1548 Reid Ave Lorain, OH 44052
Estimated payment $4,004/month
Highlights
- 0.65 Acre Lot
- Hot Water Heating System
- East Facing Home
- Cooling System Powered By Gas
About This Home
Endless Income Possibilities exist for this Historical Church Right off Broadway's commercial district on almost 3/4's of an acre. Owner has started construction for conversion of 4 to 8 apartments utilizing over 13,000 square feet of space on three levels with 4 apartments on the first level alone. The large parking lot has space for over 100 vehicles of parking or possible additional income from rental space for boats, RV's, jet skis, etc. The lower level offers a large area for storage for each apartment, and a possible gym and workout room. The property can still be customized for finishing as apartments and or office/apartments. Owner will assist in submitting final plans to the City for approval of one's customized plans for use. Bring your own contractor and architect if you wish and work with the owner to receive City approvals. Historical tax credits, tax abatements and a low interest loan are available for this project! Prime Investment opportunity centrally located off the Lorain Business district of Broadway Avenue for this 1896 Romanesque Revival Church and appears eligible for listing on the National Register. Possible 8 rental apartments of condo units, plus storage in the lower level and workout room. Parking lot holds up to 100 vehicles. This property is ready to be finished into the 8 apartment units with several favorable financing packages available including a 15-year Tax abatement program through Lorain County. Ask about the Ohio Pace 1 loan Program for energy saving improvements in the remaining remodeling of the building. Being placed on the National Register would allow one to take advantage of the 20% Federal Historic Preservation Tax Credit (HPCA) Incentive Program for rehabilitation. Also, with the placement as a City of Lorain Landmark, there is up to 35% Ohio Historic Preservation Tax Credit (OHPTC) possibility. Rehabilitation of the Church has been underway.
Last Listed By
Howard Hanna Brokerage Email: DebChandler@HowardHanna.com 440-821-6179 License #337403 Listed on: 06/13/2024
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $4,484
Year Built
- Built in 1895
Lot Details
- 0.65 Acre Lot
- East Facing Home
- 02-01-002-139-011,02-01-002-139-012,02-01-002-139-022,02-01-002-139-023
Parking
- Parking Lot
Home Design
- Brick Exterior Construction
- Fiberglass Roof
- Asphalt Roof
- Concrete Siding
- Stone Siding
- Asphalt
Interior Spaces
- 2-Story Property
- Finished Basement
- Basement Fills Entire Space Under The House
Bedrooms and Bathrooms
- 4 Bedrooms
- 4 Full Bathrooms
Utilities
- Cooling System Powered By Gas
- Radiator
- Heating System Uses Gas
- Hot Water Heating System
Listing and Financial Details
- Assessor Parcel Number 02-01-002-139-010
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $3,287 | $51,461 | $4,389 | $47,072 |
| 2023 | $4,017 | $51,118 | $3,658 | $47,460 |
| 2022 | $3,976 | $51,118 | $3,658 | $47,460 |
| 2021 | $6,467 | $82,761 | $3,658 | $79,104 |
| 2020 | $0 | $82,760 | $3,660 | $79,100 |
| 2019 | $0 | $82,760 | $3,660 | $79,100 |
| 2018 | $0 | $82,760 | $3,660 | $79,100 |
| 2017 | $0 | $47,610 | $4,880 | $42,730 |
| 2016 | -- | $47,610 | $4,880 | $42,730 |
| 2015 | -- | $47,610 | $4,880 | $42,730 |
| 2014 | -- | $47,610 | $4,880 | $42,730 |
| 2013 | -- | $47,610 | $4,880 | $42,730 |
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 05/15/2025 05/15/25 | Price Changed | $649,900 | -7.1% | $32 / Sq Ft |
| 02/17/2025 02/17/25 | Price Changed | $699,900 | -6.7% | $35 / Sq Ft |
| 01/04/2025 01/04/25 | For Sale | $749,900 | 0.0% | $37 / Sq Ft |
| 12/31/2024 12/31/24 | Off Market | $749,900 | -- | -- |
| 09/05/2024 09/05/24 | Price Changed | $749,900 | -3.8% | $37 / Sq Ft |
| 06/17/2024 06/17/24 | For Sale | $779,900 | +679.9% | $39 / Sq Ft |
| 12/21/2021 12/21/21 | Sold | $100,000 | -49.7% | $6 / Sq Ft |
| 11/14/2021 11/14/21 | Pending | -- | -- | -- |
| 08/08/2020 08/08/20 | For Sale | $199,000 | -- | $11 / Sq Ft |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Warranty Deed | $100,000 | Capacity Title Agency Ltd | |
| Limited Warranty Deed | $45,000 | Surety Title Agency Inc |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $80,000 | New Conventional | |
| Open | $129,000 | Credit Line Revolving |
Source: MLS Now (Howard Hanna)
MLS Number: 5047089
APN: 02-01-003-139-023
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
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