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625-627-633 Broad Street, Elyria 633 Broad St 12,420 SF 100% Leased Office Building Elyria, OH 44035 $1,600,000 ($128.82/SF)
Investment Highlights
- 100% Tenant occupancy
- Detailed records of all improvements and renovations available
- Central downtown location walkable to restaurants and other amenities
- Below market rents, allowing for significant upside potential
Executive Summary
This 3-building complex with adjacent land is fully occupied by Geisel Mechanical, Lorain County Bar Association, New to You, and various other legal offices and residential tenants on the 2nd floors.
The property has been owned for generations dating back to 1976 with the original building purchase and later the adjacent buildings in 1981 and 1990. As the long time Headquarters for Geisel Mechanical, over the years as the business grew so did the family’s ownership and development of these properties. With its central downtown
location, not only was it perfect for Geisel’s headquarters, but also the development of 2nd floor offices (the Lawyer’s Loft) and 4 residential apartments. The adjacent office suite currently leased by Lorain County Bar Association, retail shop New to You, and adjacent land offer the ability to expand Geisel in the future if needed.
The property has been owned for generations dating back to 1976 with the original building purchase and later the adjacent buildings in 1981 and 1990. As the long time Headquarters for Geisel Mechanical, over the years as the business grew so did the family’s ownership and development of these properties. With its central downtown
location, not only was it perfect for Geisel’s headquarters, but also the development of 2nd floor offices (the Lawyer’s Loft) and 4 residential apartments. The adjacent office suite currently leased by Lorain County Bar Association, retail shop New to You, and adjacent land offer the ability to expand Geisel in the future if needed.
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Building Size
12,420 SF
Building Class
B
Year Built/Renovated
1976/2019
Price
$1,600,000
Price Per SF
$128.82
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
6,210 SF
Building FAR
0.48
Lot Size
0.59 AC
Opportunity Zone
Yes
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Fairly walkable
50/100
Exceptionally drivable
100/100
Fairly bikeable
40/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $300,977 | |
| Land Assessment | $44,289 | Total Assessment | $345,266 |
Property Taxes
Parcel Numbers
Land Assessment
$44,289
Improvements Assessment
$300,977
Total Assessment
$345,266
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625-627-633 Broad Street, Elyria | 633 Broad St
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