The for-sale Fridrich Bicycle shop in Cleveland’s Ohio City is actually five structures on three parcels plus four more parcels that are vacant. The entire site is about 1 acre with large warehouses that were added onto the original 19th century buildings along Lorain Avenue (The Acclaimed Realty). CLICK IMAGES TO ENLARGE THEM.
Fridrich Bicycle Co. site offers historic redevelopment
It’s not unusual when buildings are sold by the owners who built them. But it is very unusual when those buildings are 143 years old.
That’s the story with the now-closed Fridrich Bicycle, 3800 Lorain Ave., in Cleveland’s Ohio City neighborhood. The store’s complex of four buildings, with three fronting Lorain, hit the market this week. So did the property’s seven parcels, four of which are vacant, but altogether total about 1 acre.
The asking price is $2.9 million. Cuyahoga County has appraised the properties only for tax purposes at $535,300. That includes a tiny, 87-square-foot parcel appraised by the county at $500.
There are few if any recent, comparable sales in the immediate area. A modern, 7,948-square-foot retail structure and its 0.6-acre property across Lorain sold for $1,175,000 a decade ago, county records show.
This property has been under continuous family ownership and operation since the first building along Lorain was built in 1883, albeit with a couple of brief ownerships outside the family resulting from deaths and resultant probate court actions.
Seven parcels and four buildings along Lorain Avenue fit inside the roughly 1 acre outlined in black, all of which is for sale. An additional parcel at the corner of Lorain and Fulton Place may also be available and incorporated into a redevelopment of the site (The Acclaimed Realty).
The Fridrich family, German immigrants Joseph and Margarete Friedrich, established roots in Ohio City right around the time it ceased being a separate city and became part of Cleveland in 1854. But the historic Fridrich Bicycle Company began farther up the street as a coal and feed store in partnership with August Schmitt.
Today, the property is owned by Charles “Chuck” Fridrich who is in his 80s and couldn’t keep the bike shop any longer. It closed in 2024. There were no other takers for the family business. He inherited it from his father who lived in an upstairs apartment, above the store, as was done in past generations.
The complex of buildings was expanded over the decades, especially to the north with the construction of a large, single-story warehouse in 1949. It extended back to the alley Fulton Court.
“The existing structure (comprised of the four buildings) encompasses approximately 40,000 square feet, providing substantial scale for adaptive reuse, redevelopment, or continued commercial operation,” noted the listing by The Acclaimed Realty of Strongsville. Broker Nick Reyes has the listing.
Each of the historic buildings is described by the Cuyahoga County property records as in fair condition. Repairing and renovating them is needed but can tap a variety of public financing tools including state and federal historic tax credits.
Part of the site’s potential is its depth, extending far north of Lorain Avenue to the alley Fulton Court behind. A 1949-built warehouse occupies much of that depth and could be repurposed or demolished as part of a mixed-use redevelopment (The Acclaimed Realty).
“I was sad to see the store close,” said Ben Trimble, chief real estate officer for the community development corporation Ohio City Inc. (OCI). “We tried to get bike shop owners to buy him (Fridrich) out but to no avail.”
So redevelopment of the site is the likely outcome, he said. Fortunately, it’s a large site where revenues from developing the rest of the site can be used to help support revitalizing the historic buildings fronting Lorain.
“It probably makes sense to be redeveloped with some kind of retail and residential above,” Trimble said. “Some additional (residential) units where the parking lot is probably makes sense, too. It will take density to make the numbers work.”
Trimble said OCI helped Fridrich in recent years with short-term repairs to the building including its roof. He and OCI pledged to continue to help any buyer redevelop and sustain the historic property.
“As always, we’ll be ready to help as soon as possible with gap financing, filling retail space and connecting with developers,” Trimble said. “There’s been a lot (buyer) interest over the years. It’s a beautiful structure with tons of potential.”
The Fridrich property at 3800 Lorain Ave. is surrounded by recent and ongoing community investments which can help provide a strong customer base for any redevelopment here (The Acclaimed Realty).
Among the possibilities is the addition of a vacant, 0.164-acre piece of land at 3620 Lorain, set at the angular corner of Fulton Place. Trimble said this lot was under a purchase agreement but it fell through and is available again.
This area was a commercial hub called Lorain Fulton Square until blight took hold in the 1970s. Today, it’s surrounded by lovingly restored historic homes, loft apartments, fitness center, health clinic, restaurants, OCI’s offices, and a bank building restored as a for-lease office building that’s heated/cooled by geothermal energy and powered by solar.
The real estate listing also noted the area’s rebound and the large Fridrich property’s potential to further contribute to it through redevelopment.
“With its deep historical roots, expansive footprint, and strategic urban location, this property represents a rare blend of heritage and potential,” it noted. “Situated in one of Cleveland’s most dynamic and rapidly evolving districts, the site benefits from strong surrounding retail, residential density, and ongoing investment throughout Ohio City.”
END
