1801 Elyria AveLorain, OH 44052

Property Details for 1801 Elyria Ave

Year built

1965

Lot size

0.46 AC

Property size (Sq ft)

6,258 SF

Property type

Office properties

Property subtype

Office buildings

APN

02-01-003-150-008

APU

201003150008

Description

This exceptional 5,000-square-foot mixed-use building in Lorain, OH, presents a unique investment opportunity. Currently configured as a fully operational daycare center, the property is offered complete with all existing furnishings and equipment, making it ideal for immediate occupancy. The sale includes a substantial 0.46-acre lot providing ample space and 27 parking spots for clients and staff. A convenient loading bay enhances operational efficiency. Significant recent upgrades to the building's mechanical systems, encompassing HVAC, electrical, and plumbing, ensure long-term functionality and reduced maintenance costs. The flexible floor plan allows for continued use as a daycare or seamless conversion to office space or another mixed-use configuration. Located at 1801 Elyria Avenue, this property benefits from a prime location within the city of Lorain. This well-maintained building offers a rare chance to acquire a turnkey operation or a readily adaptable space for a new venture. The asking price is $500,000. This represents a compelling investment in a versatile commercial property with significant potential.

• CAP approach

  CAP return

  Valuation

  6%

  $1,125,814

  6.5%

  $1,039,213

  7%

  $964,983

• Comparable approach

  Method

  Valuation

  Relative Method

  $585,373

  Geo Method

  $585,373

• Alternative Use

  Use

  Valuation

  Residential

  $1,288,624

  Hospitality

  $1,180,372

  Educational

  $982,056

  Medical

  $1,015,830

  Retail

  $1,527,643

Location Insight

City

Lorain

County

Lorain

State

Ohio

Latitude

41.4546

Longitude

-82.1649

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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