717 Erie Ave Lorain, OH 44052-2136
- Drive through restaurants
- 1,530 SF
- 0.11 lot acres
Current Use by Public Records
- Mr Hero / Sandwich Shop / Deli
Property Details for 717 Erie Ave
- Year built
- 1972
- Lot size
- 0.11 lot acres
- Property size
- 1,530 SF
- Property type
- Drive through restaurants
- APN
- 02-01-002-104-007
- APU
- 201002104007
Description
This fee-simple, single-tenant, absolute NNN investment property presents a compelling opportunity. The 1,530 square foot Mr. Hero restaurant, located at 717 E Erie Ave in Lorain, OH 44052, sits on a 0.24-acre lot and boasts a 7.50% cap rate with a NOI of $42,695. The property, built in 1972, benefits from a long-term lease with Mr. Hero, commencing April 1, 2010, and expiring March 31, 2030, leaving 5.4 years remaining. The lease includes rent bumps, providing a hedge against inflation. The property enjoys excellent visibility on a major commercial corridor (US Route 6), with approximately 10,000 vehicles passing daily. Its strategic location near Lake Erie, marinas, beaches, and a large US Steel facility ensures high traffic and a robust consumer base. The surrounding area features dense residential neighborhoods and numerous other retail establishments, including Save-A-Lot, Key Food, and several national chains. The property's strong demographics, with over 44,300 people within a 3-mile radius and an average household income exceeding $68,864, further enhance its investment potential. This is a truly passive investment opportunity with zero landlord responsibilities. The tenant is responsible for all maintenance and repairs. This is a 100% occupied property offering a secure and profitable investment.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $410,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $500,000
- 6.5%
- $505,000
- 7%
- $570,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $505,000
- Geo Method
- $525,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $565,000
- Retail
- $620,000
- Mixed-Use
- $620,000
- Hospitality
- $565,000
- Educational
- $655,000
- Residential Income
- $475,000
- Energy
- $545,000
- Income-Based Land
- $495,000
- Food Service
- $585,000
Location Insight
- Map
- Local Demand
- City
- Lorain
- County
- Lorain
- State
- Ohio
- Longitude
- -82.1678
- Latitude
- 41.473
- CBSA code
- 17460
- CBSA name
- CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA
