$1 Auction - REIT Sale | Former Golden Corral 1519 W River Rd N 10,583 SF Retail Building Elyria, OH 44035 $175,000 ($16.54/SF)

Marcus & Millichap and RI Marketplace are pleased to present the opportunity to acquire a vacant, free-standing, second-generation restaurant/retail building located at 1519 West River Road North in Elyria, Ohio 44035 (the “Property”). Formerly occupied by Golden Corral, the Property is being offered significantly below replacement cost, providing an attractive opportunity for owner-users, investors, and developers to acquire a highly visible commercial asset within the Cleveland Metropolitan Area. FIRST BID MEETS RESERVE!
Constructed in 2004, the Property consists of a ±10,583-square-foot, single-story retail building situated on a ±3.6726-acre parcel (±159,977 SF). The site occupies a hard-corner intersection at West River Road and Ford Road and benefits from prominent frontage, excellent visibility, and convenient accessibility. Two dedicated curb cuts, including access from both West River Road and Ford Road, provide efficient ingress and egress for customers, employees, and service vehicles. The Property is further enhanced by 188 surface parking spaces (18/1,000 SF), offering parking capacity well in excess of typical retail and restaurant requirements. Previously occupied by Golden Corral on a triple-net (NNN) basis, the Property presents a compelling value-add opportunity to re-lease the space at market rents (CoStar-estimated $14-$16/SF NNN Retail). The Property features existing restaurant infrastructure, substantial land area, ample parking field, and strategic location creating the potential for either redevelopment or adaptive reuse opportunities. The Property is zoned Commercial District, which permits a broad range of retail, commercial, service, residential, and mixed-use applications, providing exceptional flexibility for prospective users, investors, and developers seeking to capitalize on one of the County’s primary corridors.
Located in Elyria, Ohio, the county seat of Lorain County and a key component of the Cleveland Metropolitan Area, the Property benefits from a strategic position within one of Northeast Ohio’s most established retail and commercial corridors. Situated at the signalized intersection of West River Road North and Ford Road, the site offers excellent visibility and accessibility within a heavily trafficked retail corridor serving Elyria and the surrounding communities. The Property is conveniently located near Lorain Blvd (36,800+ VPD), I-80 (Ohio Turnpike with 52k+ VPD), I-90 (over 55k VPD), and SR-57, providing direct access to Downtown Cleveland (±35-min), Cleveland Hopkins International Airport (±25-min), and major employment centers throughout Lorain and Cuyahoga Counties. Elyria serves as a regional retail, healthcare, and employment hub for western Greater Cleveland, drawing consumers from throughout Lorain County and neighboring communities. The Property is located across from Midway Mall and the immediate trade area features a strong concentration of national retailers, restaurants, hotels, and service providers, including Walmart Supercenter, Target, Lowe’s, Meijer, Kohl’s, Best Buy, Home Depot, and numerous quick-service and full-service restaurant operators. The Property also benefits from proximity to major institutional and employment drivers including University Hospitals Elyria Medical Center (287-beds), Lorain County Community College, (±9,400 students), and several industrial and manufacturing employers located throughout the region. Within a 5-mi radius, the area supports a population over 120,000 with an average household income above $90k, providing a substantial consumer base for retail, restaurant, medical, and service-oriented users.