$499,000

About this home

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.

Property details

MLS

NOWDD

MLS #

5251343

Property type

Retail

Subdivision

Cove Beach Allotment

Status

Active

Days on market

N/A

On market date

October 7, 2026

Stories

N/A

Total bathrooms

N/A

Garage spaces

N/A

Parking spaces

N/A

Lot size

0.4959 acres

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.