Technical
Financial
Distress signals
Property profile

2709 Broadway Lorain, OH 44055

FOR LEASE
Retail space
Property ID
US66-2405911
11,208 SF 0.17 ac lot Built 1996
Entity Owned 4-yr Hold ~ Est. High Equity
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Property summary

AI-generated overview

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.

Property profile

Verified
Property type Retail space
Use group RETAIL STORES (PERSONAL SERVICES)
Year built 1996
Total area 11,208 SF
Lot 0.17 ac (7,405 SF)
APN 02-01-003-195-010
UPID US66-2405911

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Physician
  • Pharmacy
  • Pharmacy
  • Pharmacy
  • Bank Credit Union

Location

2709 Broadway Lorain, OH 44055
Lorain metro Census 23200 CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA
Google Maps

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
$2.16M
CAP Approach CAP
$1.74M
Comparable Approach Comparable
$1.54M
Blend (final) Blend
$2.11M

Owner & transaction history

since 2022
Last sale
$2.7M
4 recorded transactions
2022
$2.7M
2019
Price N/A
2014
$2.2M
2007
$2.4M

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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