Small commercial building Cleveland, OH, Lee Road/I480

Small commercial building Cleveland, OH, Lee Road/I480

Investor · Cleveland, OH · Member since 2013 · 38 posts · 10 votes

Hi everyone! 

Well I finally got my first Yellow Letters mailing out and was excited to see the results from day one. Outside of the two responses that warned to report me to the police, and one that actually took the time leave a message to tell me that "I don't mean to tell you what to do, but you can go to hell...," I got 2 appointments scheduled to look at a SF rental that looks promising, and a small commercial building that I may be able to purchase quite cheaply.

The building is located just North of I480 on Lee Road in Cleveland OH. Does anyone have any experience/knowledge of this area of Cleveland with this type of property? It is a small brick building that used to be a catering business, but I can see multiple possible uses for it with some work. I'm going to see the building next week and I wanted to have a few ideas prior to the appointment.

The owner said there is a party interested in renting which she isn't willing to do, but I thought if I could talk to the party and maybe do a quick purchase and lease option it out that might work also.

Any suggestions or comments on the area would be appreciated!

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  • Commercial Real Estate Broker · Akron, OH · Member since 2017 · 12 posts · 2 votes
    9y

    Hey Vic.

    What are you looking to do with the commercial building?  Have you checked into zoning?  If there is a party interested in leasing the building why doesn't she lease it out?   A leased building is much more attractable to an investor than a vacant building.  Do your due diligence! 

    Message me with any questions.

    - Tim

  • Investor · Cleveland, OH · Member since 2013 · 38 posts · 10 votes
    9y

    Thanks for responding @Tim Bishman. My focus for the last 2 years has only been on single family houses so this surprised me a bit. It's a small one story brick building that could have many uses, but I see it mainly as property that a small business or startup would want to use.  

    I will check into zoning to see how flexible the use for the property could be, but I'm also concerned about the area it's located in. It's not the best as far as crime possibly, but I don't know exactly what effect that will have on a building like this. The owner did say it was vandalized at one time, and I can see where some graffiti was removed from bricks.

    I'd either like to get it under contract to wholesale if the price is right, or if the renter is qualified/and or I can find a qualified buyer, I might be interested in selling on a lease option. I'd rather have it off of my hands as quickly as possible though.

  • Rental Property Investor · Orlando, FL · Member since 2016 · 463 posts · 220 votes
    9y

    As you mention, that is a VERY iffy area... You might have trouble offloading it (at least to local buyers).

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