5 3Rd StNewark, OH 43055

Property Details for 5 3Rd St

Year built

1910

Lot size

0.05 AC

Property size (Sq ft)

3,896 SF

Property type

Retail properties

Property subtype

Retail space

APN

054-202710-00.000

APU

5420271000000

Description

This exceptional mixed-use property, situated on a prominent corner lot in historic downtown Newark, Ohio, presents a unique investment opportunity. The three-story building boasts a total of 11,088 square feet and sits on a 0.08-acre lot overlooking the courthouse square. The ground floor currently houses Mariposa Mexican Cuisine, providing immediate income potential. Significant recent improvements have been made to the second floor, featuring a large, open 2,772 square foot space with exposed brick and impressive floor-to-ceiling windows. This versatile area is ideal for a variety of businesses or office uses, subject to building approvals. The third floor is a fully finished loft space, showcasing 14-16 foot tin ceilings, Venetian plaster walls, exposed brick, an open kitchen area, a full bathroom complete with a jetted tub, and laundry facilities. Currently utilized as an Airbnb, this space offers flexibility for various residential or commercial applications. The property's prime location, coupled with its substantial size and recent renovations, makes it an attractive proposition for discerning investors seeking a blend of income generation and redevelopment potential in a vibrant downtown setting. The building's character and location offer a unique opportunity to own a piece of Newark's rich history.

• CAP approach

  CAP return

  Valuation

  6%

  $1,089,167

  6.5%

  $1,005,385

  7%

  $933,572

• Comparable approach

  Method

  Valuation

  Relative Method

  $918,368

  Geo Method

  $918,368

• Alternative Use

  Use

  Valuation

  Residential

  $848,080

  Hospitality

  $776,837

  Educational

  $646,319

  Medical

  $668,547

  Retail

  $1,005,385

Location Insight

City

Newark

County

Licking

State

Ohio

Latitude

40.0573

Longitude

-82.4027

CBSA code

18140

CBSA name

COLUMBUS, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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