120 6Th AveLancaster, OH 43130

Property Details for 120 6Th Ave

Lot size

0.16 AC

Property type

Retail properties

Property subtype

Parking lots & garages

APN

053-31621.00

APU

533162100

Description

This exceptional 3,298 square foot mixed-use building, situated at 120 W Sixth Avenue in Lancaster, Ohio, presents a compelling investment opportunity. The property, formerly Paul's Model Shop, boasts a prominent location on a major east-west thoroughfare, ensuring high visibility and accessibility. The building's layout is ideal for a variety of commercial uses, thanks to its flexible zoning (CG - General Commercial). The spacious front area is well-suited for a showroom or office space, complemented by several additional rooms at the rear, providing ample versatility. The property includes a significant advantage for businesses requiring specialized equipment: three-phase electric service is already installed. Access to the rear of the building is facilitated by a convenient overhead door opening onto an alley, streamlining loading and unloading operations. The 0.18-acre lot provides sufficient space for parking and potential future expansion. The building's history in the glass and plastic industry suggests a robust structure capable of handling various commercial activities. Given its prime location, versatile layout, and existing infrastructure, this property is perfectly positioned for a wide range of businesses seeking a well-established presence in the thriving Lancaster commercial market. The asking price is $299,000. This is a rare opportunity to acquire a well-located, adaptable commercial property with significant upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $1,751,000

  6.5%

  $1,616,307

  7%

  $1,500,857

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,613,037

  Geo Method

  $1,613,037

• Alternative Use

  Use

  Valuation

  Residential

  $1,363,416

  Hospitality

  $1,248,881

  Educational

  $1,039,055

  Medical

  $1,074,789

  Retail

  $1,616,307

Location Insight

City

Lancaster

County

Fairfield

State

Ohio

Latitude

39.7195

Longitude

-82.6008

CBSA code

18140

CBSA name

COLUMBUS, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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