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1548 Reid Avenue, Lorain, OH 44052

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For Sale

$749,900

4 beds • 4 baths • 13,500 sqft

Estimated Payment

$      /mo. †

APR for 30 years

Change Loan Terms

  • Multi-Family (2-4 Units)
    Property type

  • $55.55
    Price per square foot

  • Over 50 Years Old
    Age

  • Basement
    Rooms

Explore this Property

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.
MLS# 11367450

Courtesy Of Howard Hanna

(440) 333-6500

Property Features

  • Age
    Over 50 Years Old
  • Amenities
    Dock
  • Architecture Style
    Other
  • Heating System
    Radiant
  • Lot Size
    0.65 Acres
  • Roof Type
    Asphalt
  • Rooms
    Basement, Kitchen

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† Based on a 30-year fixed rate of 3.38% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines. The rates shown are based on average rates for our best qualified customers. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.

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