Elyria OH 44035- 3,696 sq ft Retail on 8,700 sq ft lot in a great Location
FOR SALE: COMMERCIAL PROPERTY AT A LOW PRICE IN A POPULAR LOCATION
141 Lake Avenue Elyria, OH 44035
3,696 sq ft Retail on about 8,700 sq ft (0.20 acres) lot in 2 parcels.
Lots of potential and possibilities here!
A lot of value in the land on its own (see comparables below)
Lot 0624158000036 : 5,730 sq ft
Lot 0624158000037 : 3,000 sq ft
Ideal for an investor or owner occupier who's thinking of starting a business or for a property developer to rehab or demolish existing structure and redevelop. The property needs a full rehab and has been condemned by the city.
Located on a major road with great visibility
Previously used as a dollar store. Can be used as a restaurant, store, warehouse, club and other uses subject to zoning.
Property has a private office, bathroom a large retail area and a basement area.
Parking area east of the building.
Great Location
The property is located in a popular area less than 1/2 mile from Downtown Elyria, on major road with great visibility near 57 making it ideal for retail, restaurant or similar uses. It is conveniently located close to local facilities and amenities.
Downtown Elyria: 0.5 miles
Midway Mall: 2.1 miles
Restaurants and Coffees:
McDonald's - .04mi
525 Broad St - .04mi
Leaf Bean - .05mi
Taco Bell - .1mi
Cascade Café - .2mi
Donna's Diner - .2mi
Hanini Subs - .2mi
J&Js Hole In The wall - .2mi
Golden Ginger - .4mi
Little Caesars Pizza - .4mi
Mr Hero - .4mi
Gyro House - .5mi
Subway - .5mi
GetGo Gas Station - .6mi
Derby Sweepstakes, LLC - 2.4mi
Dunkin' Donuts - 3.6mi
Starbucks - 3.6mi
Bars:
Bugsy's Speakeasy - .2mi
Basil's Lounge- .5mi
Chris's Place - 1.1mi
Little Brown Jug - 1.1mi
Mighty Quinns - 1.1mi
Backstreet Grill and Pub LLC - 1.9mi
The Brass Pole Cabaret - 2.1mi
Crissy's Lounge - 2.3mi
The Pub - 2.6mi
Groceries
Shop Way - .3mi
Save-A-Lot - .8mi
S & M Market -1.1mi
Dale's Market & Deli - 1.2mi
All Ohio Produce Inc - 1.4mi
Giant Eagle - 1.5mi
Big Lots - 1.7mi
Aldi - 1.7mi
Parks
Ely Park - .1mi
Washington Avenue Historic District - .5mi
Cascade Park - .6mi
Elywood Park - .6mi
Elyria South Park - 1.3mi
West Recreation Field - 1.5mi
Ely Stadium - 1.6mi
Black River State Reservation - 2.6mi
Schools
St Mary Elementary School - .3mi
Elyria High School - .5mi
McKinley Elementary School - .6mi
Franklin Elementary School - .8mi
Ely Elementary School - .9mi
Eastern Heights Junior High School - .9mi
Northwood Junior High School - 1.2mi
Prospect Elementary School - 1.4mi
Oakwood Elementary School - 1.4mi
St Jude School - 1.5mi
Elyria Community School - 1.8mi
Elyria Christian Academy - 2mi
Life Skills Center of Elyria - 2.2mi
Windsor Elementary School - 2.5mi
Westwood Junior High School - 2.5mi
Open Door Christian Schools-add S - 2.7mi
Crestwood Elementary School - 2.8mi
First Baptist Christian School - 3.2mi
St Vincent de Paul School - 3.4mi
Vincent Elementary School -3.5mi
Lake Ridge Academy - 3.7mi
Helen Steiner Rice Elementary School - 4.2mi
Shopping & Entertainment
Mystical Moon - .1mi
Hickories Museum - .4mi
The Crystal Era - .5mi
yvonnelsgifts.com - .5mi
Convenient Food Mart - .5mi
Family Dollar #5155 - .7mi
Family Dollar Stores - .7mi
Broad Street Beverage - .9mi
Target - 1.3mi
Atlas Cinemas - 1.6mi
Regal Cinemas Cobblestone Square 20 - 3.7mi
North Ridgeville Fire Museum - 4.8mi
Demographics (within 3 miles):
Total Population Adult: 44,525
Total Population Adult (Daytime): 71,804
Total Population: 429,207
% White alone: 79.24%
% Black or African American : 14.08%
Average Household Income: $54,394
THIS IS A UNIQUE OPPORTUNITY FOR THE SAVVY BUSINESS OWNER, DEVELOPER OR INVESTOR TO OWN A POTENTIALLY HIGH INCOME PROPERTY AT A DISCOUNTED PRICE IN A GREAT LOCATION.
Great investment opportunity:
Comparables SOLD:
$450,000 - SOLD 01/06/2016: 2040 Midway Mall, Elyria, OH 44035 - 6,770 SF - Restaurant
$355,000 - SOLD 01/22/2016- 900 Abbe Road N, Elyria, OH 44035 - 3,888 SF - Retail
$217,000- SOLD 10/13/2015- 7325 W River Road S, Elyria, OH 44035 - 3,736 SF - Retail
$180,000- SOLD 04/13/2015- 521 Lake Avenue, Elyria, OH 44035 - 4,140 SF - Retail
Other types of property sold in this area:
$234,000- SOLD 11/13/2015- 26 Windbrook Court, Elyria, OH 44035- 0.11 Acres - Residential land
$220,000- SOLD 02/27/2015 - 5061 N Abbe Road, Sheffield Village, OH 44035 - 2,254 SF - Office Building
$217,500- SOLD 06/25/2015 - Overlook Drive, Grafton, OH 44044 - 0.02 Acres - Residential land
$175,000- SOLD 01/02/2015 -309 East Avenue, Elyria, OH 44035 - 5,598 SF - Religious Facility
$150,000- SOLD 01/29/2016 - 116 Pinewood Drive, Elyria, OH 44035 - 0.01 Acres - Residential land
$145,000- SOLD 03/21/2016 - 1040 Gulf Road, Elyria, OH 44035 - 0.26 Acres - Residential land
$141,900- SOLD 03/24/2015- 1428 Gulf Road, Elyria, OH 44035 - 0.03 Acres - Residential land
$142,000- Sold 05/18/2015 - 2091 Grafton Road, Elyria, OH 44035 - 3,731 SF - Vehicle Related
$139,900-SOLD 05/12/2015 -299 Pasadena Avenue, Elyria, OH 44035 - 0.05 Acres - Residential land
$135,000- SOLD 04/16/2015145 Notre Dame Circle, Elyria, OH 44035 - 0.11 Acres - Residential land -
$129,000- sold 06/12/2015 -41639 Elmwood Street, Elyria, OH 44035 - 0.07 Acres -Residential land
$127,900- SOLD 02/19/2015- 41645 Elmwood Street, Elyria, OH 44035 - 0.07 Acres - Residential land
$125,000- SOLD 01/26/2015 -125 E Broad Street #301, Elyria, OH 44035 -867 SF - Office Building
$108,000- SOLD 05/15/2015 -30 Sandy Lane, Elyria, OH 44035 - 0.04 Acres - Residential land
$95,000- SOLD 05/01/2015 -35 Lakeview Drive, Grafton, OH 44044 - 0.01 Acres - Residential land
$88,000- SOLD 09/01/2015 -41877 Emerson Court, Elyria, OH 44035 - 0.18 Acres - Residential land
$86,800- SOLD 02/20/2015 -111 Columbia Avenue, Elyria, OH 44035 - 0.06 Acres - Residential land
$86,000- SOLD 04/16/2015 -41584 Rosewood Street, Elyria, OH 44035 - 0.08 Acres - Residential land
The total land area is 8,700 sq ft (0.20 acres). Based on the above comparables, there is already a lot of value in the land on its own.
Average Retail Asking Price: $84/ sq ft (Loopnet)
Real estate Taxes:
Lorain County Parcel ID#:
0624158000036 - Yearlt tax: $1,852.16
0624158000037 - Yearly tax: $66.38
Taxes are up-to-date: paid up to 2014 1st Install- No taxes currently due.
PROPERTY IS SOLD AS IS, WHERE IS-
Buyer assumes Real Estate Taxes, liens and encumbrances (if any).
Winning bidder must contact the seller within 24 Hours after the close of the auction with full details of the buyer.
Buyer will also be responsible for $500 deed prep and doc fee as well as 8 % premium.
10% non-refundable deposit (minimum $1,000), auction premium and $500 deed preparation and doc fee are due within 48 hours of auction close.
Final Payment to be made within 1 week of the Auction close.
All bidders to do their due diligence. No statement anywhere, whether express or implied, shall be deemed a warranty or representation by the Seller regarding these assets. Property is sold on a Quit Claim deed. Buyer assumes real estate taxes, tax redemptions, liens and encumbrances (if any). Buyer to check zoning. The property has been condemned by the city and the buyer assumes the violations. All buyers are deemed to have relied entirely on their own information, judgments and inspections of the property in making the decision to purchase the property. The sale of this property is subject to the Purchase Agreement which is attached under "Additional Details"
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