INNOVATE Real Estate
Entrance to property featuring a shingled roof - 501 Lake Avenue, Elyria
View of side of property featuring a shingled roof - 501 Lake Avenue, Elyria
Retail at 501 Lake Avenue, Elyria, photo 3 of 13
View of road featuring traffic signs - 501 Lake Avenue, Elyria
Retail at 501 Lake Avenue, Elyria, photo 5 of 13
Office space with dark floors and a paneled ceiling - 501 Lake Avenue, Elyria
View of below grade area - 501 Lake Avenue, Elyria
View of below grade area - 501 Lake Avenue, Elyria
Storage area featuring a heating unit - 501 Lake Avenue, Elyria
View of misc room - 501 Lake Avenue, Elyria
View of home's exterior - 501 Lake Avenue, Elyria
View of side of home featuring a yard and concrete block siding - 501 Lake Avenue, Elyria
Retail at 501 Lake Avenue, Elyria, photo 13 of 13
13 photos

$164,000

501 Lake Avenue
Elyria, OH 44035
Listed by Roger L Nair · Home Equity Realty Group
Bedrooms
N/A
Bathrooms
N/A
Living area
N/A
Year built
1960

About this home

Former bakery catering service still currently running out of building, can be divided up to have two storefronts or one large business out of building. Alot of catering and ovens will go with the building.

Property details

MLS #
5152708
Property type
Retail
Subdivision
Nichols
Status
Active
Days on market
179
On market date
September 4, 2025
Stories
N/A
Total bathrooms
N/A
Garage spaces
N/A
Parking spaces
N/A
Lot size
0.1 acres

Location

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Nearby schools

Within 10 miles. School directory data from the National Center for Education Statistics (NCES), accessed via the Urban Institute Education Data API. Local Score is calculated by INNOVATE Real Estate; where a state rating is shown, it comes from that state's own official school report card (e.g. NC Dept. of Public Instruction, SC Report Card).

Elementary
Ely Elementary School
1.23 mi away · Grades 0-4
Nearest school -- attendance-zone data not available here
3.0
Local Score (student-teacher ratio only (preliminary -- will incorporate state test-score data once available)) -- not an official state rating
Enrollment
432
Student:teacher ratio
18.0:1
District
Elyria City Schools
Middle
Westwood Middle School
1.77 mi away · Grades 5-8
Nearest school -- attendance-zone data not available here
5.0
Local Score (student-teacher ratio only (preliminary -- will incorporate state test-score data once available)) -- not an official state rating
Enrollment
355
Student:teacher ratio
10.8:1
District
Elyria City Schools
High
Elyria High School
1.12 mi away · Grades 9-12
Nearest school -- attendance-zone data not available here
3.0
Local Score (student-teacher ratio only (preliminary -- will incorporate state test-score data once available)) -- not an official state rating
Enrollment
1,667
Student:teacher ratio
16.2:1
District
Elyria City Schools

Walkability

Blended score for Elyria's center, calculated by INNOVATE Real Estate from two sources: the EPA's National Walkability Index (street network, transit, land-use mix) and Google Places amenity data (what's actually reachable on foot from this point). 60% EPA National Walkability Index + 40% nearby-amenity density (Google Places).

65
Walkable
out of 100
EPA National Walkability Index
8.3 / 20 -- Below average walkable
Google Places amenity density
100 / 100
Restaurants & cafes18
Grocery stores4
Parks10
Schools9
Transit stops15
Pharmacies5

Market position

How this listing compares to current activity in Elyria, from live MLS data.

On the market 179 days -- 94 more days than Elyria's current average of 85 days.
For reference, the median list price across 136 active listings in Elyria right now is $149,950.

Mortgage calculator

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Est. monthly payment
$1,138/mo
$32,800 down
$131,200 loan
Principal & interest$851
Property tax (est.)$137
Home insurance (est.)$150

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Data source: Listing information provided by NOWDD via Trestle/CoreLogic. Last updated March 2, 2026.

Information herein deemed reliable but not guaranteed; all measurements, school assignments, HOA fees, taxes, and feature lists are approximate and should be independently verified. Equal Housing Opportunity.