1548 Reid Ave - Apartments FOR SALE


Lorain, OH 44052
$749,900 USD
440-539-3330
1548 Reid Ave, Lorain, OH for Sale
$749,900 USD
Apartments - FOR SALE
1/21
null | Request Cap Rate

1548 Reid Ave
Lorain, OH 44052


HIGHLIGHTS

  • Centrally Located near the Lorain Business District off Broadway
  • Historic Builder with masonry construction
  • Several low interest loans available for finishing the rehab and tax abatement available
  • Large Parking are for up to 100 vehicles that could be fenced in storage as well
  • Lower level offers area for work out room and storage lockers

OVERVIEW

Prime Investment opportunity centrally located off the Lorain Business district of Broadway Avenue for this 1896 Romanesque Revival Church and appears eligible for listing on the National Register. Possible 8 rental apartments of condo units, plus storage in the lower level and workout room. Parking lot holds up to 100 vehicles. This property is ready to be finished into the 8 apartment units with several favorable financing packages available including a 15-year Tax abatement program through Lorain County. Ask about the Pace 1 loan Program for use of energy efficient products in the remaining remodeling of the building. Being placed on the National Register would allow one to take advantage of the 20% Federal Historic Preservation Tax Credit (HPCA) Incentive Program for rehabilitation. Also, with the placement as a City of Lorain Landmark, there is up to 35% Ohio Historic Preservation Tax Credit (OHPTC) possibility. Rehabilitation of the Church has been underway.

FOR SALE DETAILS

PRICE

$749,900 USD

PRICE/SF

$50 USD /SF

# OF UNITS

8

PRICE/UNIT

$93,738

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Office/Residential

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1895

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.67 AC

LAND SF

29,185 SF

ZONING

-

APN/PARCEL ID

02-01-003-139-023

ASK ABOUT THIS PROPERTY

John ChandlerHoward HannaMore Info
440-539-3330

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John ChandlerHoward HannaMore Info
440-539-3330

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.