16 N Main St, London, OH

Name: 16 N Main St, For Sale in London - Zoocasa
Brand: Verti Commercial Real Estate L
SKU: 226021790
Price: 300000 USD

Condo

For Sale

Listed price in listed location currency (USD).

$300,000

000

MLS® 226021790

Overview

Key Facts

Type Apartment

Levels Residential Income

Size -

Garage

Maintenance Fees

Taxes

Days Active 0

Approx. Age 1933

MLS® Number 226021790

Property Address: 16 N Main St, London, OH, 43140-1259

Average square foot calculated using Size range provided by listing agent.

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.

MLS® Number226021790

Locker

Ensuite Laundry

Balcony

Furnished

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Exterior

Garage

Approx. Age1933

Stories

Pets

Included in Maintenance Fee

Heat

Hydro

Water

Building Insurance

Condo Taxes

Cable TV

Central Air

Parking Maintenance

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Map

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