Commercial Real Estate for Sale at 401-427 Cleveland Street in Elyria, OH for $2,300,000

Listing data updated April 14, 2025 - 1:39pm
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401-427 Cleveland Street | Elyria

$2,300,000 | 0.0 Sq. Ft.

100% Occupied!! The current cap rate is now 9.6%.. Possible Owner financing available at a 6% interest rate will be considered with a strong down payment. Currently, the two recently vacant units are now in the process of finalizing lease docs and will be occupying the space soon. 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%. MLSNow 5095730

Directions to property: Corner of Olive and Cleveland Streets

MLS Listing ID: 
MLSNow 5095730
Listing Category: 
Purchase
Listing Status
Status of the Listing.
Listing Status: 
Active
Listing Status (Local): 
Active
Listing Pricing
Pricing information for this listing.
List Price: 
$2,300,000
Basic Property Information
Fields containing basic information about the property.
Property Type: 
Commercial
Property Sub Type: 
Retail
Primary Market Area: 
Elyria
Address: 
401-427 Cleveland Street, Elyria, OH 44035
County: 
Lorain
Latitude: 
41.3743640
Longitude: 
-82.0860570
Directions: 
Corner of Olive and Cleveland Streets
Public Remarks: 
100% Occupied!! The current cap rate is now 9.6%.. Possible Owner financing available at a 6% interest rate will be considered with a strong down payment. Currently, the two recently vacant units are now in the process of finalizing lease docs and will be occupying the space soon. 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%.
Community Information
School District: 
Elyria CSD - 4706
Building Details
Details about the building on a property.
Year Built: 
1950
Living Area: 
0.0
Construction
Roof: 
Asphalt,Fiberglass
Room Details
Details about the rooms in the building.
Total Bedrooms: 
0
Total Bathrooms: 
0
Total Full-Bathrooms: 
0
Total Half-Bathrooms: 
0
Total One-Quarter-Bathrooms: 
0
Total Three-Quarter-Bathrooms: 
0
Utilities
Information about utilities available on the property.
Heating System: 
Forced Air,Gas
Cooling System: 
Central Air
Water Source: 
Public
Sewer: 
Public Sewer
Lot/Land Details
Details about the lots and land features included on the property.
Acres: 
0.83
Lot Size (Area): 
0.83
Lot Features
Parking Type: 
On Site,Paved
Total Parking Spaces: 
100
Public Record
Parcel Number: 
06-25-015-101-028
Annual Tax: 
$35,234.00
Contract Details
Details about the listing contract.
Possession: 
Delivery Of Deed
Disclosures: 
Principal is Real Estate Licensed
Listing Participants
Participants (agents, offices, etc.) in the transaction.
Listing Agent Name: 
Andrew G Pal
Listing Office Name: 
RE/MAX Real Estate Group

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