48-54 West Main Street 48-58 W Main St

SVN Wilson Commercial Group is pleased to offer and to seek development partners with the City of Shelby, Ohio of an entire five-building historical block of downtown Shelby, Ohio. This is a fractured re-development asset where current owners invested approximately $1.0 million thus far. Current owners are ending their work. A new owner would benefit from taking advantage of these improvements already in place. The total square footage is approximately 51,000 SF. There is a $100,000 assumable loan in place that can be assumed by a new owner, subject to mutually agreed upon terms and purchase price.
The development is a mixed-use opportunity for multifamily conversions along with some retail. and offices/co-work shared premises. Fourteen multifamily units have substantial buildout completed. The former bank building has elegant features and a historical façade that would attract businesses to the area.
Significantly, the City of Shelby and Richland County have established a CRA (Community Redevelopment Area), which provides tax benefits. As a historical building, the Richland County Economic Development Commission can assist with the application for historical tax credits. In fact, the incentives the community is offering are numerous (see attached memo from Jessica Gribbens, Economic Development Director for Richland County.).
The property also includes substantial parking. There is the “annex” building housing the former bank drive-through, which has an underground garage of 12 – 14 spaces and above ground an additional 8 – 10 spaces and with an additional 10 spaces in a separate lot across the street, for a total of 28 – 34 spaces. As of this offering, there are no tenants in the building.