Lorain County OH

Ohio
Written By Mo Tawfik

Asking: $750,000  ARV: $1,400,000

12bd/12ba with 14,934 sqft
Built in 1896
Lot Size: 0.67 Acres
Vacant
Closing on or before ASAP
Market Rent: $247,500 Gross
Current Rent: N/A

One-of-a-kind commercial multifamily redevelopment opportunity in Lorain, OH. This historic 1896 Romanesque Revival church offers 12 bedrooms / 12 bathrooms, massive 14,934 sq ft footprint, and sits on a 0.67-acre parcel with parking for up to 100 vehicles. The structure is already partially renovated and presents multiple income streams including apartments, storage units, parking/vehicle storage, and potential future townhome development.

The property qualifies for major incentives, including State & Federal Historic Tax Credits, PACE financing, and a 15-year tax abatement — dramatically lowering effective project cost and increasing ROI. With projected Net Income of $177,500/year, this is a rare high-yield, multi-use investment play with huge upside.

Highlights:

  • Eligible for National Register + Historic Tax Credits (20% Federal, up to 35% Ohio)

  • Assumable PACE loan available

  • Potential to develop up to 15 townhomes under Welcome Home Ohio Program

  • Lower-level space for storage units, workout room, and efficiency apartments

  • Parking lot storage income: boats, RVs, vehicles, jet skis

  • Massive value-add with an ARV of $1.4M on completion

Submit Offer
Mo Tawfik
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