Mixed-Use Property with Guest
For Sale
$1,100,000
431 Columbus Avenue, Sandusky, OH 44870
An operating vacation rental combines guest accommodations with large gathering areas and elevator access.
Property Size25,000 SF
Price / SF$44
Days on Market14
Property Features for 431 Columbus Avenue
General Information
Standard status
Active
Size
25,000 SF
Elevators
Yes
Property subtype
Mixed Use
Additional Details
Currently Operating
Yes
Amenities
stained-glass windows
ceiling dome
operational organ
front porch
on-site parking
Building Details
Year Built
1895
Buildings
1
Listing Agency:
Coldwell Banker Realty
(614) 880-0808
Listed By:
Ashley D Spencer · License #2015002354
(740) 704-7470
Source:
Livewellhomegrp
Added: Oct 17
Changed: Oct 28
Last Checked: Oct 28 at 4:42PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Realty
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Investment Insights
Based on property information with market context.
This 25,000-square-foot former church in Sandusky is currently operated as the Lost Sailor Inn vacation rental. The building includes a sanctuary with a movable partition, gathering areas, multiple bedrooms, two bathrooms, and a kitchen. A lower-level efficiency apartment has a kitchenette and full bath, while two additional bedrooms are located upstairs. The basement adds substantial interior space, and the property also has elevator access, multiple entrances, a front porch, and on-site parking. Stained-glass windows, a ceiling dome, an operational organ, woodwork, and paneled doors remain among its architectural features. Built in 1895, the property is near downtown Sandusky and the Lake Erie waterfront, with parks, cultural attractions, and Cedar Point also nearby.
Key Highlights
- 25,000‑square‑foot former church currently operating as the Lost Sailor Inn vacation rental
- Main sanctuary includes a movable partition wall
- Lower‑level efficiency apartment has a kitchenette and full bath; two additional bedrooms are upstairs
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$83,688
Cap Rate
7.61%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,673,760
$1.7M
Cap Rate 7%
$1,195,543
$1.2M
Cap Rate 9%
$929,867
$929.9K
Market Conditions
NOI Build-Up for 25,000 SF
Gross rent
$146.5K $5.86/SF
− Vacancy
−$12.6K −$0.50/SF
EGI
$133.9K $5.36/SF
− OpEx
−$50.2K −$2.01/SF
NOI
$83.7K $3.35/SF
Area
Erie County, OH
Vacancy
8.60%
Lease Rate
$5.86 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,673,760
Cap Rate 7%
$1,195,543
Cap Rate 9%
$929,867
Alternative Uses
Best Use
Apartment 5plus
$239.70M
$209.74M – $279.66M
NOI $16,779,312 @ 7.0% cap · market cap 1,525.39%
Second Best
Mixed Use
$1.20M
$1.05M – $1.39M
NOI $83,688 @ 7.0% cap · market cap 7.61%
Theoretical Best
Multifamily LT 5
$275.12M
$240.73M – $320.98M
NOI $19,258,567 @ 7.0% cap · market cap 1,750.78%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,256
Businesses Nearby
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Business Placement
Demographics for 44870, OH
40,416
Population
19,991
Households
2
Avg Household Size
43
Median Age
25%
College-Educated
90%
High-School Grad
60.7 sq mi
ZIP Area
666
Density / Sq Mi
$58,797
Median Household Income
$36,056
Median Earnings
$863
Median Rent
$148,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - An operating vacation rental combines guest accommodations with large gathering areas and elevator access.
Where is this mixed-use property located?
The property is located at 431 Columbus Avenue Sandusky, OH.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 25,000‑square‑foot former church currently operating as the Lost Sailor Inn vacation rental; Main sanctuary includes a movable partition wall; Lower‑level efficiency apartment has a kitchenette and full bath; two additional bedrooms are upstairs
