48 Main St, Unit 58 Shelby, OH 44875-1240

Property Details for 48 Main St

Year built

1920

Lot size

0.26 lot acres

Property size

14,080 SF

Property type

Commercial real estate

APN

046-08-182-04-000

APU

460818204000

Description

This exceptional Class A office complex, located at 48-58 West Main Street in Shelby, Ohio, presents a unique investment opportunity. The property encompasses 51,000 square feet across a five-building historical block, offering a blend of executive and traditional office spaces. Built in 1900 and renovated in 1970, the property sits on a half-acre lot and includes ample parking for 34 vehicles, a significant asset in a downtown setting. The asking price is $899,999, translating to $17 per square foot. A $100,000 assumable loan is available, subject to terms. The property's mixed-use potential allows for multifamily conversions, retail spaces, and office/co-working areas. Fourteen multifamily units are substantially complete. The former bank building boasts elegant historical features, attracting businesses. The property benefits from its location within a Community Redevelopment Area (CRA), providing tax advantages and access to historical tax credits through the Richland County Economic Development Commission. The City of Shelby and Richland County offer numerous incentives. The "annex" building features an underground garage (12-14 spaces) and above-ground parking (8-10 spaces), supplemented by an additional 10 spaces across the street. Currently, the building is vacant, presenting a blank canvas for a new owner to capitalize on the existing improvements and the substantial incentives available. The property is zoned for mixed-use development.

Location Insight

City

Shelby

County

Richland

State

Ohio

Longitude

-82.6614

Latitude

40.8812

CBSA code

31900

CBSA name

MANSFIELD, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments