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401-427 Cleveland Street, Elyria, OH 44035

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For Sale

$2,350,000

0.83 acres

Estimated Payment

$      /mo. †

APR for 30 years

Change Loan Terms

  • Other Residential
    Property type

  • Newly Listed
    Time on Century 21

  • 0.8 acres
    Lot size

  • Over 50 Years Old
    Age

Explore this Property

100% Occupied!! Current cap rate 9.87%. Prime commercial retail strip mall in Elyria, OH! Located in a high-traffic area near route 57 and the Ohio turnpike (80) on a heavily traveled street within a thriving business district. This 24,871 SQ FT building sits on 0.83 acres of valuable land. There are 9 total units by which eight of them are in the main retail strip and the additional freestanding building (9th unit) is located directly behind the main retail strip.Tenants have a long solid history at this plaza! With future increases in rents the Pro Forma Cap rate will be well over 10%. Owner is relocating to retire and prefers a quick sale. Possible short term Owner financing may be available at a 6%-7% interest rate and only considered with a strong down payment.
MLS# 5143982

Courtesy Of RE/MAX Real Estate Group

(440) 333-1230

Property Features

  • Age
    Over 50 Years Old
  • Heating System
    Forced Air
  • Lot Size
    0.83 Acres
  • Roof Type
    Asphalt

Map and Directions

Directions to 401-427 Cleveland Street, Elyria, OH 44035

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(440) 449-9100
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Mortgage Calculator

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Monthly Payment Breakdown

  • Principle and Interest
    $0
  • Property Taxes
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  • Hazard Insurance
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  • Private Mortgage Insurance
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  • HOA Dues
    $0
  • Total Monthly Payment:
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Calculators provided for estimating purposes only. Consult with your lender to determine precise payment requirements.

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† Based on a 30-year fixed rate of 3.38% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines. The rates shown are based on average rates for our best qualified customers. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.

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