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Archived over 2 years ago

$690,000

rooms 1 ba 1530 sqft

717 E Erie Ave, Lorain, OH 44052

Commercial Commercial Occupied

Current Rent **

$10,000+

Projected Rent **

$10,000+

Estimated Cap Rate *

Pro Only

Estimated Cash on Cash ROI *

Pro Only

Absolute NNN Single Tenant Retail

Red 1 Realty is pleased to exclusively list an Absolute NNN Single Tenant 1,530 square foot Restaurant located in Lorain, (Lorain County), Ohio. The subject property is settled on 0.24 acres and is located near multiple schools & housing developments. The property features views of Lake Erie with proximity to the pier & marina. Lorain is a city in Lorain County, Ohio, United States. The municipality is located in northeastern Ohio on Lake Erie, at the mouth of the Black River, approximately 30 miles west of Cleveland.

As of the2010 census, the city had a total population of 64,097, making it Ohio’s tenth largest city, the third largest in Greater Cleveland, and the largest in Lorain County by population. The city is notable for its deindustrialized economy, formerly being home to the American Ship Building Company Lorain Yard, Ford Motor Company Lorain Assembly Plant, and United States Steel Corporation’s sprawling steel mill on the city’s southside. One of the highlights of the summer season is the Lorain International Festival. Every year, as part of the festival, there is
a pageant of princesses who each represent their heritage.

OFFERING SUMMARY
Price: 690,000
Net Operating Income: $41,371.20
Capitalization Rate: 6.00%
Rent / SF: 27.03
Lease Type: Absolute Net
Gross Leasable Area: 1,530 SF
Year Built / Renovated: 1972
Lot Size: 0.24 acre(s)

Location:

717 E Erie Ave, Lorain, OH 44052

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* The cap rate and cash on cash return calculations found on BiggerPockets Listings are estimated and designed to be used for informational and educational purposes only, and when used alone, do not constitute investment advice. They assume 3 months worth of expenses and estimate taxes and insurance. BiggerPockets recommends that you seek the advice of a real estate professional before making any type of investment. The results presented may not reflect the actual return of your own investments. BiggerPockets is not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by these tools. Furthermore, BiggerPockets is not responsible for any human or mechanical errors or omissions.

** Current rent and projected rent are provided by the lister.

† Rental comps are pulled by looking at property characteristics (beds, baths, structure type), date the rent listing was captured, and proximity to the searched location.

‡ Confidence levels range from low to very high. Confidence is determined by the number of recent and relevant comparable properties for any given search. A very high confidence level indicates a high number of recent and similar rental listings.