Sprague Rd Olmsted Falls, OH 44017
- Land
- 0.50 lot acres
Current Use by Public Records
- Land
Property Details for 0 Sprague Rd
- Lot size
- 0.50 lot acres
- Property type
- Land
Description
This exceptional 0.5-acre commercial land parcel in Berea, Ohio, presents a unique investment opportunity. Located on Sprague Road, this property boasts approximately 136 feet of frontage and depths of approximately 158 and 196 feet. The land is zoned for multifamily use, and a previously approved site plan allows for the construction of a six-unit apartment building. Significant entitlements are included, valued at $28,000, encompassing architect work, rezoning, and engineered drawings for this six-unit project. These plans maximize the lot's potential. The City of Berea offers a substantial 15-year, 100% tax abatement on the value of new residential infill construction, making this project highly attractive. While previous variances, site plan approval, and landscaping modifications granted by the Berea Planning Commission on December 1, 2022, have expired, the buyer can reapply for these approvals. The property consists of two parcels (APN: 363-35-050, 363-35-049) and is conveniently located near highway access (approximately 3 miles) with an estimated daily traffic count of around 7,800 vehicles. Utilities are available at the street. The asking price is $149,500. This is an excellent opportunity for developers seeking a ready-to-build multifamily project in a desirable location.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Olmsted Falls
- County
- Cuyahoga
- State
- Ohio
- Longitude
- -81.877
- Latitude
- 41.3507
