318-322-330 Prospect Elyria, OH 44035
- Mixed-use properties
- 0.65 lot acres
Current Use by Public Records
- Mixed-use properties
Property Details for 318-322-330 Prospect
- Year built
- 1900
- Lot size
- 0.65 lot acres
- Property type
- Mixed-use properties
Description
This exceptional Elyria investment property presents a unique blend of income-generating assets and redevelopment potential. Situated on a 0.65-acre parcel encompassing five contiguous lots, the property boasts a thriving four-bay self-service carwash, providing a consistent revenue stream. In addition to the carwash, the property includes two single-family homes. One is a well-maintained 1,300 square foot residence complete with a two-car garage, offering immediate rental income potential. The second home requires a complete renovation or rebuild, presenting a significant value-add opportunity for a discerning investor. The property's Business Neighborhood zoning allows for the continuation of the homes as residential properties or offers the flexibility for conversion to commercial use, expanding the investment possibilities. Conveniently located in Elyria with easy access to the downtown area and bordering both residential and industrial zones, this property benefits from a strategic location. This multi-use property offers a versatile investment opportunity with multiple income streams, making it an attractive prospect for a creative buyer seeking a blend of established income and future development potential. Note that an adjacent 0.22-acre single-family lot is available separately.
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
- Elyria
- County
- Lorain
- State
- Ohio
- Longitude
- -82.1065
- Latitude
- 41.3766
