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1548 Reid Ave

8 Unit Block of Flats £586,759 (£73,345/Unit) Lorain, OH 44052

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Investment Highlights

Centrally Located near the Lorain Business District off Broadway
Several low interest loans available for finishing the rehab and tax abatement available
Lower level offers area for work out room and storage lockers

Historic Builder with masonry construction
Large Parking are for up to 100 vehicles that could be fenced in storage as well

Executive Summary

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 Pace 1 loan Program for use of energy efficient products 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.

Reid Ave. Floor Plans

Property Facts

Price	£586,759	Building Class	C
Price Per Unit	£73,345	Lot Size	0.67 AC
Sale Type	Investment	Building Size	14,934 SF
Sale Conditions	Development Sale	Number of Floors	2
No. Units	8	Year Built/Renovated	1895/2023
Property Type	Residential	Cross Streets	Between 15th and 16th Street
Property Subtype	Apartment Office Office Residential	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Apartment Style	Low Rise

Price	£586,759
Price Per Unit	£73,345
Sale Type	Investment
Sale Conditions	Development Sale
No. Units	8
Property Type	Residential
Property Subtype	Apartment Office Office Residential
Apartment Style	Low Rise
Building Class	C
Lot Size	0.67 AC
Building Size	14,934 SF
Number of Floors	2
Year Built/Renovated	1895/2023
Cross Streets	Between 15th and 16th Street
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.