60,000+ sqft. Mixed Use Building in Ohio for $1!

Member since 2021 · 3 posts · 2 votes

Hello all,

This is my first post on the BP forums. There is a 60,000 - 80,000 square foot mixed use building for sale in Coshocton, Ohio - about an hour east of Columbus. (I am NOT the realtor or the owner). The building is owned by the city landbank currently, and is in desperate need of repair.(I am a local investor, and also on the counties historical preservation board.) Current estimates are around 3-5million (some say higher) for total restoration. Having said that, between county and state assistance, there is a 45% match of funds if done historically accurate. The building was just inspected by a very credible engineer out of Columbus, Ohio and it was determined that the building is still structurally sound.

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Steven Foster Wilson
Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
5y
Originally posted by @Maxx McKenna:
Hello all,

This is my first post on the BP forums. There is a 60,000 - 80,000 square foot mixed use building for sale in Coshocton, Ohio - about an hour east of Columbus. (I am NOT the realtor or the owner). The building is owned by the city landbank currently, and is in desperate need of repair.(I am a local investor, and also on the counties historical preservation board.) Current estimates are around 3-5million (some say higher) for total restoration. Having said that, between county and state assistance, there is a 45% match of funds if done historically accurate. The building was just inspected by a very credible engineer out of Columbus, Ohio and it was determined that the building is still structurally sound.

Are you going to take it down? Sounds like a huge project, and a long one if you have to do everything to the historical boards liking. Also one thing to consider is often on commercial buildings prices go per sqft, might not be the case here, but it probably doesn't make a huge difference anyway.

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Michael K GallagherBusiness Member
Real Estate Agent · Columbus OH · Member since 2018 · 1k+ posts · 1k+ votes
5y
@Maxx McKenna this is amazing what a cool deal. Sounds like you have a unique advantage being on the board! Would love to see this one progress if you take it down!
[email protected]614-362-2231
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Brandon GoldsmithBusiness Member
Real Estate Agent · Columbus, OH · Member since 2020 · 1k+ posts · 1k+ votes
5y
What would be your plan for the building? Keep it mixed-use or convert it into something else? @Maxx McKenna
[email protected]614-963-3340
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Maxx McKenna
OP
Member since 2021 · 3 posts · 2 votes
5y
It will most likely end up being converted to middle income housing on the 2nd and 3rd floors, and then the 1st floor and basement could be utilized as retail space (assuming the building stays up, which is what we prefer). The space would likely not be rebuilt on, and we already have a plethora of parking in downtown.
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Ezechaelle Norris
Virtual Assistant · Euclid, OH · Member since 2015 · 16 posts · 3 votes
4y
Hello, I am a Project Manager for an investing company that I believe would be interested in this property. If this is still available, I would like to connect.
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Matthew Irish-JonesBusiness Member
Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
4y
They have a lot of buildings like this for sale in Buffalo NY as well.  They are priced at $1 because no investor wants to take on the risk or spend millions to remodel a place that is a dump, and in a crap location (I don't know if this is a crap location).  Most of the old warehouses vacant and for sale for $1 around here are really tough locations so spending millions to upgrade an old building to be in a C or D class area is not that enticing.
My family used to own a large warehouse for dry ice production and distribution as the neighborhood turned to crap between the 1950's and 1980's they moved into a bigger building in a nicer part of town. This warehouse was built like a fortress and still stands today.  Solid mechanicals, solid roof, foundation in great shape, everything you could want in a building... they tried to sell it for a decade and received exactly 0 offers.  They ended up selling it back to the city for $1 just to get rid of the tax and regulatory burden. It still sits vacant to this day 40 years later.

There are some buildings that you can lose money on if you get them for free, even if you get half of the renovation paid for. If I were going to allocate millions to redeveloping a building that fell into the above category I would not want to do it in a C/D class area.
Irish Jones Realty4.947 Reviews
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