48-56 West Main Street

Highlights:

• 3 Buildings
• 2 Store Fronts
• 14 Offices
• 9 Apartments
• All of the above interiors are in various stages of renovations

Description:

SVN Wilson Commercial Group is pleased to offer and to seek development partners with the City of Shelby, Ohio of an entire three-building historical block of downtown Shelby, Ohio. This is a fractured re-development asset where current owners invested approximately $1.0 million thus far. Current owners are ending their work. A new owner would benefit from taking advantage of these improvements already in place. The total square footage is approximately 20,000 SF.

The development is a mixed-use opportunity for multifamily conversions along with some retail. and offices/co-work shared premises. Nine multifamily units have substantial buildout completed. The former 3-story bank building has been sold. Significantly, the City of Shelby and Richland County have established a CRA (Community Redevelopment Area), which provides tax benefits. As a historical building, the Richland County Economic Development Commission can assist with the application for historical tax credits. In fact, the incentives the community is offering are numerous (see attached memo from Jessica Gribbens, Economic Development Director for Richland County.).

The property also includes substantial parking. Including new ownership of an underground garage of 12 – 14 spaces and above ground an additional 8 – 10 spaces and with an additional 10 spaces in a separate lot across the street, for a total of 28 – 34 spaces. As of this offering, there are no tenants in the building.

Seller reports to broker all parking is available to new tenants at no charge. Furthermore, future ownership of the remaining buildings will not be responsible for any repair or maintenance of parking facilities.

Significantly, the City of Shelby and Richland County have established a CRA (Community Redevelopment Area), which provides tax benefits. As a historical building, the Richland County Economic Development Commission can assist with application for historical tax credits. In fact, the incentives the community is offering are numerous (see attached memo from Jessica Gibbens, Economic Development Director for Richland County.).

Documents: