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    OFF-MARKET
    Office buildings

    31040 Lorain Rd, North Olmsted, OH 44070-4723

    2,358 SF 1.22 ac lot Built 1951
    Entity Owned 18-yr Hold ~ Est. High Equity
    Property ID
    US66-5507546
    Property summary
    AI-generated overview

    This exceptional commercial property, located at 31040 Lorain Rd in North Olmsted, Ohio, presents a unique investment opportunity. The property encompasses a 2,358 square foot building, ideally suited for a variety of businesses. The main structure, built in 1951 and remodeled in 2008, features two stories and boasts Pella windows and high-end fixtures. Recent upgrades include a new furnace, water heater, and electrical system (2008). The property sits on a generous 1.22-acre lot, providing ample space for expansion, landscaping, or additional parking. A significant advantage is the inclusion of a 484 square foot, two-car garage, perfect for storage or additional workspace. The property's zoning allows for diverse uses, including professional offices, medical practices, retail establishments, and trades businesses. Its strategic location offers easy access to major highways, including I-480, I-90, and the Ohio Turnpike, ensuring excellent visibility and convenient commuting for employees and clients. The property is currently configured for single tenancy but could easily accommodate multiple tenants. The current owner is retiring and is willing to negotiate the sale of select furniture. This is a rare opportunity to acquire a well-maintained, versatile commercial property in a highly desirable location. The property's size, location, and recent upgrades make it an attractive investment for both established businesses and new ventures.

    Property profile
    Verified
    Property type Office buildings
    Use group OFFICE BUILDING
    Year built 1951
    Construction WOOD
    Total area 2,358 SF
    Lot 1.22 ac (53,048 SF)
    APN 234-04-003
    UPID US66-5507546
    Cap rate & NOI
    Priority signal for investors
    Implied cap rate, NOI & suggested price
    Cap rate vs submarket · NOI estimate · 3 price anchors
    Implied cap rate, NOI & suggested price
    Cap vs submarket · NOI estimate · 3 price anchors
    Current use
    Occupant on record · Public records
    • Joan Jacobs Thomas Co Law Firm
    Value estimations
    Realmo proprietary · 4 methods
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    Owner & transaction history
    Balance Rock LLC · 18 yrs held
    Balance Rock LLC
    since 2008
    2 recorded transactions
    2008
    $152,000
    1969
    Zoning & alternative use
    Permitted uses
    Permitted uses
    Allowed · conditional · prohibited
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