354 Main StConneaut, OH 44030

Property Details for 354 Main St

Year built

1903

Construction

WOOD

Lot size

0.36 AC

Property size (Sq ft)

14,778 SF

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

12-113-00-144-00

APU

121130014400

Description

This exceptional 14,778-square-foot retail property at 354 Main Street, Conneaut, OH, presents a unique investment opportunity. Built in 1903 by the Conneaut Lumber Co., this historically significant building boasts a rich past, rumored to have been a hideout and speakeasy for Al Capone during the Prohibition era. The property sits on a 0.36-acre lot and offers extensive space ideal for various commercial uses. The first floor features four bedrooms or offices, a large kitchen, two full bathrooms, and a grand ballroom with a large crystal chandelier. The second floor includes four additional bedrooms or offices and one full bathroom. A large, unconverted attic provides significant expansion potential. The basement houses a purported Al Capone speakeasy, a fourth bathroom, a weight room, and a large sub-basement with a second, commercial kitchen. The property is being sold "as is, where is." The auction begins October 16, 2024, and ends November 30, 2024, at 10:00 AM. Minimum bid increments are $5,000. Offers may be accepted prior to the auction's end date. The auction may be extended if a suitable offer isn't received by the closing date. This is a rare chance to own a piece of Conneaut history with substantial commercial possibilities.

• CAP approach

  CAP return

  Valuation

  6%

  $2,658,561

  6.5%

  $2,454,056

  7%

  $2,278,766

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,382,334

  Geo Method

  $1,382,334

• Alternative Use

  Use

  Valuation

  Residential

  $3,043,030

  Hospitality

  $2,787,399

  Educational

  $2,319,083

  Medical

  $2,398,840

  Retail

  $3,607,463

Location Insight

City

Conneaut

County

Ashtabula

State

Ohio

Latitude

41.9422

Longitude

-80.5592

CBSA code

11780

CBSA name

ASHTABULA, OH MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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