508 6Th AveLancaster, OH 43130

Property Details for 508 6Th Ave

Year built

1959

Construction

STEEL FRAME

Lot size

0.13 AC

Property size (Sq ft)

6,080 SF

Property type

Investment properties

Property subtype

Live-work space

APN

053-11404.00

APU

531140400

Description

This exceptional mixed-use property at 508 W 6th Avenue, Lancaster, OH, presents a compelling investment opportunity. The 6,080 square foot building sits on a 0.26-acre lot and comprises two income-generating residential units. Each of the two 2-bedroom, 1-bathroom apartments currently commands a monthly rent of $975 and $1,050 respectively. Significant additional income potential exists within the substantial commercial space. The first floor offers 1,800-2,400 square feet of retail space, projected to lease at $10-$16 per square foot. A sizable basement area, ranging from 900-1,200 square feet, is also available for lease, with estimated rental rates of $6-$12 per square foot. Further enhancing the property's income stream is a detached 27' x 42' garage, previously rented for $650 per month, and a billboard generating an additional $100 monthly. The property consists of two parcels and offers ample on- and off-street parking. Existing leases and deposits will transfer to the buyer at closing. This property offers substantial upside potential for a savvy investor. Do not disturb tenants.

• CAP approach

  CAP return

  Valuation

  6%

  $1,058,341

  6.5%

  $976,930

  7%

  $907,150

• Comparable approach

  Method

  Valuation

  Relative Method

  $568,723

  Geo Method

  $568,723

• Alternative Use

  Use

  Valuation

  Residential

  $1,211,394

  Hospitality

  $1,109,630

  Educational

  $923,199

  Medical

  $954,949

  Retail

  $1,436,088

Location Insight

City

Lancaster

County

Fairfield

State

Ohio

Latitude

39.7199

Longitude

-82.6108

CBSA code

18140

CBSA name

COLUMBUS, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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