5201-5207 Lorain Ave, Cleveland, OH 44102

Property Details for 5201-5207 Lorain Ave

Year built

1910

Property type

Mixed-use properties

Property subtype

Apartment buildings

Description

This three-story, 4,917-square-foot mixed-use building in Cleveland's Ohio City neighborhood presents a compelling value-add investment opportunity. Built in 1910, the property features six units, including a first-floor storefront (currently an antique shop) and four apartment suites, two of which are recently renovated. The building sits on a 3,289-square-foot lot and includes six parking spaces. The asking price is $549,000 ($111.65/sq ft, $99,983.33/unit), with a pro-forma cap rate of 8.74% and a pro-forma NOI of $48,000. Currently, the occupancy is 17%, with one tenant under a one-year lease commencing October 1, 2024, and expiring September 30, 2025. The building boasts updated electrical panels, plumbing, furnaces, and hot water tanks in each unit, and separate gas and electric meters. However, the roof, gutters, downspouts, and an upper-floor egress require attention. The basement, poured in 1999, is in excellent condition and suitable for additional bathroom and kitchen facilities, potentially accommodating a restaurant. The flexible floor plans on the second and third floors offer opportunities for creating high-end units with balconies, decks, and amenities. The property's location within a thriving area with restaurants, shops, and residences, along with its proximity to downtown Cleveland, Edgewater Park, and sports venues, makes it highly attractive. The existing building spaces consist of a first-floor store with a bathroom and office space, and a full basement. This space can easily be converted back into two storefronts, each with a dedicated entrance. The permitted zoning is commercial. The property is privately owned and has a Cuyahoga County APN of 00619057.

Location Insight

City

Cleveland

County

Cuyahoga

State

Ohio

Longitude

-81.7225

Latitude

41.4772