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573-577 Broadway 38,425 SF 100% Leased Office Building Lorain, OH 44052 $700,000 ($18.22/SF)
Executive Summary
A value-add opportunity to own a piece of History in the middle of Downtown Lorain. This National Register of Historic Places the “Eagles Building” is a Neoclassical 4-story rectangular building ready for a fix-up and lease-out as-is or an adaptive reuse on the 2nd and 3rd floors into apartments making this a potential mixed use powerhouse on Broadway. The building currently has two retail and/or restaurant/bar suites on the first floor. The second floor is a large open room with pillars in the middle that was once used for the Fraternal Order of Eagles lodge and activities. The third floor is a ballroom with a stage, mezzanine, and Roman arches windows. This floor could be loft style apartments with abundant natural light and hardwood floors. The architecture is substantially more attractive than a typical commercial-to-apartment conversion. The fourth floor is an open room that could be used for offices or additional redevelopment. There are also freight elevators and a large basement not included in the square footage. The property could have significant tax savings by being in an opportunity zone and could maybe qualify for Federal and State Historic Income Tax credits. The city is investing heavily in creating the infrastructure, waterfront amenities, events, and housing that could allow downtown to become much more valuable. The goal is to connect the waterfront to the walkable Broadway. Lorain is 45 minutes West of Cleveland on Lake Erie where the Black River meets the Lake. Close to everything downtown has to offer including, Palace Theater, Rockin’ On The River, Ariel Broadway Hotel, Lorain Harbor, restaurants, coffee shops, personal services, and professional office. Making the future of downtown Lorain a vibrant mixed use corridor. The Eagles Building is truly a Downtown Lorain staple with remarkable architecture and a unique opportunity to give a historic building a new life.
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Building Size
38,425 SF
Building Class
C
Year Built/Renovated
1920/2013
Price
$700,000
Price Per SF
$18.22
Percent Leased
100%
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
9,606 SF
Building FAR
4.01
Lot Size
0.22 AC
Opportunity Zone
Yes
Zoning
MU - Mixed Use
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- Bascule Brewery and Public House
- Retailer
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Jan 0000
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| Bascule Brewery and Public House | Retailer | - | - | Jan 0000 |
1 1
Fairly walkable
40/100
Very drivable
80/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 02-01-004-101-033 | Improvements Assessment | $90,944 |
| Land Assessment | $16,100 | Total Assessment | $107,044 |
Property Taxes
Parcel Number
02-01-004-101-033
Land Assessment
$16,100
Improvements Assessment
$90,944
Total Assessment
$107,044
Contacts
-
David Mussari -
Candace Andel -
Berkshire Hathaway Professional Realty Commercial
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