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$ 499,000
Est. payment /mo
Pending
5380 E Lake RD Sheffield, OH 44054
0.5 Acres Lot
UPDATED:
Key Details
Property Type Commercial
Sub Type Retail
Listing Status Pending
Purchase Type For Sale
Subdivision Cove Beach Allotment
MLS Listing ID 5251343
HOA Y/N No
Year Built 1956
Annual Tax Amount $8,391
Tax Year 2025
Lot Size 0.496 Acres
Acres 0.4959
Property Sub-Type Retail
Property Description
INVESTMENT OPPORTUNITY in Sheffield Lake! This well-established neighborhood strip center at 5380 Lake Rd. offers 6,812 SF of commercial space on approximately 0.50 acres with six retail units. Five units are currently occupied with established tenants, while the sixth unit is currently available and being offered at $700/month—providing an immediate opportunity to increase rental income.
Current scheduled rents total $5,540/month ($66,480 annually), with potential gross rental income of approximately $74,880 annually when fully leased at the current asking rent for the vacant unit. Based on the current rent roll and 2025 operating expenses provided by the owner, the property reflects an estimated 8.4% capitalization rate at the asking price, with potential to exceed 10% once fully leased, subject to actual operating expenses and occupancy.
The property is in good overall condition, offering an investor the opportunity to capitalize on below-market rents and future rental growth while benefiting from an established tenant base. Modified gross leases, long-term tenancy, and a proven retail presence add to the appeal.
Strategically positioned along Lake Road, this is an excellent opportunity for an investor seeking a stabilized, income-producing commercial property with upside potential. Property, financials, leases, and income/expense information available for qualified buyers.
Current scheduled rents total $5,540/month ($66,480 annually), with potential gross rental income of approximately $74,880 annually when fully leased at the current asking rent for the vacant unit. Based on the current rent roll and 2025 operating expenses provided by the owner, the property reflects an estimated 8.4% capitalization rate at the asking price, with potential to exceed 10% once fully leased, subject to actual operating expenses and occupancy.
The property is in good overall condition, offering an investor the opportunity to capitalize on below-market rents and future rental growth while benefiting from an established tenant base. Modified gross leases, long-term tenancy, and a proven retail presence add to the appeal.
Strategically positioned along Lake Road, this is an excellent opportunity for an investor seeking a stabilized, income-producing commercial property with upside potential. Property, financials, leases, and income/expense information available for qualified buyers.
Location
State OH
County Lorain
Rooms
Basement None
Interior
Heating Gas
Fireplace No
Exterior
Parking Features Asphalt, Parking Lot
Roof Type Flat
Present Use Commercial,Retail
Building
Sewer Public Sewer
Schools
School District Sheffield-Sheffield - 4713
Others
Tax ID 03-00-033-105-001
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Listed by Brandi Peyatt • Russell Real Estate Services • mbrandi001@gmail.com, 440-539-7008
NEARBY SCHOOL & BUSINESS
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