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

Mixed-use properties

Property subtype

Other investment properties

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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