224 Main St Ottawa, OH 45875

Property Details for 224 Main St

Property type

Office buildings

APN

32-017110.0000

APU

320171100000

Description

This exceptional mixed-use property at 224 E Main St, Ottawa, OH, presents a compelling investment opportunity. The building, constructed in 1917, boasts 7,770 square feet situated on a 0.2-acre lot (APN 32-017110-0000). Currently featuring a multi-tenant configuration, the first floor offers established office space generating a strong net operating income (NOI) of $17,970, resulting in a 4.00% capitalization rate. The asking price is $449,000, with an occupancy date of May 17, 2024. The second floor, encompassing significant unfinished space with its own street and back entrances, plus an elevator, provides substantial potential for expansion or redevelopment. This floor is ideal for a variety of uses, including entertainment, gaming, restaurant, retail, or additional office space. Adding to the property's versatility is an 1856 square foot warehouse area with an overhead door, suitable for storage or additional rental income. The building benefits from updated mechanical systems and is conveniently located in Ottawa's DORA district, steps from a new brewery, ensuring high visibility and foot traffic. The permitted zoning is Office/Retail, allowing for diverse uses. This two-story building offers a unique blend of established income and significant upside potential in a thriving community. The property includes a spacious rear parking lot.

Location Insight

City

Ottawa

County

Putnam

State

Ohio

Longitude

-84.0466

Latitude

41.0189

Property Tax & Assessments