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$579,900

Est. payment - /mo

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1 Bed

1 Bath

18,556 SqFt

New

1548 Reid AVE Lorain, OH 44052

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Tony Parra

tony@theparragroup.com +1(440) 491-4362

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Key Details

Property Type Single Family Home

Sub Type Quadruplex

Listing Status Active

Purchase Type For Sale

Square Footage 18,556 sqft

Price per Sqft $31

MLS Listing ID 5238719

Bedrooms 1

Full Baths 1

Construction Status Updated/Remodeled

HOA Y/N No

Abv Grd Liv Area 12,544

Total Fin. Sqft 18556

Year Built 1896

Annual Tax Amount $4,800

Tax Year 2025

Lot Size 0.792 Acres

Acres 0.7918

Property Sub-Type Quadruplex

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 Concrete, Partially Finished, Bath/Stubbed, Storage Space, Walk-Out Access

Interior

Heating Hot Water, Steam

Cooling None

Fireplace No

Window Features ENERGY STAR Qualified Windows

Exterior

Parking Features Additional Parking, Asphalt, No Garage, Off Street, Parking Lot

Water Access Desc Public

Roof Type Asphalt,Fiberglass

Garage false

Private Pool No

Building

Lot Description Corner Lot

Faces East

Story 2

Entry Level One,Two

Foundation Slab

Sewer Public Sewer

Water Public

Level or Stories One, Two

Construction Status Updated/Remodeled

Schools

School District Lorain Csd - 4709

Others

Tax ID 02-01-003-139-023

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

VOW - Northern Ohio Regional MLS (YES-MLS) /MLS Now

Listed by Sean Cabble • Howard Hanna • seancabble@howardhanna.com, 216-215-6502

NEARBY SCHOOL & BUSINESS

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Tony Parra

Agent | License ID: 2015001967

+1(440) 491-4362

1548 Reid AVE Lorain, OH 44052

Tony Parra

Key Details

Location

Rooms

Interior

Exterior

Building

Schools

Others

NEARBY SCHOOL & BUSINESS

GET MORE INFORMATION

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1548 Reid AVE