1548 Reid AvenueLorain, OH 44052

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.

Property Features

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