2521 Stoney Rdg Rd, Unit 7 Avon, OH 44011-1868
- Investment properties
- 1,000 SF
- 0.23 lot acres
Jan 29, 2025
Current Use by Public Records
- Smith's Barber Shop / Barber Shop
- Dottie's Hair Du / Beauty Salon
Property Details for 2521 Stoney Rdg Rd
- Lot size
- 0.23 lot acres
- Property size
- 1,000 SF
- Property type
- Investment properties
- Property subtype
- Live-work space
- APN
- 04-00-010-116-033
- APU
- 400010116033
Description
Exceptional investment opportunity in Avon, Ohio, featuring a 9-unit apartment building and 2 retail spaces. This mixed-use property boasts 3,800 square feet on a 25,000 square foot lot, with two buildings and two stories. Six large two-bedroom units and three smaller retail/residential units are included, five of which have been completely remodeled (2022-2023). The property benefits from low operating expenses, with tenants covering electricity, wifi, and partial water/sewer costs. In-suite washers and dryers are included in the two-bedroom units, and ample parking is available. Capital expenditures have included roof, window, and HVAC upgrades. The property currently enjoys 100% occupancy (as of January 1, 2024), generating a strong NOI of $102,960 and a pro-forma NOI of $128,700. The asking price is $995,000, representing a current cap rate of 10.35% and a pro-forma cap rate of 12.93%. The property is zoned for mixed use and offers a compelling return on investment. This is a rare opportunity in a desirable location, and it is expected to sell quickly. The property is privately owned and sold as-is. Property details include APN numbers 04-00-010-116-033 & 034.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Avon
- County
- Lorain
- State
- Ohio
- Longitude
- -82.0346
- Latitude
- 41.4515
- CBSA code
- 17460
- CBSA name
- CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA
