355 Main StLancaster, OH 43130

  • Office properties
  • 6,538 SF
For Sale
$565,222 View listing

Property Details for 355 Main St

Year built
1900
Construction
STEEL FRAME
Lot size
0.25 AC
Property size (Sq ft)
6,538 SF
Property type
Office properties
Property subtype
Office buildings
APN
053-50729.00
APU
535072900

Description

This exceptional mixed-use property at 355 E Main Street, Lancaster, OH, presents a compelling investment opportunity. The 6,538 square foot building sits on a 0.25-acre lot and boasts a rich history, beautifully preserved and maintained. The three-story structure offers a unique blend of commercial and residential spaces. The first and second floors currently house established professional office spaces, all under long-term, stable leases, providing immediate and consistent income. The third floor comprises two well-maintained residential units, adding to the property's diverse revenue streams. The building's prime location in the heart of Lancaster ensures high visibility and accessibility. Ample parking is available with 20 spaces provided on-site. This property is being offered at $565,222 and represents a rare chance to acquire a historically significant building with a proven track record of success. The combination of established commercial tenants and residential units creates a diversified income stream, minimizing risk and maximizing potential returns. The building's inherent charm and character, coupled with its strategic location and strong tenant base, make it an ideal investment for those seeking a stable, high-yield property in a thriving Ohio community. This is a turnkey operation ready for a new owner to step in and continue the legacy of success.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $1,138,065
    6.5%
    $1,050,522
    7%
    $975,484
  • Comparable approach

    Method
    Valuation
    Relative Method
    $611,564
    Geo Method
    $611,564
  • Alternative Use

    Use
    Valuation
    Residential
    $1,302,647
    Hospitality
    $1,193,217
    Educational
    $992,743
    Medical
    $1,026,885
    Retail
    $1,544,267
355 Main St, Lancaster, Ohio

Location Insight

City
Lancaster
County
Fairfield
State
Ohio
Latitude
39.7139
Longitude
-82.5958
CBSA code
18140
CBSA name
COLUMBUS, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$7,356
$22,950
$58,240
$81,190
-
$65,560
$166,390
$231,950

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