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Dennis Gonatas

dennis@homesbygonatas.com +1(330) 501-8300

$749,900

Est. payment - /mo

4 Beds

4 Baths

20,250 SqFt

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UPDATED:

11/03/2024 01:21 AM

Key Details

Property Type Single Family Home

Sub Type Quadruplex

Listing Status Active

Purchase Type For Sale

Square Footage 20,250 sqft

Price per Sqft $37

MLS Listing ID 5047089

Bedrooms 4

Full Baths 4

Construction Status Under Construction

HOA Y/N No

Abv Grd Liv Area 13,500

Total Fin. Sqft 20250

Year Built 1895

Annual Tax Amount $4,484

Tax Year 2023

Lot Size 0.650 Acres

Acres 0.65

Property Description

Endless Income Possibilities exist for this Historical Church Right off Broadway's commercial district on almost 3/4's of an acre. Owner has started construction for conversion of 4 to 8 apartments utilizing over 13,000 square feet of space on three levels with 4 apartments on the first level alone. The large parking lot has space for over 100 vehicles of parking or possible additional income from rental space for boats, RV's, jet skis, etc. The lower level offers a large area for storage for each apartment, and a possible gym and workout room. The property can still be customized for finishing as apartments and or office/apartments. Owner will assist in submitting final plans to the City for approval of one's customized plans for use. Bring your own contractor and architect if you wish and work with the owner to receive City approvals. Historical tax credits, tax abatements and a low interest loan are available for this project! 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 Ohio Pace 1 loan Program for energy saving improvements 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.

Location

State OH

County Lorain

Direction East

Rooms

Basement Daylight, Exterior Entry, Full, Finished, Concrete, Storage Space, Walk-Out Access

Interior

Heating Gas, Hot Water, Radiator(s), Steam

Cooling Gas

Fireplace No

Window Features Insulated Windows,Wood Frames

Exterior

Garage Parking Lot

Waterfront No

Water Access Desc Public

Roof Type Asphalt,Fiberglass

Parking Type Parking Lot

Garage false

Private Pool No

Building

Lot Description Cleared, Corner Lot, City Lot

Faces East

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

Construction Status Under Construction

Schools

School District Lorain Csd - 4709

Others

Tax ID 02-01-002-139-010

Acceptable Financing Cash, Conventional, 1031 Exchange

Listing Terms Cash, Conventional, 1031 Exchange

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Listed by Deb Chandler • Howard Hanna • DebChandler@HowardHanna.com 440-821-6179

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Dennis Gonatas

+1(330) 501-8300

Principal Broker | BRKP.2023000272

Principal Broker BRKP.2023000272

1548 Reid AVE Lorain, OH 44052

Dennis Gonatas

Dennis Gonatas

Key Details

Location

Rooms

Interior

Exterior

Building

Schools

Others

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1548 Reid AVE