2709 BroadwayLorain, OH 44055

Property Details for 2709 Broadway

Year built

1996

Lot size

0.17 AC

Property size (Sq ft)

11,208 SF

Property type

Retail space

APN

02-01-003-195-010

APU

201003195010

Description

This exceptional freestanding retail property, located at 2709 Broadway Avenue in Lorain County, Ohio, offers 11,208 square feet of versatile space. Previously occupied by a Rite Aid, this single-tenant building sits on a 1.06-acre lot and presents a significant opportunity for a variety of retail businesses. The property boasts a brand-new roof (installed in 2023) and three recently installed HVAC units, ensuring efficient and cost-effective operation. Its prime location benefits from exceptional visibility and high traffic volume, with combined daily traffic counts of 20,904 vehicles per day at the nearby intersections of Broadway Avenue and East 28th Street. This strategic location places the property in close proximity to a thriving retail corridor, alongside established businesses such as Walgreens, Dairy Mart, AutoZone, Rent-A-Center, Advanced Auto Parts, and Little Caesars Pizza, creating a strong synergy and attracting a substantial customer base. The property is zoned General Commercial (B-2), offering flexibility for a range of retail uses. This turnkey opportunity combines a desirable location, modern building systems, and ample space, making it an ideal investment for discerning buyers seeking a high-traffic retail presence in a well-established commercial area. The property's size and location make it suitable for a variety of retail concepts.

• CAP approach

  CAP return

  Valuation

  6%

  $2,963,988

  6.5%

  $2,735,989

  7%

  $2,540,561

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,641,959

  Geo Method

  $2,641,959

• Alternative Use

  Use

  Valuation

  Residential

  $2,307,909

  Hospitality

  $2,114,032

  Educational

  $1,758,850

  Medical

  $1,819,340

  Retail

  $2,735,989

Location Insight

City

Lorain

County

Lorain

State

Ohio

Latitude

41.4455

Longitude

-82.1646

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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