5201-5207 Lorain Avenue, Cleveland, OH 44102

Property Description

A partly renovated brick building. Located on the northwestern parameter of trendy Ohio City where restaurants, shops and residences are booming. One-time owner since 1996, has maintained an Antique Shop and four apartment suites…two of which have been recently renovated. The second and third floors have stackable floor plans with much more to offer in ways of unit finishes, exterior decks and possible rooftop patio. You need to see the quality of work, materials and opportunities ahead.

This building consists of first floor store front now that can remain, change to flex space or become additional suites. The basement is in excellent condition with plumbing that exist for additional bathroom and kitchen needs basement floor was poured in 1999…so much so that a restaurant can operate within. The uniqueness is plentiful in how you could manipulate the rooms and residences of this property. There is additional space for off-street parking or secured gate storage.

The building has been updated on electric panels, plumbing, FA furnaces and hot water tank in every unit. The property is separately metered for gas and electric. The roof will need attention as well as gutters/downspouts and an upper floor egress as those units are completed by the new buyer.

The four units up are income producers, and much can be added to push high-end market rates. There is a separate entrance from the store and two units complete and marketed for new tenants. Upside, we see balconies, decks and full amenities for these two bedrooms and one bath suites. You will find all of the necessary appliances to make these self-sufficient with dishwashers, stoves, refrigerators and washer/dryers. There are also electric fireplaces.

The owner has put any additional renovations on hold as he now plans to move on. We see the great potential for a store, restaurant, shop and residences. This location as a walkable/bikeable neighborhood with direct access to downtown Cleveland, Edgewater Park and the Sports Venues.

Please find both a picture file of the property and plot/floor plan maps.

Picture Link: https://share.icloud.com/photos/0b84eUMm--r1NtEQvxraSNn1w

Plot & Floor Plan Maps: https://share.icloud.com/photos/0aadu-mwrWWwqggpVN93Ht2-g

Investment Highlights

The existing building spaces consist of first floor store with bathroom, office space and full basement. This space can easily be converted back into 2 store fronts which each has a dedicated entrance. The 4 units up, 2 of which are renovated and ready to lease. These are income producers at market rents that should reach $1200-$1300 each. Depending on usage and layouts, the first floor can earn approximately $2500-$4000/month.

This is a value-add property in which the heavy lifting has been done on most Capex items. This building has many potential uses as the neighborhood continues in its growth phases within the Ohio City/Gordon Square Development Corporation.

‍