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500 E Main Street
Alliance, OH 44601

500 E Main Street
Alliance, OH 44601
500 E Main Street Alliance, OH 44601 Get Directions ❯
$495,000

Property Description

Century plus 14 unit apartment building in the heart of downtown Alliance. City of Alliance is first floor tenant. This building, known as the Bank Building is being offered as a bulk sale with the Wallace Building, (additional 29 units) located at 243 and 245 E. Main St. down the street from the subject property. The combined price for both properties is $1,175,000.00. Broker is the managing member of the partnership ownership. SELLER MAY CONSIDER SEPERATING THE TWO PROPERTIES FOR A SALE, AT SELLER'S OPTION ONLY. These buildings, with 43 apartment units, were part of a larger low income housing tax credit portfolio, the seller owned. The properties were 100% updated and modernized at LIHTC inception approx. 23 years ago. All maintenance has been kept up over the years. The common area commercial hot water tanks were recently replaced. All exterior sidewalk ramp and retaining wall was replaced. Tenant units have been repaired and updated at tenant vacating each time. Seller has received authorization from OHFA to remove these properties from all rent restrictions as of this August 2024! Because of this, buyer can immediately charge higher rents to any new incoming tenants. Wallace Building has 3 retail storefront spaces to lease for additional revenue.

  • Township Stark
  • MLS ID 5016731
  • Property type: CommercialSale
  • Status Active
  • Estimated Taxes $1,966

Additional Information

West Penn MLS  Listing Courtesy of: Great Lakes Realty, Inc.
 

Last updated: 02/19/2024 6:43:43 PM

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