Lorain & Root Absolute Real Estate Auction

Tuesday, June 26th @ 5:30 P.M.

37+ acres of prime commercial and residential opportunities

Location:  SE Corner of Lorain and Root Roads in North Ridgeville, Ohio 44039

Auction to be held onsite at 8605 Root Rd. 

Real Estate: Developers, Builders, Investors - This property has great potential in an excellent location with frontage along 2 main roads, all in the prosperous, fast growing city of North Ridgeville. Location is close to I-480/Ohio Turnpike interchanges and new residential developments. A total of 37.7 acres with 2 houses and pole building with other improvements. Population growth is on the rise in North Ridgeville, making this property a terrific opportunity.  

Parcel #1-   5.45 Acres zoned B3 highway commercial and boasts tremendous opportunity located at the intersection of Lorain and Root Roads.  There is an income-producing house and detached garage on this parcel that is currently being leased on a month-to-month basis.  With the high visibility of this parcel, it would support many different businesses, office, retail and mixed-use development concepts. Nearby is the brand new $32 million University Hospitals Medical Center and many upcoming businesses, retail, education, recreation and assisted living developments. 

Parcel #2- 1.01 Acres with a 2 story home and garage.  The home has 4 bedrooms, 2 baths and 2 car detached garage.  Currently, the house is producing income as it’s rented on a month-to-month basis.  This parcel is zoned partially commercial and residential. Utilities on this parcel originate from parcel #3 and it will be the responsibility of the buyer to have new utilities installed at this parcel if required. 

Parcel #3-  5.93 Acres with a large 50x200 pole building with heated shop and canopy that would accommodate a variety of applications.  Also, a couple of older outbuildings sit on this parcel.

Parcel #4- 25.33 Acres of vacant land which is suitable for NEW development with a level and clear site. The front half is currently open tillable ground and on the back side of the parcel you will find mature woods with marketable timber.  This parcel’s size offers opportunities for several building sites, currently zoned R1 residential. 

Survey:  The seller has recently completed a new survey which consists of 4 parcels and will sell based on the new survey. 

Taxes/Legal: The annual taxes on this property are currently $9,867.76 and will be pro-rated to the date of closing.  Current Lorain Co. parcel #s 0700014106006, 0700011103070, 0700014106001, 0700014106005, 0700011103078, 0700014106004. Mineral Rights transfer subject to any leases of record. The tillable ground and outbuildings are currently leased through August 31^st of 2018 and on a month-to-month basis thereafter.

TERMS:  A 10% non-refundable down payment is required from successful purchaser(s) at the auction with the balance due within 45 days.  A 5% Buyer’s Premium will be added to the final bid to establish the final contract price.  All desired inspections need to be completed prior to bidding.  Announcements on sale day take precedence over all printed advertising.  For additional details, go to www.RES.bid.

Method: The property will be offered in parcels and as a whole and will sell in the manner that nets the most for the seller.  

Note:  This amount of acreage in North Ridgeville is a rare opportunity!   With a great location close to shopping and the highway, the possibilities are endless.  Bring your ideas.  Have your financing in order and come bid your judgement on June 26th.  Come prepared to buy!

Open House: The property will be open for inspection on Tuesday, June 12th from 4-6pm.   

Sale by order of:  Lorain & Root, LLC, Owner 

Auctioneer / Realtor:  Nick DeFelice 330-464-1302

Broker:  Seth Andrews

RES Auction Services