Property Description

Exceptional mixed-use investment opportunity in the heart of downtown Willoughby. This historically maintained brick triplex combined with a 7,200 square foot commercial building offers stabilized residential income, flexible commercial space, and a custom-built luxury residential loft all situated on one parcel with ample off-street parking.The front brick triplex is fully leased and features three updated units with rental history. Unit 1 offers two bedrooms, one bath, an updated kitchen and bath, and in-suite laundry, currently rented for $1,450 per month. Unit 2 is a fully updated one-bedroom, one-bath unit rented for $1,200 per month. Unit 3 is a fully updated one-bedroom, one-bath unit rented for $1,300 per month. Current gross residential income is $3,950 per month, or $47,400 annually. All new HVAC systems and hot water tanks. The rear 7,200 square foot building offers outstanding flexibility. The lower level is currently operating as a furniture upholstery business and includes warehouse space, a private office, gym area, two oversized garage areas with doors, a bathroom, and laundry. Seller would prefer to lease back the lower-level commercial space, presenting the opportunity for immediate stabilized commercial income. Above the commercial space is a stunning 1,650 square foot custom residential loft featuring high-end finishes, an open-concept layout, laundry, and a spacious rooftop deck overlooking downtown Willoughby. This property is ideal for investors seeking diversified income, an owner-operator looking to live above their business, or a buyer seeking long-term value in one of Lake County's most vibrant and walkable downtown districts. A rare opportunity to own a fully occupied mixed-use asset in a premier location.

Property Features

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