properties
- 0.83 lot acres
Current Use by Public Records
- Retail properties
Property Details for 401-427 Cleveland St
- Year built
- 1950
- Lot size
- 0.83 lot acres
- Property type
- Retail properties
Description
This exceptional investment opportunity presents a well-maintained 24,871-square-foot retail shopping plaza located at 401-427 Cleveland Street, Elyria, Ohio. The property sits on a 0.83-acre lot and is offered at $2,300,000. The plaza boasts mostly triple-net leases with long-term tenants, ensuring a stable income stream. At full occupancy, the capitalization rate is approximately 8.8%, making this a highly attractive investment. Significant recent improvements enhance the property's value and longevity. These include a complete repaving of the parking lot, replacement of all rooftop AC units, and a roof reseal approximately six years ago. Furthermore, the roof on the building behind the strip plaza (located on Winckles Street and included in the sale) was replaced approximately five years ago. A detailed rent roll is available for qualified prospective buyers upon request. This property represents a rare chance to acquire a well-managed, income-producing retail asset in a desirable location. The combination of strong tenants, recent capital improvements, and a favorable cap rate makes this an exceptional opportunity for investors seeking a stable and profitable addition to their portfolio.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Elyria
- County
- Lorain
- State
- Ohio
- Longitude
- -82.0869
- Latitude
- 41.3742
