355 Main StLancaster, OH 43130

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 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.

• CAP approach

  CAP return

  Valuation

  6%

  $1,289,810

  6.5%

  $1,190,590

  7%

  $1,105,550

• Comparable approach

  Method

  Valuation

  Relative Method

  $611,564

  Geo Method

  $611,564

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $2,425,240

  Retail / Commercial

  $1,227,750

  Mixed-Use / Specialty

  $1,210,840

  Hospitality / Lodging

  $872,037

  Institutional / Educational

  $1,254,300

  Residential Income

  $1,467,540

  Multifamily

  $1,829,560

  Automotive / Energy

  $1,075,120

  Parking / Income-Based Land

  $383,391

  Restaurant / Food Service

  $603,020

  Healthcare / Senior Housing

  $1,254,540

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

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