Features & Amenities

Interior

  • Total Bedrooms

    N/A

  • Bathrooms

    N/A

  • Cooling YN

    NO

  • Cooling

    None

  • Heating YN

    YES

  • Heating

    Natural Gas, Baseboard

  • Pet friendly

    N/A

Exterior

  • Garage

    No

  • Pool

    No

Area & Lot

  • Lot Size(acres)

    0.17

  • Property Type

    Commercial Sale

Price

  • Sales Price

    $500,000

  • Sq. Footage

    21,444

  • Price/SqFt

    $23

HOA

  • Association

    No

School District

  • Elementary School

    Lorain CSD - 4709

  • Middle School

    Lorain CSD - 4709

  • High School

    Lorain CSD - 4709

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Location

County

Lorain

Elementary School

Lorain CSD - 4709

Middle School

Lorain CSD - 4709

High School

Lorain CSD - 4709

Listing Courtesy of Joe Vaccaro, EXP Realty, LLC.

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Austin Lape

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A truly remarkable opportunity to own a historic landmark offering exceptional architectural character, expansive gathering spaces, and endless possibilities. Originally constructed as a Masonic Temple and currently operating as a church, this stately building showcases timeless craftsmanship and an impressive neoclassical façade that has stood as a prominent community centerpiece for generations. Step inside the grand foyer, where terrazzo flooring, soaring coffered ceilings, elegant lighting, and original architectural details create a memorable first impression. The main sanctuary features a spacious worship area with abundant seating, beautiful hardwood floors, tall windows, decorative moldings, and an elevated stage designed to accommodate large gatherings, services, performances, and special events. Beyond the sanctuary, the property offers a stunning auditorium complete with a stage and expansive open floor area, providing incredible flexibility for conferences, concerts, community events, educational programs, or future redevelopment opportunities. Additional features include multiple meeting and gathering spaces, a large fellowship hall, a commercial-style kitchen, offices, classrooms, and support areas designed to accommodate a variety of organizational needs. Prominently positioned on a corner lot, this iconic property presents a rare opportunity for continued religious use, a community center, event venue, performing arts space, educational facility, corporate headquarters, or other adaptive reuse possibilities. Rich in history, architectural beauty, and potential, this is a one-of-a-kind offering ready for its next chapter.

400 Washington Avenue

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Related Properties

Lorain sits on Lake Erie just 30 miles west of Cleveland, a commuter-accessible market where renters make up 45% of all households, county home values are up nearly 18% year-over-year, and a wave of economic activity including 1,800 new union jobs at Ford's Ohio Assembly Plant is tightening rental demand across the board. Against that backdrop, this fully occupied 10-unit building is a textbook buy-and-hold: all one-bedroom/one-bath units, many updates already complete, low property taxes, and a new silicone roof layer going on prior to closing. At $42,500 per door, the basis is hard to argue with.
The rent roll sits at $6,225/month ($74,700 GSI) with current rents ranging $500-$675, meaningfully below a market where the dominant rental price band runs $700-$850. That gap represents $100-$200/unit of achievable upside on renewals with minimal to no upgrades. A coin-operated laundry room and unused storage area add additional income potential on top. The owner covers water, sewer, and gas via the on-site boiler, all reflected in the expense model.
At $425K, the deal underwrites to an 8.54% cap rate, 1.40x DSCR, and $871/month net cash flow against a conservative 5% vacancy assumption. As rents roll to market, the 5-year model shows cash-on-cash climbing from 9.46% toward 14.5% with cumulative cash flow exceeding $66,000 over that window. Fully occupied, freshly roofed, clear value-add runway. This is Lorain at its most investable.
#5200241

Lorain

1888 E 28th Street

None Beds

None Baths

8,692 Sq.Ft.

$425,000

MLS#: 5200241

Established Neighborhood Grocery Store with the Business, Building & Land Included!

Take advantage of this rare opportunity to own a long-established, successful neighborhood grocery store in the heart of Lorain! Roman’s Groceries is a true turnkey investment offering the business, building, land, and all equipment needed to continue operations from day one.

Serving the community for more than 30 years, this well-known neighborhood market has built a loyal customer base and a proven history of consistent business. The store currently offers groceries, beer, wine, cigarettes, and Ohio Lottery sales, creating multiple streams of revenue. Beer, wine, tobacco, and lottery licenses are available for transfer in accordance with state regulations.

Situated on a highly visible corner along Pearl Avenue, the property benefits from excellent traffic exposure and convenient customer access. The approximately 1,624 square foot retail building includes on-site parking, public utilities, central air conditioning, and natural gas forced-air heating.

To ensure a smooth transition, the current owners are willing to provide training and consultation for an agreed-upon period. Financial information is available to qualified buyers upon request.

Whether you’re an experienced business owner looking to expand your portfolio or an entrepreneur seeking a profitable turnkey operation, this is an exceptional opportunity to own a well-established business with real estate included.
#5224487

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2957 Pearl Avenue

None Beds

None Baths

N/A

$600,000

MLS#: 5224487

 - property

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