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Commercial Real Estate for Sale at 401-427 Cleveland Street in Elyria, OH for $2,350,000

Listing data last changed 07/31/2025 - 11:08pm
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401-427 Cleveland Street | Elyria

$2,350,000 | 0.0 Sq. Ft.

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. MLSNow 5143982 Directions to property: Corner of Olive and Cleveland Streets

MLS Listing ID: 
MLSNow 5143982
Listing Category: 
Purchase
Listing Status
Status of the Listing.
Listing Status: 
Active
Listing Pricing
Pricing information for this listing.
List Price: 
$2,350,000
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!! 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.
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 Office Name: 
RE/MAX Real Estate Group

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