301 Broadway - Hospitality FOR SALE


Lorain, OH 44052
$7,500,000 USD
614-450-2510
301 Broadway, Lorain, OH for Sale
$7,500,000 USD
Hospitality - FOR SALE
1/139
null | Request Cap Rate

301 Broadway
Lorain, OH 44052


OVERVIEW

Introducing the Broadway Building, a remarkable property for sale that embodies the perfect blend of historic charm and modern potential. Built in 1926, this landmark destination features a stunning boutique hotel with 56 elegantly appointed rooms, offering guests breathtaking views of Lake Erie, the iconic Lorain Lighthouse, and the scenic Black River. This unique opportunity includes versatile event spaces, 2 restaurant spaces, and retail areas, all situated in the heart of downtown Lorain. Its prime location ensures easy access to an array of attractions and activities, making it a desirable choice for both leisure and business travelers. Adding to its value, the Broadway Building benefits from a compelling 30-year real estate tax abatement, allowing for significant financial advantage. The first 12 years bring no real estate taxes on the new value created, followed by the next 18 years at just 25% of the taxes. Invest in the Broadway Building and unlock the potential of this historic gem—an excellent opportunity for personal investment or business endeavor. Embrace the chance to own a piece of Lorain’s history while paving the way for a thriving future! Investment Highlights Historic Charm: Own a piece of Lorain's history with this stunning Neoclassical Revival building on the lake. Prime Location: Situated in the heart of historic downtown Lorain, surrounded by shops, restaurants, and attractions with lake and river views. Modern Amenities: Well-maintained property with comfortable guest rooms and a rooftop terrace offering panoramic views. The rooftop bar is the only one of its kind in Lorain County offering views of Lake Erie Strong Tourism Potential: Lorain's growing tourism industry and proximity to attractions like Cedar Point ensure a steady stream of visitors. 30-year Tax Abatement: The property has been awarded a 30-year tax abatement. Center Point: Half-way between Cleveland and Cedar Point

FOR SALE DETAILS

PRICE

$7,500,000 USD

PRICE/SF

$157 USD /SF

# OF ROOMS

55

PRICE/ROOM

$136,364 {currency}

CAP RATE

Request Cap Rate

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Ariel Broadway Hotel

PROPERTY TYPE

Hospitality

TOTAL BUILDING SIZE

-

STORIES

4

ROOM ENTRANCE

Interior

BUILDING CLASS

B

YEAR BUILT

1926

PARKING SPACES

64

LAND DETAILS

LAND ACRES

1.14 AC

LAND SF

49,650 SF

ZONING

Comm

APN/PARCEL ID

02-01-004-101-001,02-01-004-101-088

ASK ABOUT THIS PROPERTY

Priyanshu AdathakkarRed One RealtyMore Info
614-450-2510

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Priyanshu AdathakkarRed One RealtyMore Info
614-450-2510

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