10
See all 10 photos
$300,000
Est. payment /mo
8,712 Sqft Lot
New
16 N Main Street London, OH 43140
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID 226021790
Year Built 1933
Lot Size 8,712 Sqft
Lot Dimensions 0.2
Property Sub-Type Apartment
Source Columbus and Central Ohio Regional MLS
Property Description
16 North Main Street offers investors a value-add opportunity through the adaptive reuse of an underutilized commercial asset in downtown London, Ohio. While the Property is currently zoned and operating as an office, prior ownership has already advanced meaningful interior reconfiguration toward residential use. This partial repositioning provides a head start on what would otherwise be a longer-horizon business plan, allowing a new owner to capture the conversion delta with greater speed and capital efficiency than a comparable ground-up reuse opportunity. The investment thesis is anchored in a clear shift in highest and best use from office to multifamily. Underwriting contemplates eleven one-bedroom residential units generating in excess of $8,000 in
monthly rental income at approximately $750 per unit. A figure that meaningfully outperforms the seller's office-based pro forma of roughly $4,400 per month. The resulting income uplift is driven by both the expansion in revenue-generating unit count and the structural rent premium that residential commands over legacy office in this submarket. Combined with broader secular tailwinds favoring small-format housing in tertiary Ohio markets and the ongoing softening of suburban office fundamentals, 16 North Main Street represents a high-conviction conversion play with a defined execution path, attractive yield-on-cost, and significant embedded upside relative to the current basis.
The property is part of a larger Central Ohio Investment Portfolio available for purchase. The full portfolio is 133 units assembled across 34 individual residential and mixed-use properties in London, Ohio (Madison County) and Washington Court House, Ohio (Fayette County). The portfolio was acquired and renovated between 2018 and 2022. Please see the attached file that breaks down the offering in tranches.
monthly rental income at approximately $750 per unit. A figure that meaningfully outperforms the seller's office-based pro forma of roughly $4,400 per month. The resulting income uplift is driven by both the expansion in revenue-generating unit count and the structural rent premium that residential commands over legacy office in this submarket. Combined with broader secular tailwinds favoring small-format housing in tertiary Ohio markets and the ongoing softening of suburban office fundamentals, 16 North Main Street represents a high-conviction conversion play with a defined execution path, attractive yield-on-cost, and significant embedded upside relative to the current basis.
The property is part of a larger Central Ohio Investment Portfolio available for purchase. The full portfolio is 133 units assembled across 34 individual residential and mixed-use properties in London, Ohio (Madison County) and Washington Court House, Ohio (Fayette County). The portfolio was acquired and renovated between 2018 and 2022. Please see the attached file that breaks down the offering in tranches.
Location
State OH
County Madison
Area 0.2
Rooms
Other Rooms None
Dining Room No
Interior
Equipment No
Laundry No Laundry Rooms
Schools
High Schools London Csd 4903 Mad Co.
School District London Csd 4903 Mad Co.
Others
Tax ID 31-02305.000
Acceptable Financing Owner Financing, Other, Conventional
Listing Terms Owner Financing, Other, Conventional
Listed by Brett A Ludwig Verti Commercial Real Estate L
NEARBY SCHOOLS & PROPERTIES
QUICK SEARCH